Author: Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
June 16, 2022, letter commenting on the AICPA's Exposure Draft, Proposed Statement on Auditing Standards - Special Considerations - Audits of Group Financial Statements
Author: Exposure Draft
Author: Publisher:
ISBN:
Category : Administrative agencies
Languages : en
Pages : 24
Book Description
Audit Risk Alert
Author: AICPAPublisher: John Wiley & Sons
ISBN: 1937352447
Category : Business & Economics
Languages : en
Pages : 96
Book Description
This Audit Risk Alert is intended to help auditors understand and implement the requirements of the new AU-C section 600, Statement on Auditing Standards -Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) It was developed to present issues that auditors may face in their current audits; focusing on emerging practice issues and current auditing developments. The new AU-C section 600 is much more broad than previous guidance and introduces a number of new terms, concepts, and requirements related to group audits that will significantly affect current practice. To assist auditors in implementing the provisions of AU-C section 600, this alert includes a variety of useful resources including: Technical Questions & Answer sections An analysis of applicability A breakdown of new terminology An exploration of how practice will be affected Special considerations for state and local governments Implementation case studies This alert has been updated for the issuance of SAS No. 127, Omnibus Statement on Auditing Standards.
Exposure Draft
Author: American Institute of Certified Public Accountants. Auditing Standards BoardPublisher:
ISBN:
Category : Auditing
Languages : en
Pages : 14
Book Description
Government Auditing Standards
Author: United States. General Accounting OfficePublisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 136
Book Description
Exposure Draft
Author: American Institute of Certified Public Accountants. Investment Companies CommitteePublisher:
ISBN:
Category : Accounting
Languages : en
Pages : 20
Book Description
Exposure Draft
Author: Statement on Auditing Standards, Number 126
Author: AICPAPublisher: John Wiley & Sons
ISBN: 1937351351
Category : Business & Economics
Languages : en
Pages : 18
Book Description
As a result of its Clarity Project, the Auditing Standards Board (ASB) has issued Statement on Auditing Standards (SAS) No. 126, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern (Redrafted), to supersede SAS No. 59, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, as amended (AICPA, Professional Standards, AU sec. 341 and AU-C sec. 570). SAS No. 126 does not change or expand SAS No. 59, as amended, in any significant respect. The ASB has moved forward with the clarity redraft of SAS No. 59, as amended, so that it is consistent with the format of the other clarified SASs that were recently issued as SASs No. 122, Statements on Auditing Standards: Clarification and Recodification, No. 124, Financial Statements Prepared in Accordance With a Financial Reporting Framework Generally Accepted in Another Country, and No. 125,Alert That Restricts the Use of the Auditor’s Written Communication. However, the ASB decided to delay convergence with International Standard on Auditing 570, Going Concern, pending the Financial Accounting Standards Board’s (FASB) anticipated development of accounting guidance addressing going concern. FASB issued an exposure draft, Going Concern, in October 2008, but based on recent decisions, FASB has divided the project into two separate and distinct phases. As a result, FASB projects to issue an exposure draft that addresses Phase 1, “The Liquidation Basis of Accounting,” in the second quarter of 2012, and to reissue an exposure draft that addresses Phase II, “Going Concern,” in the fourth quarter of 2012. SAS No. 126 addresses the auditor’s responsibilities in an audit of financial statements with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern. This SAS applies to all audits of financial statements regardless of whether the financial statements are prepared in accordance with a general purpose or a special purpose framework1. This SAS does not apply to an audit of financial statements based on the assumption of liquidation (for example, when [a] an entity is in the process of liquidation, [b] the owners have decided to commence dissolution or liquidation, or [c] legal proceedings, including bankruptcy, have reached a point at which dissolution or liquidation is probable).2
Statement on Auditing Standards, Number 127
Author: AICPAPublisher: John Wiley & Sons
ISBN: 1937351890
Category : Business & Economics
Languages : en
Pages : 32
Book Description
