Statements on Auditing Standards
Encyclopedia
In the United States, Statements on Auditing Standards provide guidance to external auditors on generally accepted auditing standards
Generally Accepted Auditing Standards
Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged...

 (abbreviated as GAAS) in regards to auditing a non-public
Public company
This is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...

 entity and issuing a report
Auditor's report
The auditor's report is a formal opinion, or disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit or evaluation performed on a legal entity or subdivision thereof...

. They are promulgated by the Auditing Standards Board
Auditing Standards Board
In the United States, the Auditing Standards Board is the senior technical committee designated by the American Institute of Certified Public Accountants to issue auditing, attestation, and quality control statements, standards and guidance to certified public accountants for non-public company...

 of the American Institute of Certified Public Accountants
American Institute of Certified Public Accountants
Founded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student...

 (AICPA), which holds all copyright on the Standards. They are commonly abbreviated as "SAS" followed by their respective number and title.

With the permission of the AICPA, the full text of Standards 1-101 has been posted on the website of the Digital Accounting Collection
Digital Accounting Collection
The Digital Accounting Collection is part of the University of Mississippi Libraries. The collection contains both current and historical accounting materials, with over 2,400 items in digitized searchable full-text format, and over 33,000 bibliographic citations for other materials.Within the...

 at the J.D. Williams Library of the University of Mississippi. Links to these full-text records appear in the List of Statements of Auditing Standards below.

List of Statements of Auditing Standards

No. |Issued on | Current status
1 Codification of Auditing Standards and Procedures full-text November 1972 In effect
2 Reports on Audited Financial Statements full-text October 1974 Superseded by SAS 58
3 The Effects of EDP on the Auditor’s Study and Evaluation of Internal Control full-text December 1974 Superseded by SAS 48
4 Quality Control Considerations for a Firm of Independent Auditors full-text December 1974 Superseded by SAS 25
5 The Meaning of "Present Fairly in Conformity With Generally Accepted Accounting Principles" in the Independent Auditor's Report full-text July 1975 Superseded by SAS 69
6 Related Party Transactions full-text July 1975 Superseded by SAS 45
7 Communications Between the Predecessor and Successor Auditors full-text October 1975 Superseded by SAS 84
8 Other Information in Documents Containing Audited Financial Statements full-text December 1975 In effect
9 The Effect of an Internal Audit Function on the Scope of the Independent Auditor's Examination full-text December 1975 Superseded by SAS 65
10 Limited Review of Interim Financial Information full-text December 1975 Superseded by SAS 24
11 Using the Work of a Specialist full-text December 1975 Superseded by SAS 73
12 Inquiry of a Client's Lawyer Concerning Litigation, Claims, and Assessments full-text January 1976 In effect
13 Reports on a Limited Review of Interim Financial Information full-text May 1976 Superseded by SAS 24
14 Special Reports full-text December 1976 Superseded by SAS 62
15 Reports on Comparative Financial Statements full-text December 1976 Superseded by SAS 58
16 The Independent Auditor's Responsibility full-text January 1977 Superseded by SAS 53
17 Illegal Acts by Clients full-text January 1977 Superseded by SAS 54
18 Unaudited Replacement Cost-Information full-text May 1977 Withdrawn by the ASB
19 Client Representations full-text June 1977 Superseded by SAS 85
20 Required Communication of Material Weaknesses in Internal Accounting Control full-text August 1977 Superseded by SAS 60
21 Segment Information full-text December 1977 Withdrawn by the ASB
22 Planning and Supervision full-text March 1978 In effect
23 Analytical Review Procedures full-text October 1978 Superseded by SAS 56
24 Review of Interim Financial Information full-text March 1979 Superseded by SAS 36
25 The Relationship of Generally Accepted Auditing Standards to Quality Control Standards full-text November 1979 In effect
26 Association with Financial Statements full-text November 1979 In effect
27 Supplementary Information Required by the Financial Accounting Standards Board full-text December 1979 Superseded by SAS 52
28 Supplementary Information on the Effects of Changing Prices full-text June 1980 Superseded by SAS 52
29 Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents full-text July 1980 In effect
30 Reporting on Internal Accounting Control full-text July 1980 Superseded by SSAE 2
31 Evidential Matter full-text August 1980 In effect
32 Adequacy of Disclosure of Financial Statements full-text October 1980 In effect
33 Supplementary Oil and Gas Reserve Information full-text October 1980 Superseded by SAS 45
34 The Auditor's Considerations When a Question Arises About and Entity's Continued Existence full-text March 1981 Superseded by SAS 59
35 Special Reports-Applying Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement full-text April 1981 Superseded by SAS 75
36 Review of Interim Financial Information full-text April 1981 Superseded by SAS 71
37 Filings Under Federal Securities Statutes full-text April 1981 In effect
38 Letters for Underwriters full-text April 1981 Superseded by SAS 49
39 Audit Sampling full-text June 1981 In effect
40 Supplementary Mineral Reserve Information full-text February 1982 Superseded by SAS 52
41 Working Papers full-text April 1982 Superseded by SAS 96
42 Reporting on Condensed Financial Statements and Selected Financial Data full-text September 1982 In effect
43 Omnibus Statement on Auditing Standards full-text August 1982 Superseded by various SAS
44 Special-Purpose Reports on Internal Accounting Control at Service Organizations full-text December 1982 Superseded by SAS 70
45 Omnibus Statement on Auditing Standards-1983 full-text August 1983 In effect
46 Consideration of Omitted Procedures After the Report Date full-text September 1983 In effect
47 Audit Risk and Materiality in Conducting an Audit full-text December 1983 In effect
48 The Effects of Computer Processing on the Audit of Financial Statements full-text July 1984 In effect
49 Letters for Underwriters full-text September 1984 Superseded by SAS 72
50 Reports on the Application of Accounting Principles full-text July 1986 In effect
51 Reporting on Financial Statements Prepared for Use in Other Countries full-text July 1986 In effect
52 Omnibus Statement on Auditing Standards-1987 full-text April 1988 In effect
53 The Auditor's Responsibility to Detect and Report Errors and Irregularities full-text April 1988 Superseded by SAS 82
54 Illegal Acts by Clients full-text April 1988 In effect
55 Consideration of Internal Control in a Financial Statement Audit
Statement on Auditing Standards No. 55
Statement on Auditing Standards No. 55: Consideration of Internal Control in a Financial Statement Audit, commonly abbreviated as SAS 55, is an auditing statement issued by the Auditing Standards Board of the American Institute of Certified Public Accountants in April 1988...

