Audit Standards

Statement on Auditing Standards 

These resources help support the CPA's efforts towards providing quality assurance services. When used appropriately, the CPA can provide independent and professional opinions that improve the quality of information to management as well as other decision makers within an organization.

Statement on Auditing Standards

Paper, pen and calculator for auditingInformation Technology Considerations in Risk-Based Auditing: A Strategic Overview (Discussion Paper) – A timely discussion paper intended to provide readers with detailed, practical guidance on implementing the technology-related aspects of the Risk-Based Standards (SAS Nos. 104-111). 

SAS No. 70 - Service Organizations
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. It also provides guidance for independent auditors who issue reports on the processing of transactions by a service organization for use by other auditors. Download the original pronouncement.

SAS No. 99 - Consideration of Fraud in a Financial Statement Audit
Provides a description of the characteristics of fraud, and emphasizes the need to promote professional skepticism and discussion among engagement personnel regarding the risks of material misstatement due to fraud.

SAS No. 104 - Amendment to Statement on Auditing Standards No. 1, Codification of Auditing Standards and Procedures (“Due Professional Care in the Performance of Work”)
This standard requires the independent auditor to plan and perform his or her work with due professional care. Due professional care imposes a responsibility upon each professional within an independent auditor's organization to observe the standards of field work and reporting.

SAS No. 105 - Amendment to Statement on Auditing Standards No. 95, Generally Accepted Auditing Standards
This standard requires the independent auditor to plan and perform his or her work with due professional care. Due professional care imposes a responsibility upon each professional within an independent auditor's organization to observe the standards of field work and reporting.

SAS No. 106 - Audit Evidence
This standard provides guidance about concepts underlying the third standard of field work; defining audit evidence and relevant assertions, and discusses their use in assessing risks and designing appropriate further audit procedures. The standard also covers the qualitative aspects that the auditor considers in determining the sufficiency and appropriateness of audit evidence; and describes various audit procedures and discusses the purposes for which they may be performed.

SAS No. 106 - Related Interpretations
This standard discusses auditor considerations with relation to interpretation of audit evidence in interim financial statements. Modifications introduce a need for estimates to a greater extent than is necessary for annual financial information.

SAS No. 107 - Audit Risk and Materiality in Conducting an Audit
This standard provides guidance on the auditor's consideration of audit risk and materiality when performing an audit of financial statements in accordance with generally accepted auditing standards. Audit risk and materiality affect the application of generally accepted auditing standards, especially the standards of fieldwork and reporting, and are reflected in the auditor's standard report.

SAS No. 108 - Planning and Supervision
Professionals possessing information technology (IT) skills are often needed to determine the effect of IT on the audit, to understand the IT controls, or to design and perform tests of IT controls or substantive procedures. When determining whether such a professional is needed on the audit team, the auditor should consider multiple factors.

SAS No. 108 - Related Interpretations
What specific things should the auditor consider when discussing issues that may affect the audit with firm personnel responsible for non-audit services to the entity?  Auditors should consider the effect of information technology on the non-audit service.  

SAS No. 109 - Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
This standard establishes provides guidance on obtaining sufficient understanding of the entity and its environment to assess the risk of material misstatement of the financial statements.  Information technology is a key component of the entity's environment.

SAS No. 110 - Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained
This standard provides guidance on designing and performing further audit procedures to respond to the assessed risks of material misstatement.  The auditor should obtain audit evidence about the accuracy and completeness of information produced by the entity's information system when that information is used in performing audit procedures.  

SSAE No. 15 - An Examination of an Entity’s Internal Control Over Financial Reporting that Is Integrated With an Audit of Its Financial Statements
Effective for integrated audits for periods after 12/15/2008, auditors should exam an entity's internal control over financial reporting.  Understanding the information technology (IT) environment and related IT general and application controls will help the auditor assess the effectiveness.

SAS No. 115 - Communicating Internal Control Related Matters Identified in an Audit
Material weakness and significant deficiencies have been revised.  Effective for audits for periods ending after 12/15/2009, SAS No. 115 aligns the definitions and related guidance for evaluating deficiencies in internal control with the definitions and guidance in SSAE No. 15.    

SAS No. 115 Toolkit
This toolkit provides guidance on the implementation of SAS No. 115 and tools to assist you in educating and communicating the impact of SAS No. 115 to your clients.

© 2017 Association of International Certified Professional Accountants. All rights reserved.