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Special Reports: applying agreed-upon procedures to specified elements, accounts, or items of a financial statement; Statement on auditing standards, 035
American Institute of Certified Public Accountants. Auditing Standards Board
An accountant may accept an engagement in which the scope is limited to applying to one or more specified elements, accounts, or items of a financial statement agreed-upon procedures that are not sufficient to enable him to express an opinion on the specified elements, accounts, or items, provided (a) the parties involved have a clear understanding of the procedures to be performed and (b) distribution of the report is to be restricted to named parties involved.
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Codification of Statements on Auditing Standards, Numbers 1 to 26 (1980)
American Institute of Certified Public Accountants (AICPA)
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Adequacy of disclosure in financial statements; Statement on auditing standards, 032
American Institute of Certified Public Accountants. Auditing Standards Board
The presentation of financial statements in conformity with generally accepted accounting principles includes adequate disclosure of material matters. These matters relate to the form, arrangement, and content of the financial statements and their appended notes, including, for example, the terminology used, the amount of detail given, the classification of items in the statements, and the bases of amounts set forth. An independent auditor considers whether a particular matter should be disclosed in light of the circumstances and facts of which he is aware at the time.
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Evidential matter; Statement on auditing standards, 031
American Institute of Certified Public Accountants. Auditing Standards Board
Most of the independent auditor's work in forming his opinion on financial statements consists of obtaining and evaluating evidential matter concerning the assertions in such financial statements. The measure of the validity of such evidence for audit purposes lies in the judgment of the auditor in this respect audit evidence differs from legal evidence, which is circumscribed by rigid rules. Evidential matter varies substantially in its influence on the auditor as he develops his opinion with respect to financial statements under examination. The pertinence of the evidence, its objectivity, its timeliness, and the existence of other evidential matter corroborating the conclusions to which it leads all bear on its competence.
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Reporting on information accompanying the basic financial statements in auditor-submitted documents; Statement on auditing standards, 029
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on the form and content of reporting when an auditor submits to his client or to others a document that contains information in addition to the client's basic financial statements and the auditor's standard report thereon.
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Reporting on internal accounting control; Statement on auditing standards, 030
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement describes the procedures an independent accountant should apply in connection with various types of engagements to report on an entity's system of internal accounting control, and it describes the different forms of the accountant's report to be issued in connection with such engagements.
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Supplementary information on the effects of changing prices; Statement on auditing standards, 028
American Institute of Certified Public Accountants. Auditing Standards Board
1. FASB Statement No. 33, Financial Reporting and Changing Prices, requires certain public entities to present information on the effects of changing prices. 1 It requires no changes in the basic financial statements the required information is to be presented as supplementary information in any published annual report that contains the primary financial statements of the entity. 2 The FASB encourages nonpublic entities and entities that do not meet the size test to present the information called for by the statement.
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Supplementary oil and gas reserve information; Statement on auditing standards, 033
American Institute of Certified Public Accountants. Auditing Standards Board
In applying the procedures specified in SAS No. 27, the auditor's inquiries should be directed to management's understanding of the specific requirements for disclosure of the supplementary oil and gas reserve information.
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Codification of Statements on Auditing Standards, Numbers 1 to 23 (1979)
American Institute of Certified Public Accountants (AICPA)
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Association with financial statements; Statement on auditing standards, 026
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement defines association as that term is used in the fourth reporting standard. It provides guidance to an accountant associated with the financial statements of a public entity or with a nonpublic entity's financial statements that he has been engaged to examine in accordance with generally accepted auditing standards.
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Relationship of generally accepted auditing standards to quality control standards; Statement on auditing standards, 025
American Institute of Certified Public Accountants. Auditing Standards Board
The independent auditor is responsible for compliance with generally accepted auditing standards in an audit engagement. Rule 202 of the Rules of Conduct of the Code of Professional Ethics of the American Institute of Certified Public Accountants requires members to comply with such standards when associated with financial statements.
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Review of interim financial information; Statement on auditing standards, 024
American Institute of Certified Public Accountants. Auditing Standards Board
This Statement provides guidance on the nature, timing, and extent of procedures to be applied by the independent accountant in conducting a review of interim financial information and on the reporting applicable to such engagements.
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Supplementary information required by the Financial Accounting Standards Board; Statement on auditing standards, 027
American Institute of Certified Public Accountants. Auditing Standards Board
The Financial Accounting Standards Board (FASB) develops standards for financial reporting, including standards for financial statements and for certain other information supplementary to financial statements. This Statement provides the independent auditor with guidance on the nature of procedures to be applied to supplementary information required by the FASB, and it describes the circumstances that would require the auditor to report concerning such information.
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Codification of statements on auditing standards, Numbers 1 to 21 (1978)
American Institute of Certified Public Accountants (AICPA)
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Analytical Review Procedures; Statement on auditing standards, 023
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement applies to analytical review procedures in an examination made in accordance with generally accepted auditing standards. It provides guidance for consideration by the auditor when he applies such procedures, but no specific analytical review procedures are required by this Statement.