Paragraph .25a of Statement on Auditing Standards (SAS) No. 122, Statements on Auditing Standards: Clarification and Recodification, section 600, “Special Considerations--Audits of Group Financial Statements (Including the Work of Component Auditors)” (AICPA, Professional Standards), precludes making reference to the audit of a component auditor in the auditor’s report on the group financial statements unless the component’s financial statements are prepared using the same financial reporting framework as that used for the group financial statements. These amendments permit making reference to the audit of a component auditor in the auditor’s report on the group financial statements when the component’s financial statements are prepared using a different financial reporting framework than that used for the group financial statements, if certain conditions are met. The amendments also add a requirement, when reference is made to a component auditor’s report on financial statements prepared using a different financial reporting framework, for the auditor’s report on the group financial statements to disclose that the auditor of the group financial statements is taking responsibility for evaluating the appropriateness of the adjustments to convert the component’s financial statements to the financial reporting framework used by the group. The amendments also add application material that addresses making reference when the financial reporting frameworks differ. Paragraph .25b of SAS No. 122 section 600 precludes making reference to the audit of a component auditor in the auditor’s report on the group financial statements unless the component auditor has performed an audit that meets the relevant requirements of generally accepted auditing standards (GAAS). Paragraph .A54 of SAS No. 122 section 600 provides guidance on how the group engagement partner may determine that the audit performed by the component auditor meets the relevant requirements of GAAS. These amendments clarify that requirement and add additional guidance regarding that determination. The amendments also add a requirement that when the auditor of the group financial statements is making reference to the audit of a component auditor and has determined that the component auditor performed additional audit procedures in order to meet the relevant requirements of GAAS, the auditor’s report on the group financial statements should indicate the set of auditing standards used by the component auditor and that additional audit procedures were performed by the component auditor to meet the relevant requirements of GAAS. These amendments also clarify that the group engagement team is required to determine component materiality for those components on which the group engagement team will assume responsibility for the work of a component auditor who performs an audit or a review.
Statement on Auditing Standards, Number 129
Author: AICPAPublisher: John Wiley & Sons
ISBN: 1941651216
Category : Business & Economics
Languages : en
Pages : 80
Book Description
The Auditing Standards Board (ASB) has issued Statement on Auditing Standards (SAS) No. 129, Amendment to Statement on Auditing Standards No. 122 Section 920, Letters for Underwriters and Certain Other Requesting Parties, as amended(AICPA, Professional Standards, AU-C sec. 920), to address unintended changes to previous practice as a result of its Clarity Project. AU-C section 920 addresses the auditor’s responsibilities when engaged to issue letters (commonly referred to as comfort letters) to requesting parties in connection with a nonissuer entity’s financial statements included in a registration statement or other securities offerings. This amendment amends the requirement to inform the requesting party that the auditor cannot provide any assurance regarding the sufficiency of the procedures for the requesting party’s purposes by changing “state in any discussion” to “communicate” so as to provide the auditor with more flexibility in making this required communication. clarifies that the requirement for the auditor to read the comfort letter issued by component auditors whose report is included in the securities offering applies to each component auditor, not only those comfort letters related to significant components. amends the requirement to attach the review report when the auditor states in the comfort letter that the auditor has performed a review of unaudited interim financial information to a requirement to attach the review report when the auditor states in the comfort letter that the auditor has issued a review report on unaudited interim financial information. amends application material to indicate that attaching the review report on unaudited interim financial information is required when the auditor states in the comfort letter that the auditor has issued a review report on unaudited interim financial information. amends example D to change the concluding paragraph from referring to the pro forma bases described in the notes to the pro forma financial statements to referring to the applicable accounting requirements of Rule 11-02 of Regulation S-X and renumbers example D as example D-1. adds example D-2 to address providing negative assurance on pro forma financial information as to compliance with pro forma bases as described in the pro forma financial information. amends example O to include wording to address procedures performed with regard to pro forma information and subsequent change period not previously carried forward from AU section 634, Letters for Underwriters and Certain Other Requesting Parties. makes additional editorial changes for clarity and consistency. SAS No. 129 is effective for comfort letters issued on or after December 15, 2014. Early implementation is encouraged.