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This proposed Statement on Auditing Standards (SAS) was issued to address certain provisions of the Sarbanes-Oxley Act of 2002 (the Act). This proposed SAS creates a new requirement in the auditing standards for SEC engagements for a review by a reviewing partner (often referred to as a concurring partner) of the audit of financial statements and, where applicable, the review of interim financial information. Previously, these requirements were contained in the rules of the AICPA's SEC Practice Section. This proposed SAS also sets a new requirement for the review by a reviewing partner of the audit of internal control over financial reporting required by the proposed SAS, Auditing an Entity's Internal Control Over Financial Reporting in Conjunction With the Financial Statement Audit. The proposed SAS also amends SAS No. 96, Audit Documentation (AICPA, Professional Standards, vol. 1, AU sec. 339), and SAS No. 100, Interim Financial Information (AICPA, Professional Standards, vol. 1, AU sec. 722), to incorporate a requirement of the Act to retain certain audit and review documentation for a period of seven years from the end of the audit or review period. This requirement is consistent with the final SEC rule entitled Retention of Records Relevant to Audits and Reviews, which was issued in January 2003. This proposed SAS also amends various AU sections to reflect the impact of various provisions of the Act on existing auditing standards.
United States. Sarbanes-Oxley Act of 2002; Financial statements, Interim -- Standards -- United States; Financial statements -- Standards -- United States
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Board, "Proposed statement on auditing standards : Sarbanes-Oxley omnibus statement on auditing standards;Sarbanes-Oxley omnibus statement on auditing standards" (2003). Statements of Position. 301.