![]() ![]() In all cases where an auditor’s name is associated with financial statements, the report should contain a clear-cut indication of the character of the auditor’s work, if any, and the degree of responsibility the auditor is taking. When an overall opinion cannot be expressed, the reasons therefor should be stated. The report shall contain either an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed.Informative disclosures in the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report.The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles (GAAP).Sufficient appropriate evidential matter is to be obtained through inspection, observation, inquiries, and confirmations to afford a reasonable basis for an opinion regarding the financial statements under audit.A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed.The work is to be adequately planned and assistants, if any, are to be properly supervised.Due professional care is to be exercised in the performance of the audit and the preparation of the report.In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors.The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor.The general, field work, and reporting standards (the 10 standards) approved and adopted by the membership of the AICPA, as amended by the AICPA Auditing Standards Board (ASB), are as follows: ![]() Auditing procedures are acts that the auditor performs during the course of an audit to comply with auditing standards. Auditing procedures differ from auditing standards. Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit. Effective for audits of financial statements for periods beginning on or after December 15, 2001, unless otherwise indicated.01Īn independent auditor plans, conducts, and reports the results of an audit in accordance with generally accepted auditing standards (GAAS). AU Section 150 Generally Accepted Auditing Standards The following auditing standard has been rescinded effective as of Decempursuant to SEC Release No. Small Business and Broker-Dealer Forums.PCAOB International Institute on Audit Regulation.Conference on Auditing and Capital Markets.Information for Auditors of Broker-Dealers.The International Forum of Independent Audit Regulators and Other International Organizations.Board Determinations Under the Holding Foreign Companies Accountable Act.PCAOB Cooperative Arrangements with Non-U.S.Updated PCAOB Staff Considerations on Recommending the Identification of Issuers and/or Broker-Dealers in Settled Enforcement Orders.Inspections-Related Board Reports and Statements.Implementation Resources for PCAOB Standards and Rules.Technology Innovation Alliance Working Group. ![]() ![]()
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