This section addresses the auditor’s responsibility to consider laws and regulations in an audit of financial statements. This section addresses the auditor’s responsibilities relating to fraud in an audit of financial statements.Ĭonsideration of Laws and Regulations in an Audit of Financial Statements This section addresses the auditor’s responsibility to prepare audit documentation for an audit of financial statements.Ĭonsideration of Fraud in a Financial Statement Audit It also addresses, when applicable, the responsibilities of the engagement quality control reviewer. This section addresses the specific responsibilities of the auditor regarding quality control procedures for an audit of financial statements. Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards This section addresses the auditor’s responsibilities in agreeing upon the terms of the audit engagement with management and, when appropriate, those charged with governance. This section addresses the independent auditor’s overall responsibilities when conducting an audit of financial statements in accordance with generally accepted auditing standards (GAAS). Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards 128, Using the Work of Internal Auditors, which is effective for audits of financial statements for periods ending on or after December 15, 2014. The ASB has completed the Clarity Project with the issuance of SAS No.
#AICPA GENERALLY ACCEPTED AUDITING STANDARDS PROFESSIONAL#
The superseded AU sections were removed from Professional Standards at the end of 2013, as scheduled. However, in response to user requests, the AU-C identifier will be retained indefinitely. The "AU-C" identifier had been scheduled to revert back to the AU identifier at the end of 2013, by which time the previous sections would be superseded for all engagements. The AICPA developed a Learning and Implementation Plan to prepare for the transition, as well as additional information, including transition guidance and training, located in the Financial Reporting Center.Īs part of the clarity project, the "AU-C" identifier was established to avoid confusion with references to existing "AU" sections.
Although the purpose of redrafting the auditing standards is for clarity and convergence and not to create additional requirements, auditors will need to make some adjustments to their practices as a result of this project. These sections now reflect the ASB’s established clarity drafting conventions designed to make the standards easier to read, understand, and apply.Īmong other improvements, generally accepted auditing standards (GAAS) now more clearly states the objectives of the auditor and the requirements with which the auditor has to comply when conducting an audit in accordance with GAAS.Īs the ASB redrafted the standards for clarity, it also converged the standards with the International Standards on Auditing (ISAs), issued by the International Auditing and Assurance Standards Board (IAASB). The Auditing Standards Board (ASB) has redrafted all of the auditing sections in Codification of Statements on Auditing Standards (contained in AICPA Professional Standards).
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