 full-text
April 1988 Superseded by SAS 109
56 Analytical Procedures full-text April 1988 In effect
57 Auditing Accounting Estimates full-text April 1988 In effect
58 Reports on Audited Financial Statements full-text April 1988 In effect
59 The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern full-text April 1988 In effect
60 Communication of Internal Control Related Matters Noted in an Audit full-text April 1988 Superseded by SAS 112
61 Communication With Audit Committees full-text April 1988 Superseded by SAS 114
62 Special Reports full-text April 1989 In effect
63 Compliance Auditing Applicable to Governmental Entities and Other Recipients of Governmental Financial Assistance full-text April 1989 Superseded by SAS 68
64 Omnibus Statement on Auditing Standards-1990 full-text December 1990 In effect
65 The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements full-text April 1991 In effect
66 Communication of Matters About Interim Financial Information Filed or to Be Filed with Special Regulatory Agencies-An Amendment to SAS No. 36: Review of Interim Financial Information full-text June 1991 Superseded by SAS 71
67 The Confirmation Process full-text November 1991 In effect
68 Compliance Auditing Considerations in Audits of Governmental Financial Assistance full-text December 1991 Superseded by SAS 74
69 The Meaning of "Present Fairly in Conformity With Generally Accepted Accounting Principles" full-text January 1992 In effect
70 Service Organizations Full-text April 1992 In effect
71 Interim Financial Information full-text May 1992 Superseded by SAS 100
72 Letters for Underwriters and Certain Other Requesting Parties full-text February 1993 In effect
73 Using the Work of a Specialist full-text July 1994 In effect
74 Compliance Auditing Considerations in Audits of Governmental Financial Assistance full-text February 1995 Superseded by SAS 117
75 Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement full-text September 1995 Superseded by SAS 93
76 Amendments to Statements on Auditing Standards No. 72: Letters for Underwriters and Certain Other Requesting Parties full-text September 1995 In effect
77 Amendments to Statements on Auditing Standards No. 22: Planning and Supervision, No. 59: The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, and No. 62: Special Reports full-text November 1995 In effect
78 Consideration of Internal Control in a Financial Statement Audit: An Amendment to Statement on Auditing Standards No. 55 full-text December 1995 In effect
79 Amendment to Statement on Auditing Standards No. 58: Reports on Audited Financial Statements full-text December 1995 In effect
80 Amendment to Statement on Auditing Standards No. 31: Evidential Matter full-text December 1996 In effect
81 Auditing Investments full-text December 1996 Superseded by SAS 92
82 Consideration of Fraud in a Financial Statement Audit full-text February 1997 Superseded by SAS 99
83 Establishing an Understanding With the Client full-text October 1997 In effect
84 Communications Between the Predecessor and Successor Auditors full-text October 1997 In effect
85 Management Representations full-text November 1997 In effect
86 Amendments to Statements on Auditing Standards No. 72: Letters for Underwriters and Certain Other Requesting Parties full-text March 1998 In effect
87 Restricting the Use of the Auditor's Report full-text September 1998 In effect
88 Service Organizations and Reporting on Consistency full-text December 1999 In effect
89 Audit Adjustments full-text December 1999 In effect
90 Audit Committee Communications full-text December 1999 In effect
91 Federal GAAP Hierarchy full-text April 2000 In effect
92 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities full-text September 2000 In effect
93 Omnibus Statement on Auditing Standards-2000 full-text October 2000 In effect
94 The Effect of Information Technology on the Auditor's Consideration of Internal Control in a Financial Statement Audit full-text May 2001 In effect
95 Generally Accepted Auditing Standards full-text December 2001 In effect
96 Audit Documentation full-text January 2002 Superseded by SAS 103
97 Amendement to Statement on Auditing Standards No. 50: Reports on the Application of Accounting Principles full-text June 2002 In effect
98 Omnibus Statement on Auditing Standards-2002 full-text September 2002 In effect
99 Consideration of Fraud in a Financial Statement Audit full-text October 2002 In effect
100 Interim Financial Information full-text November 2002 In effect
101 Auditing Fair Value Measurements and Disclosures full-text January 2003 In effect
102 Defining Professional Requirements in Statements on Auditing Standards December 2005 In effect
103 Audit Documentation December 2005 In effect
104 Amendment to Statement on Auditing Standards No. 1: Codification of Auditing Standards and Procedures (Due Professional Care in the Performance of Work) February 2006 In effect
105 Amendment to Statement on Auditing Standards No. 95: Generally Accepted Auditing Standards February 2006 In effect
106 Audit Evidence February 2006 In effect
107 Audit Risk and Materiality in Conducting an Audit February 2006 In effect
108 Planning and Supervision February 2006 In effect
109 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatements February 2006 In effect
110 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained February 2006 In effect
111 Amendment to Statement on Auditing Standards No. 39: Audit Sampling February 2006 In effect
112 Communicating Internal Control Related Matters Identified in an Audit May 2006 Superseded by SAS 115
113 Omnibus 2006 November 2006 In effect
114 The Auditor’s Communication With Those Charged With Governance December 2006 In effect
115 Communicating Internal Control Related Matters Identified in an Audit October 2008 In effect
116 Interim Financial Information February 2009 In effect
117 Compliance Audits December 2009 In effect
118 Other Information in Documents Containing Audited Financial Statements 2010 In effect
119 Supplementary Information in Relation to the Financial Statements as a Whole 2010 In effect
120 Required Supplementary Information 2010 In effect