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Planning and supervision; Statement on auditing standards, 022
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
The first standard of field work requires that "the work is to be adequately planned and assistants, if any, are to be properly supervised." This Statement provides guidance to the independent auditor making an examination in accordance with generally accepted auditing standards on the considerations and procedures applicable to planning and supervision, including preparing an audit program, obtaining knowledge of the entity's business, and dealing with differences of opinion among firm personnel. Planning and supervision continue throughout the examination, and the related procedures frequently overlap.
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Codification of Statements on Auditing Standards, Numbers 1 to 15 (1977)
American Institute of Certified Public Accountants (AICPA)
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Client representations; Statement on auditing standards, 019
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement establishes a requirement that the independent auditor obtain certain written representations from management as a part of an examination made in accordance with generally accepted auditing standards and provides guidance concerning the representations to be obtained.
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Illegal acts by clients; Statement on auditing standards, 017
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement provides guidance for an auditor when client acts that appear to him to be illegal come to his attention during an examination of financial statements in accordance with generally accepted auditing standards. This Statement also discusses the extent of the attention he should give, when performing such an examination, to the possibility that such acts may have occurred. The types of acts encompassed by this Statement include illegal political contributions, bribes, and other violations of laws and regulations.
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Independent auditor's responsibility for the detection of errors or irregularities; Statement on auditing standards, 016
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement provides guidance on the independent auditor's responsibility for detecting errors or irregularities when making an examination of financial statements in accordance with generally accepted auditing standards. It also discusses procedures that the auditor should perform when his examination indicates that material errors or irregularities may exist.
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Required communication of material weaknesses in internal accounting control; Statement on auditing standards, 020
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement establishes a requirement that the auditor communicate to senior management and the board of directors or its audit committee material weaknesses in internal accounting control that come to his attention during an examination of financial statements made in accordance with generally accepted auditing standards. Except for certain modifications to the form of report, this Statement does not address the subject of reporting to the public (investors and others who rely on published financial information) on a company's system of internal accounting control. Reports to the public on material weaknesses in the system are permitted by section 640 of SAS No. 1. The Committee is continuing its consideration of the significant underlying issues of other forms of reporting to the public on a system of internal accounting control.
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Segment information; Statement on auditing standards, 021
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
Statement of Financial Accounting Standards No. 14, Financial Reporting for Segments of a Business Enterprise, requires the inclusion of certain information about an entity's operations in different industries, its foreign operations and export sales, and its major customers (referred to in this Statement as "segment information") in annual financial statements that are intended to present financial position, results of operations, and changes in financial position in conformity with generally accepted accounting principles. Disclosure of segment information requires the disaggregation of certain significant elements of an entity's financial statements, such as revenue, operating profit or loss, identifiable assets, depreciation, and capital expenditures. This Statement provides guidance to an auditor in examining and reporting on financial statements that are required to include segment information in conformity with FASB Statement No. 14.
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Unaudited replacement cost information; Statement on auditing standards, 018
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
Although generally accepted accounting principles do not require the presentation of replacement cost information in financial statements, certain companies are required by Regulation S-X of the Securities and Exchange Commission (the Commission) to include specified replacement cost information in a note or a separate section of audited financial statements filed with the Commission. Companies supplying such information are to disclose the methods used in determining the amounts and are to furnish any additional information necessary, in the opinion of management, to prevent the information from being misleading.
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Codification of statements on auditing standards, Numbers 1 to 7 (1976)
American Institute of Certified Public Accountants (AICPA)
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Inquiry of a client's lawyer concerning litigation, claims, and assessments; Statement on auditing standards, 012
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement provides guidance on the procedures an independent auditor should consider for identifying litigation, claims, and assessments and for satisfying himself as to the financial accounting and reporting for such matters when he is performing an examination in accordance with generally accepted auditing standards.
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Reports on a limited review of interim financial information; Statement on auditing standards, 013
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement applies to a report by an accountant on a limited review of interim financial information, whether presented in complete or summarized form, that is included in documents issued to stockholders and others or in forms filed with regulatory agencies. The interim financial information may be presented alone or in a note to audited financial statements.
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Reports on comparative financial statements; Statement on auditing standards, 015
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement provides guidance to an auditor reporting on financial statements of one or more prior periods that are presented on a comparative basis with financial statements of the current period.
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Special reports; Statement on auditing standards, 014
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
1. This Statement applies to auditors' reports issued in connection with a. Financial statements that are prepared in accordance with a comprehensive basis of accounting other than generally accepted accounting principles (paragraphs 2-8). b. Specified elements, accounts, or items of a financial statement (paragraphs 9-17). c. Compliance with aspects of contractual agreements or regulatory requirements related to audited financial statements (paragraphs 18-19). d. Financial information presented in prescribed forms or schedules that require a prescribed form of auditor's report (paragraphs 20-21). Reports that meet the foregoing criteria are special reports or special purpose reports.
