This edition delivers the current Statements on Auditing Standards (SASs) and related interpretations in a codified format, giving auditors the most up-to-date information they need to conduct successful audits and provide high-quality services to their clients. This authoritative guidance, issued directly from the AICPA, is essential to fully understand the requirements associated with an audit. This edition includes the following new standard: SAS No. 133, Auditor Involvement With Exempt Offering Documents This codification is fully indexed and arranged by subject. The codified standards and related interpretations are vital to practitioners performing audits.

Table of Contents:
How This Publication Is Organized 1 Applicability of AICPA Professional Standards 3 US AUDITING STANDARDS—AICPA (Clarified) [AU-C] AU-C Cross-References to SASs 9 AU-C Introduction 23 Foreword Preface—Principles Underlying an Audit Conducted in Accordance With Generally Accepted Auditing Standards Glossary of Terms AU-C 200—299 General Principles and Responsibilities 63 200—Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards 210—Terms of Engagement 220—Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards 230—Audit Documentation 9230—Audit Documentation: Auditing Interpretations of Section 230 240—Consideration of Fraud in a Financial Statement Audit 250—Consideration of Laws and Regulations in an Audit of Financial Statements 260—The Auditor’s Communication With Those Charged With Governance 265—Communicating Internal Control Related Matters Identified in an Audit 9265—Communicating Internal Control Related Matters Identified in an Audit: Auditing Interpretations of Section 265 AU-C 300—499 Risk Assessment and Response to Assessed Risks 247 300—Planning an Audit 315—Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 320—Materiality in Planning and Performing an Audit 330—Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained 402—Audit Considerations Relating to an Entity Using a Service Organization 450—Evaluation of Misstatements Identified During the Audit AU-C 500—599 Audit Evidence 377 500—Audit Evidence 9500—Audit Evidence: Auditing Interpretations of Section 500 501—Audit Evidence—Specific Considerations for Selected Items 505—External Confirmations 510—Opening Balances—Initial Audit Engagements, Including Reaudit Engagements 520—Analytical Procedures 530—Audit Sampling 540—Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 550—Related Parties 560—Subsequent Events and Subsequently Discovered Facts 570—The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern 570A—The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern 9570A—The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern: Auditing Interpretations of Section 570A 580—Written Representations 585—Consideration of Omitted Procedures After the Report Release Date AU-C 600—699 Using the Work of Others 653 600—Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) 9600—Special Considerations—Audits of Group Financial Statements (Including theWork of Component Auditors): Auditing Interpretations of Section 600 610—Using the Work of Internal Auditors 620—Using the Work of an Auditor’s Specialist 9620—Using the Work of an Auditor’s Specialist: Auditing Interpretations of Section 620 AU-C 700—799 Audit Conclusions and Reporting 767 700—Forming an Opinion and Reporting on Financial Statements 9700—Forming an Opinion and Reporting on Financial Statements: Auditing Interpretations of Section 700 705—Modifications to the Opinion in the Independent Auditor’s Report 706—Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report 708—Consistency of Financial Statements 720—Other Information in Documents Containing Audited AU-C 700—799 Audit Conclusions and Reporting—continued 725—Supplementary Information in Relation to the Financial Statements as a Whole 9725—Supplementary Information in Relation to the Financial Statements as a Whole: Auditing Interpretations of Section 725 730—Required Supplementary Information AU-C 800—899 Special Considerations 923 800—Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks 805—Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement 9805—Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement: Auditing Interpretations of Section 805 806—Reporting on Compliance With Aspects of Contractual Agreements or Regulatory Requirements in Connection With Audited Financial Statements 810—Engagements to Report on Summary Financial Statements AU-C 900—999 Special Considerations in the United States 1025 905—Alert That Restricts the Use of the Auditor’s Written Communication 910—Financial Statements Prepared in Accordance With a Financial Reporting Framework Generally Accepted in Another Country 915—Reports on Application of Requirements of an Applicable Financial Reporting Framework 920—Letters for Underwriters and Certain Other Requesting Parties 925—Filings With the US Securities and Exchange Commission Under the Securities Act of 1933 930—Interim Financial Information 935—Compliance Audits 940—An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements 945—Auditor Involvement With Exempt Offering Documents AU-C Appendixes 1287 AU-C Topical Index 1347