Codification of Statements on Auditing Standards

The American Institute of Certified Public Accountants began codifying the Statements on Auditing standards semiannually in 1976. The Codification of Statements on Auditing Standards is generally issued in January, and the U.S. Auditing Standards is issued as part of the AICPA Professional Standards in June of each year. The current U.S. Auditing Standards are available at the AICPA's Web site. Below is a list of older codifications from the Professional Standards.
Date |Issued on
1976 AICPA Professional Standards: Auditing as of July 1, 1976 full-text July 1, 1976
1977 AICPA Professional Standards: Auditing as of July 1, 1977 full-text July 1, 1977
1978 AICPA Professional Standards: Auditing as of July 1, 1978 full-text July 1, 1978
1979 AICPA Professional Standards: Auditing as of July 1, 1979 full-text July 1, 1979
1980 AICPA Professional Standards: Auditing as of June 1, 1980 full-text June 1, 1980
1981 AICPA Professional Standards: Auditing as of June 1, 1981 full-text June 1, 1981
1982 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1982 full-text June 1, 1982
1983 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1983 full-text June 1, 1983
1984 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1984 full-text June 1, 1984
1985 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1985 full-text June 1, 1985
1986 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1986 full-text June 1, 1986
1987 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1987 full-text June 1, 1987
1988 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1988 full-text June 1, 1988
1989 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1989 full-text June 1, 1989
1990 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1990 full-text June 1, 1990
1991 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1991 full-text June 1, 1991
1992 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1992 full-text June 1, 1992
1993 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1993 full-text June 1, 1993
1994 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1994 full-text June 1, 1994
1995 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1995 full-text June 1, 1995
1996 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1996 full-text June 1, 1996
1997 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1997 full-text June 1, 1997
1998 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1998 full-text June 1, 1998
1999 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 1999 full-text June 1, 1999
2000 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 2000 full-text June 1, 2000
2001 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 2001 full-text June 1, 2001
2002 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 2002 full-text June 1, 2002
2003 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 2003 full-text June 1, 2003
2004 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 2004 full-text June 1, 2004
2005 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 2005 full-text June 1, 2005
2006 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 2006 full-text June 1, 2006
2007 AICPA Professional Standards: U.S. Auditing Standards as of June 1, 2007 full-text June 1, 2007

See also

  • Audit
    Audit
    The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. The term most commonly refers to audits in accounting, but similar concepts also exist in project management, quality management, and energy conservation.- Accounting...

    ing
  • AICPA
  • Statements of Financial Accounting Standards (USA)
  • International Standards on Auditing
    International Standards on Auditing
    International Standards on Auditing are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants through the International Auditing and Assurance Standards Board .-Respective responsibilities:*ISA...


Primary sources


Secondary sources

  • Mark S. Beasley, Joseph V. Carcello (2006), GAAS Guide 2007, CCH (publisher), ISBN 9780471798309
  • Don M. Pallais, Cheryl Hartfield, Mary Lou Wurdack (2006); PPC's Guide to GAAS 2007, Practitioners Publishing Company, ISBN 9780764636723
  • Michael J. Ramos (2006), Wiley Practitioner's Guide to GAAS 2007: Covering all SASs, SSAEs, SSARSs, and Interpretations, Wiley Publishing, ISBN 9780471798309

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
x
OK