This 2020 edition delivers the current Statements on Auditing Standards (SASs) and related interpretations in a codified format, giving up-to-date information needed to conduct successful audits and provide high-quality services to clients.
Issued directly by the AICPA, this authoritative guidance is essential to fully understand the requirements associated with an audit.
This edition includes the following new standards:
- SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee
- Benefit Plans Subject to ERISA
- SAS No. 137, The Auditor’s Responsibilities Relating to Other Information Included in
- Annual Reports
- SAS No. 138, Amendments to the Description of the Concept of Materiality
Table of Contents
How This Publication is Organized 1
Applicability of AICPA Professional Standards 3
U.S Auditing Standards - AICPA (Clarified) [AU-C]
AU-C Cross-References to SASs 9
AU-C Introduction 25
Foreword
Preface - Principles Underlying an Audit Conducted in Accordance With Generally Accepted Auditing Standards
Glossary of Terms
AU-C 200 - 299 General Principles and Responsibilities 65
200 - Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards
200A - Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards
210 - Terms of Engagement
220 - Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards
230 - Audit Documentation
9230 - Audit Documentation: Auditing Interpretations of Section 230
240 - Consideration of Fraud in a Financial Statement Audit
250 - Consideration of Laws and Regulations in an Audit of Financial Statements
260 - The Auditor’s Communication With Those Charged With Governance
265 - Communicating Internal Control Related Matters Identified in an Audit
9265 - Communicating Internal Control Related Matters Identified in an Audit: Auditing Interpretations of Section 265
AU-C 300 - 499 Risk Assessment and Response to Assessed Risks 291
300 - Planning an Audit
315 - Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
320 - Materiality in Planning and Performing an Audit
320A - Materiality in Planning and Performing an Audit
330 - Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained
402 - Audit Considerations Relating to an Entity Using a Service Organization
450 - Evaluation of Misstatements Identified During the Audit
450A - Evaluation of Misstatements Identified During the Audit
AU-C 500 - 599 Audit Evidence 457
500 - Audit Evidence
9500 - Audit Evidence: Auditing Interpretations of Section 500
501 - Audit Evidence - Specific Considerations for Selected Items
505 - External Confirmations
510 - Opening Balances - Initial Audit Engagements, Including Reaudit Engagements
520 - Analytical Procedures
530 - Audit Sampling
540 - Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
550 - Related Parties
560 - Subsequent Events and Subsequently Discovered Facts
570 - The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern
580 - Written Representations
585 - Consideration of Omitted Procedures After the Report Release Date
AU-C 600 - 699 Using the Work of Others 717
600 - Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)
600A - Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)
9600 - Special Considerations - Audits of Group Financial Statements (Including theWork of Component Auditors): Auditing Interpretations of Section 600
610 - Using the Work of Internal Auditors
620 - Using the Work of an Auditor’s Specialist
9620 - Using the Work of an Auditor’s Specialist: Auditing Interpretations of Section 620
AU-C 700 - 799 Audit Conclusions and Reporting 901
700 - Forming an Opinion and Reporting on Financial Statements
700A - Forming an Opinion and Reporting on Financial Statements
9700A - Forming an Opinion and Reporting on Financial Statements: Auditing Interpretations of Section 700
701 - Communicating Key Audit Matters in the Independent Auditor’s Report
703 - Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA
705 - Modifications to the Opinion in the Independent Auditor’s Report
705A - Modifications to the Opinion in the Independent Auditor’s Report
706 - Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report
706A - Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report
708 - Consistency of Financial Statements
720 - The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports
720A - Other Information in Documents Containing Audited Financial Statements
725 - Supplementary Information in Relation to the Financial Statements as a Whole
9725 - Supplementary Information in Relation to the Financial Statements as a Whole: Auditing Interpretations of Section 725
730 - Required Supplementary Information
AU-C 800 - 899 Special Considerations1307
800 - Special Considerations - Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks
805 - Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
9805 - Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement: Auditing Interpretations of Section 805
806 - Reporting on Compliance With Aspects of Contractual Agreements or Regulatory Requirements in Connection With Audited Financial Statements
810 - Engagements to Report on Summary Financial Statements
AU-C 900 - 999 Special Considerations in the United States 1411
905 - Alert That Restricts the Use of the Auditor’s Written Communication
910 - Financial Statements Prepared in Accordance With a Financial Reporting Framework Generally Accepted in Another Country
915 - Reports on Application of Requirements of an Applicable Financial Reporting Framework
920 - Letters for Underwriters and Certain Other Requesting Parties
925 - Filings With the U.S Securities and Exchange Commission Under the Securities Act of 1933
930 - Interim Financial Information
935 - Compliance Audits
940 - An Audit of Internal Control Over Financial Reporting That is Integrated With an Audit of Financial Statements
945 - Auditor Involvement With Exempt Offering Documents
AU-C Appendixes 1677
AU-C Topical Index 1745