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Communications between predecessor and successor auditors; Statement on auditing standards, 007
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
The purpose of this Statement is to provide guidance on communications between predecessor and successor auditors when a change of auditors has taken place or is in process. The term "predecessor auditor" refers to an auditor who has resigned or who has been notified that his services have been terminated. The term "successor auditor" refers to an auditor who has accepted an engagement or an auditor who has been invited to make a proposal for an engagement. This Statement applies whenever an independent auditor has been retained, or is to be retained, to make an examination of financial statements in accordance with generally accepted auditing standards.
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Effect of an internal audit function on the scope of the independent auditor's examination; Statement on auditing standards, 009
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
The work of internal auditors cannot be substituted for the work of the independent auditor; however, the independent auditor should consider the procedures, if any, performed by internal auditors in determining the nature, timing, and extent of his own auditing procedures. This Statement provides guidance on the factors that affect an independent auditor's consideration of the work of internal auditors in an examination made in accordance with generally accepted auditing standards.
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Limited review of interim financial information; Statement on auditing standards, 010
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement describes the nature, timing and extent of procedures that the independent certified public accountant should apply to interim financial information when the accountant has been engaged to make a limited review of that information.
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Meaning of "present fairly in conformity with generally accepted accounting principles" in the independent auditor's report; Statement on auditing standards, 005
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
The purpose of this Statement is to explain the meaning of the phrase "present fairly... in conformity with generally accepted accounting principles" in the independent auditor's report.
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Other information in documents containing audited financial statements; Statement on auditing standards, 008
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
An entity may publish various documents that contain information (hereinafter, "other information") in addition to audited financial statements and the independent auditor's report thereon. This Statement provides guidance for the auditor's consideration of other information included in such documents. This Statement is applicable only to other information contained in (a) annual reports to holders of securities or beneficial interests, annual reports of organizations for charitable or philanthropic purposes distributed to the public, and annual reports filed with regulatory authorities under the Securities Exchange Act of 1934 or (b) other documents to which the auditor, at the client's request, devotes attention.
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Related party transactions; Statement on auditing standards, 006
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement provides guidance on procedures that should be considered by the auditor when he is performing an examination of financial statements in accordance with generally accepted auditing standards to identify related party transactions and to satisfy himself as to the substance of and accounting for such transactions, including financial statement disclosure. The procedures set forth herein should not be considered all-inclusive. Also, not all of them may be required in every examination.
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Using the work of a specialist; Statement on auditing standards, 011
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
The purpose of this Statement is to provide guidance to the auditor who uses the work of a specialist in performing an examination of financial statements in accordance with generally accepted auditing standards. For purposes of this Statement, a specialist is a person (or firm) possessing special skill or knowledge in a particular field other than accounting or auditing. Examples of such specialists include actuaries, appraisers, attorneys, engineers, and geologists.
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Effects of EDP on the auditor's study and evaluation of internal control; Statement on auditing standards, 003
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
1. Section 320, The Auditor's Study and Evaluation of Internal Control of Statement on Auditing Standards No. 1 defines internal control in terms of administrative control and accounting control. That section also sets forth the basic concepts of accounting control and concludes that accounting control is within the scope of the study and evaluation of internal control contemplated by generally accepted auditing standards, while administrative control is not.
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Quality control considerations for a firm of independent auditors; Statement on auditing standards, 004
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
Rule 202 of the Rules of Conduct of the Code of Professional Ethics of the American Institute of Certified Public Accountants requires members, when they are associated with financial statements, to comply with the applicable generally accepted auditing standards. Those standards have to do primarily with the characteristics and conduct of individual auditors. A need has arisen to identify policies and procedures of a firm of independent auditors (referred to hereinafter as "a firm" or "the firm") that may affect the quality of work in its audit engagements. This Statement sets forth certain considerations in establishing policies and procedures that will provide the firm with reasonable assurance of conforming with generally accepted auditing standards.
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Reports on audited financial statements; Statement on auditing standards, 002
American Institute of Certified Public Accountants. Auditing Standards Executive Committee
This Statement applies to auditors' reports issued in connection with examinations of financial statements that are intended to present financial position, results of operations or changes in financial position in conformity with generally accepted accounting principles. It distinguishes the types of reports, describes the circumstances in which each is appropriate, and provides examples.
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Codification of auditing standards and procedures; Statement on auditing standards, 001
American Institute of Certified Public Accountants. Committee on Auditing Procedure
This Statement is a codification of and supersedes Statements on Auditing Procedure Nos. 33 through 54 previously issued by the Committee on Auditing Procedure. It incorporates all of the substantive matters covered in those Statements. At the time of original issuance, some members of the Committee on Auditing Procedure assented with qualification or dissented to some portions of the Statements on Auditing Procedure that are being superseded by this Statement. The 1971-72 Committee decided not to include the dissents and qualified assents in this Statement in order to avoid any possible uncertainty or confusion regarding the authority of this Statement. In doing so, the Committee does not intend to detract in any way from the educational value of such dissents and qualified assents, nor to imply either that the respective committee members have changed their personal opinions on these matters or that the 1971-72 committee members agree entirely with all of the positions expressed in Statements on Auditing Procedure Nos. 3354. The dissents and qualified assents as originally published are available at the American Institute of Certified Public Accountants.