Terms of Engagement
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.

Audit Documentation
This section addresses the auditor’s responsibility to prepare audit documentation for an audit of financial statements.

Consideration of Laws and Regulations in an Audit of Financial Statements
This section addresses the auditor’s responsibility to consider laws and regulations in an audit of financial statements.

Communicating Internal Control Related Matters Identified in an Audit
This section addresses the auditor’s responsibility to appropriately communicate to those charged with governance and management deficiencies in internal control that the auditor has identified in an audit of financial statements.

Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
This section addresses the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements through understanding the entity and its environment, including the entity’s internal control.

Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained
This section addresses the auditor’s responsibility to design and implement responses to the risks of material misstatement identified and assessed by the auditor in accordance with AU-C section 315 and to evaluate the audit evidence obtained in an audit of financial statements.

Evaluation of Misstatements Identified During the Audit
This section addresses the auditor’s responsibility to evaluate the effect of identified misstatements on the audit and the effect of uncorrected misstatements, if any, on the financial statements.

Audit Evidence—Specific Considerations for Selected Items
This section addresses specific considerations by the auditor in obtaining sufficient appropriate audit evidence, in accordance with AU-C section 330 and 500 regarding certain aspects of (a) investments in securities and derivative instruments; (b) inventory; (c) litigation, claims, and assessments involving the entity; and (d) segment information in an audit of financial statements.

Opening Balances—Initial Audit Engagements, Including Reaudit Engagements
This section addresses the auditor’s responsibilities relating to opening balances in an initial audit engagement, including a reaudit engagement. In addition to financial statement amounts, opening balances include matters requiring disclosure that existed at the beginning of the period, such as contingencies and commitments.

Audit Sampling
This section applies when the auditor has decided to use audit sampling in performing audit procedures. It addresses the auditor’s use of statistical and nonstatistical sampling when designing and selecting the audit sample, performing tests of controls and tests of details, and evaluating the results from the sample.

Related Parties
This section addresses the auditor’s responsibilities relating to related party relationships and transactions in an audit of financial statements.

Written Representations
This section addresses the auditor’s responsibility to obtain written representations from management and, when appropriate, those charged with governance in an audit of financial statements.

Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
This section addresses special considerations that apply to group audits, in particular those that involve component auditors.

Forming an Opinion and Reporting on Financial Statements
This section addresses the auditor’s responsibility to form an opinion on the financial statements. It also addresses the form and content of the auditor’s report issued as a result of an audit of financial statements.

Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report
This section addresses additional communications in the auditor’s report when the auditor considers it necessary to draw users’ attention to a matter or matters presented or disclosed in the financial statements that are of such importance that they are fundamental to users’ understanding of the financial statements (emphasis-of-matter paragraph) or draw users’ attention to any matter or matters other than those presented or disclosed in the financial statements that are relevant to users’ understanding of the audit, the auditor’s responsibilities, or the auditor’s report (other-matter paragraph).

Other Information in Documents Containing Audited Financial Statements
This section addresses the auditor’s responsibility with respect to other information in documents containing audited financial statements and the auditor’s report thereon. In the absence of any separate requirement in the particular circumstances of the engagement, the auditor’s opinion on the financial statements does not cover other information, and the auditor has no responsibility for determining whether such information is properly stated. This section establishes the requirement for the auditor to read the other information of which the auditor is aware because the credibility of the audited financial statements may be undermined by material inconsistencies between the audited financial statements and other information.

Required Supplementary Information
This section addresses the auditor’s responsibility with respect to information that a designated accounting standards setter requires to accompany an entity’s basic financial statements (hereinafter referred to as required supplementary information).

Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
This section addresses special considerations in the application of AU-C sections 200-700 to an audit of a single financial statement or of a specific element, account, or item of a financial statement.

Engagements to Report on Summary Financial Statements
This section addresses the auditor’s responsibilities relating to an engagement to report separately on summary financial statements derived from financial statements audited in accordance with generally accepted auditing standards (GAAS) by the same auditor.

Letters for Underwriters and Certain Other Requesting Parties
This section 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 registration statements filed with the Securities and Exchange Commission (SEC) under the Securities Act of 1933 (the 1933 Act) (for example, inclusion of the nonissuer entity’s financial statements as required by either Rule 3-05 or 3-09 of Regulation S-X) or included in other securities offerings.

Interim Financial Information
This section addresses the auditor’s responsibilities when engaged to review interim financial information under the conditions specified in this section.

Omnibus Statement on Auditing Standards—2011
This standard contains amendments that conform SAS Nos. 117–118 to SAS No. 122 and address other changes necessitated by the Clarity Project.

Alert That Restricts the Use of the Auditor's Written Communication
This section addresses the auditor’s responsibility—when required or when the auditor decides—to include in the auditor’s report or other written communication issued by the auditor in connection with an engagement conducted with GAAS, language that restricts the use of the auditor’s written communication.