Additional Clarified Statements on Auditing Standards Finalized 

    Published October 28, 2010

    The Auditing Standards Board (ASB) finalized the following clarified Statements on Auditing Standards (SAS):

    • Clarified SAS, Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards, supersedes AU section 161, The Relationship of Generally Accepted Auditing Standards to Quality Control Standards, in AICPA Professional Standards
    • Clarified SAS, Opening Balances—Initial Audit Engagements, Including Reaudit Engagements, supersedes AU section 315, Communications Between Predecessor and Successor Auditors, (except paragraphs .03­–.10 and .14) in AICPA Professional Standards
    • Clarified SAS, Terms of Engagement, supersedes paragraphs .03­–.10 and .14 of AU section 315, Communications Between Predecessor and Successor Auditors, and paragraphs .08­–.10 of AU section 311, Planning and Supervision, in AICPA Professional Standards
    • Clarified SAS, Written Representations, supersedes AU section 333, Management Representations, in AICPA Professional Standards
    • Clarified SAS, Consideration of Fraud in a Financial Statement Audit (Redrafted), supersedes AU section 316, Consideration of Fraud in a Financial Statement Audit, in AICPA Professional Standards
    • Clarified SAS, Consideration of Omitted Procedures After the Report Release Date, supersedes AU section 390, Consideration of Omitted Procedures After the Report Date, in AICPA Professional Standards

    The clarified SASs are effective for audits of financial statements for periods ending on or after December 15, 2012.

    As each exposure draft of a clarified auditing standard is issued, it is made available on Improving the Clarity of ASB Standards and as each clarified auditing standard is finalized, it is made available on Final Clarified Statements on Auditing Standards.




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