Statements of Position



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The Auditing Standards Board is issuing this proposed statement on auditing standards (SAS) to provide expanded guidance to accountants in performing reviews of, or procedures on, interim financial information. This proposed Statement: 1. Clarifies the knowledge of the entity's internal control structure that the accountant needs to obtain when the accountant is engaged to review interim financial information but has not audited the most recent annual financial statements. 2. Incorporates additional guidance on accounting estimates and performing analytical procedures in connection with a review of interim financial information. 3. Requires the accountant, in performing a review of interim financial information, to assure himself or herself that the audit committee, or those with equivalent authority and responsibility, is adequately informed of: a. Any irregularities or illegal acts of which the accountant becomes aware during the review, unless those irregularities or illegal acts are clearly inconsequential. b. Reportable conditions of which the accountant becomes aware during the review. c. Matters identified in SAS No. 61, Communications With Audit Committees, that have a significant effect on interim financial information. 4. Incorporates the communication requirements contained in SAS No. 66, Communication of Matters About Interim Financial Information Filed or to Be Filed With Specified Regulatory Agencies—An Amendment to SAS No. 36, Review of Interim Financial Information. 5. Revises the accountant's review report to include a statement of management's responsibility for the interim financial information. 6. Notes that an entity may publish various documents that contain information in addition to interim financial information and the independent accountant's review report on that information. In those circumstances, the accountant may wish to refer to the guidance in SAS No. 8, Other Information in Documents Containing Audited Financial Statements (AICPA, Professional Standards, vol. 1, AU sec. 550). 7. Adds a footnote to the applicability paragraph noting that when a public entity does not have its annual financial statements audited, an accountant may be requested to review its annual or interim financial statements. In those circumstances, an accountant may make a review and look to the guidance in Statements on Standards for Accounting and Review Services for the standards and procedures and form of report applicable to such an engagement. This proposed Statement would supersede SAS Nos. 36 and 66. It differs from SAS No. 36 in that the proposed Statement incorporates the communications required by SAS No. 66, which amended SAS No. 36 to add guidance on required communication of matters relating to interim financial information.

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Financial statements, Interim -- Standards -- United States


Accounting | Taxation


Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement on auditing standards : review of or performing procedures on interim financial information;Review of or performing procedures on interim financial information; Exposure draft (American Institute of Certified Public Accountants), 1991, July 31



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