Fair value measurements of assets, liabilities, and components of equity may arise from both the initial recording of transactions and later changes in value. Changes in fair value measurements that occur over time may be treated in different ways under generally accepted accounting principles GAAP.
For example, GAAP may require that some fair value changes be reflected in net income and that other fair value changes be reflected in other comprehensive income and equity. The new language is shown in boldface italics and deleted language is shown by strikethrough. The auditor should prepare and maintain audit documentation, the form and content of which should be designed to meet the circumstances of the particular audit engagement.
Audit documentation is the principal record of auditing procedures applied, evidence obtained, and conclusions reached by the auditor in the engagement. The quantity, type, and content of audit documentation are matters of the auditor's professional judgment. The purpose of this Statement is to establish standards and provide guidance on the nature, timing, and extent of the procedures to be performed by an independent accountant when conducting a review of interim financial information as that term is defined in paragraph 2 of this Statement.
This Statement provides guidance on the application of the field work and reporting standards to a review of interim financial information, to the extent those standards are relevant. Amendment to Statement on Auditing Standards No. I, AU sec. This Statement provides guidance on the independent auditors consideration of an entity's internal control in an audit of financial statements in accordance with generally accepted auditing standards.
It defines internal control, describes the objectives and components of internal control, and explains how an auditor should consider internal control in planning and performing an audit. In particular, this Statement provides guidance about implementing the second standard of field work: "A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed.
An independent auditor plans, conducts, and reports the results of an audit in accordance with generally accepted auditing standards GAAS. Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit. Auditing procedures differ from auditing standards. Auditing procedures are acts that the auditor performs during the course of an audit to comply with auditing standards. This Statement on Auditing Standards SAS provides guidance to auditors in planning and performing auditing procedures for assertions about derivative instruments, hedging activities, and investments in securities2 that are made in an entity's financial statements.
Withdrawal of Statement on Auditing Standards No. In accordance with AU section That understanding should be documented, preferably in an engagement letter or other written communication. AU section One of the matters that is not specifically addressed is management's responsibility for determining the appropriate disposition of financial statement misstatements aggregated by the auditor. Reports on the Application of Accounting Principles This section provides guidance that a reporting accountant should apply when preparing a written report on the application of accounting principles to specified transactions.
Reporting on Financial Statements Prepared for Use in Other Countries This section provides guidance applicable to reports on financial statements of a company in the United States that are prepared in conformity with the accounting principles generally accepted in another country for use outside the United States.
Illegal Acts by Clients This section prescribes the nature and extent of the consideration an independent auditor should give to the possibility of illegal acts by a client in an audit of financial statements in accordance with generally accepted auditing standards. The section also provides guidance on the auditor's responsibilities when a possible illegal act is detected.
Analytical Procedures This section provides guidance on the use of analytical procedures and requires the use of analytical procedures in the planning and overall review stages of all audits. Auditing Accounting Estimates This section provides guidance to auditors on obtaining and evaluating sufficient appropriate audit evidence to support significant accounting estimates in an audit of financial statements in accordance with generally accepted auditing standards. Reports on Audited Financial Statements This section explains types of reports, along with examples and descriptions of circumstances when each is appropriate, issued by an auditor in connection with audits of certain types of historical financial statements.
The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern This section provides guidance to the auditor in conducting an audit of financial statements in accordance with generally accepted auditing standards with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern. The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements This section provides guidance on considering the work of internal auditors and on using internal auditors to provide direct assistance to the auditor in an audit performed in accordance with generally accepted auditing standards.
The Confirmation Process This section provides guidance about the confirmation process in audits performed in accordance with generally accepted auditing standards. It defines the confirmation process; discusses the relationship of confirmation procedures to the auditor's assessment of audit risk; describes certain factors that affect the reliability of confirmations; provides guidance on performing alternative procedures when responses to confirmation requests are not received; provides guidance on evaluating the results of confirmation procedures; and specifically addresses the confirmation of accounts receivable.
The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles This section explains the meaning of the phrase present fairly in conformity with generally accepted accounting principles.
Service Organizations This section provides guidance on the factors an independent auditor should consider when auditing the financial statements of an entity that uses a service organization to process certain transactions. This section also provides guidance for independent auditors who issue reports on the processing of transactions by a service organization for use by other auditors.
Letters for Underwriters and Certain Other Requesting Parties This section provides guidance to accountants for performing and reporting on the results of engagements to issue letters for underwriters and certain other requesting parties. Using the Work of a Specialist This section provides guidance to the auditor who uses the work of a specialist in performing an audit in accordance with generally accepted auditing standards.
For purposes of this section, a specialist is a person or firm possessing special skill or knowledge in a particular field other than accounting or auditing.
Amendments to Statement on Auditing Standards No. Amendments to Statements on Auditing Standards No. Amendment to Statement on Auditing Standards No.
Communications Between Predecessor and Successor Auditors This section establishes guidance on communications between predecessor and successor auditors when a change of auditors is in process or has taken place. It also adds an other basis of accounting to the bases of accounting defined as special purpose frameworks.
Using the work of internal auditors includes a using the work of the internal audit function in obtaining audit evidence and b using internal auditors to provide direct assistance under the direction, supervision, and review of the external auditor.
Amendment to Statement on Auditing Standards No. An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements This section establishes requirements and provides guidance that applies only when an auditor is engaged to perform an audit of internal control over financial reporting ICFR that is integrated with an audit of financial statements integrated audit.
This section applies to all audits of a complete set of financial statements, regardless of whether the financial statements are prepared in accordance with a general purpose or a special purpose framework. This section applies to audits of single employer, multiple employer, and multiemployer plans subject to ERISA. SAS No. The primary focus of SAS No.
This standard is based on the premise that the auditor should evaluate information to be used as audit evidence notwithstanding the source from which it is obtained, or the procedures used to obtain the information. New attributes of information for the auditor to consider include whether the information is corroborative or contradictory to management assertions, the authenticity of the evidence and its susceptibility to bias.
AU -C sec. Products IT. About us Help Center. Log In Sign Up. Home Accounts and Audit Standards on Auditing. These standards are applicable to all auditing firms which perform audits and reviews of historical financial information including assurances and related service engagements.
Standards on Auditing SAs For auditing historical financial information. These apply whenever any independent Audit is carried out. SRE offer guidance on the professional responsibilities of an auditor against any engagement for reviewing the interim financial information client.
0コメント