Original Standard No. SAS No.

1 Responsibilities and Functions of the Independent Auditor This section describes the responsibilities and functions of the independent auditor. The section also includes distinction between the responsibilities of the auditor and management and the professional qualifications required by the independent auditor. Nature of the General Standards This section describes the nature of the general standards. Training and Proficiency of the Independent Auditor This section describes the formal education and experience required by the auditor. Independence This section describes how the auditor must maintain independence in all matters relating to the audit. Due Professional Care in the Performance of Work This section describes how the auditor must exercise due professional care in the performance of the audit and the preparation of the report. The section also requires that the auditor exercise professional skepticism and have reasonable assurance that the financial statements are free of material misstatement. Inventories This section provides guidelines for the independent auditor in observing inventories. It also discusses inventories held in public warehouses and the effect of inventories on the auditors report. Adherence to Generally Accepted Accounting Principles This section describes the first standard of reporting, which states that the auditor must state in the auditors report whether the financial statements are presented in accordance with generally accepted accounting principles. Consistency of Application of Generally Accepted Accounting Principles This section describes the second standard of reporting, which states that the auditor must identify in the auditors report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period. The section describes accounting changes that affect Title & Synopsis

Section In Professional Standards AU sec. 110

Interpretations (If Applicable)

AU sec. 201

AU sec. 210

AU sec. 220

AU sec. 230

AU sec. 331

AU sec. 9331

AU sec. 410

AU sec. 9410

AU sec. 420

AU sec. 9420

SAS No. 12

SAS No. 25

SAS No. 26

consistency, changes that do not affect consistency, periods to which consistency standards relate, and first year audits. Dating of the Independent Auditor's Report This section describes how an independent auditor should determine the dating of his or her report, including the effect of subsequent events on the date of the report. Part of Audit Performed by Other Independent Auditors This section provides guidance applicable to professional judgments an independent auditor makes regarding the work and reports of other independent auditors on financial statements. Lack of Conformity With Generally Accepted Accounting Principles This section concerns financial statements of regulated companies that do not conform with generally accepted accounting principles. Subsequent Events This section addresses events occurring subsequent to the balance-sheet date but prior to the issuance of the financial statements that require adjustment or disclosure in the statements. Subsequent Discovery of Facts Existing at the Date of the Auditor's Report This section describes procedures applicable to an auditor who, subsequent to the date of a report on audited financial statements, becomes aware of facts existing at the date of the report that might have affected the report. Public Warehouses-Controls and Auditing Procedures for Goods Held This section discusses controls of a public warehouse, the procedures of its independent auditor with respect to goods in the warehouse's custody, and auditing procedures performed by the independent auditor of the owner of goods in the warehouse. Inquiry of a Client's Lawyer Concerning Litigation, Claims, and Assessments This section provides guidance on the procedures an independent auditor should consider for identifying litigation, claims, and assessments and for satisfying himself or herself as to the financial accounting and reporting for such matters when he or she is performing an audit in accordance with generally accepted auditing standards. The Relationship of Generally Accepted Auditing Standards to Quality Control Standards This section describes the relationship between generally accepted auditing standards and quality control standards. Association With Financial Statements This section defines association as it is used in the fourth standard of reporting and provides guidance to accountants engaged to audit financial statements in accordance with generally accepted auditing standards.

AU sec. 530

AU sec. 543

AU sec. 9543

AU sec. 544

AU sec. 9544

AU sec. 560

AU sec. 9560

AU sec. 561

AU sec. 9561

AU sec. 901

AU sec. 337 AU sec. 337A AU sec. 337B AU sec. 337C AU sec. 161

AU sec. 9337

AU sec. 504

AU sec. 9504

SAS No. 32

SAS No. 37 SAS No. 39

SAS No. 42

SAS No. 43

Adequacy of Disclosure in Financial Statements This section describes the third standard of reporting, which states that when the auditor determines that informative disclosures are not reasonably adequate, the auditor must so state in the auditors report. Filings Under Federal Securities Statutes This section explains filing under federal securities statutes. Audit Sampling This section provides guidance for planning, performing, and evaluating audit samples. It describes uncertainty, substantive tests of details, tests of controls, and dual-purpose samples. The section also explains how to select a sampling approach. Reporting on Condensed Financial Statements and Selected Financial Data This section provides guidance applicable to an auditor who is engaged to report on condensed financial statements or selected financial data prepared by a client. Omnibus Statement on Auditing Standards

AU sec. 431

AU sec. 711 AU sec. 350

AU sec. 9711

AU sec. 9350

AU sec. 552

AU sec. 331.14 AU sec. 350.47 AU sec. 901.01, .24, and .28

SAS No. 45

SAS No. 46

SAS No. 50

SAS No. 51

Related Parties This section provides guidance on procedures that should be considered by the auditor when he is performing an audit of financial statements in accordance with generally accepted auditing standards to identify related party relationships and transactions and to satisfy himself concerning the required financial statement accounting and disclosure. Consideration of Omitted Procedures After the Report Date This section provides guidance on the considerations and procedures to be applied by an auditor who, subsequent to the date of his report on audited financial statements, concludes that one or more auditing procedures considered necessary at the time of the audit in the circumstances then existing were omitted from his audit of the financial statements, but there is no indication that those financial statements are not fairly presented in conformity with generally accepted accounting principles or with another comprehensive basis of accounting. Reports on the Application of Accounting Principles This section provides guidance that a reporting accountant should apply when preparing a written report on the application of accounting principles to specified transactions. Reporting on Financial Statements Prepared for Use in Other Countries This section provides guidance applicable to reports on financial statements of a company in

AU sec. 334

AU sec. 9334

AU sec. 390

AU sec. 625

AU sec. 9625

AU sec. 534 AU sec. 9534

SAS No. 54

SAS No. 56

SAS No. 57

SAS No. 58

SAS No. 59

SAS No. 62 SAS No. 64

the United States that are prepared in conformity with the accounting principles generally accepted in another country for use outside the United States. Illegal Acts by Clients This section prescribes the nature and extent of the consideration an independent auditor should give to the possibility of illegal acts by a client in an audit of financial statements in accordance with generally accepted auditing standards. The section also provides guidance on the auditor's responsibilities when a possible illegal act is detected. Analytical Procedures This section provides guidance on the use of analytical procedures and requires the use of analytical procedures in the planning and overall review stages of all audits. Auditing Accounting Estimates This section provides guidance to auditors on obtaining and evaluating sufficient appropriate audit evidence to support significant accounting estimates in an audit of financial statements in accordance with generally accepted auditing standards. Reports on Audited Financial Statements This section explains types of reports, along with examples and descriptions of circumstances when each is appropriate, issued by an auditor in connection with audits of certain types of historical financial statements. The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern This section provides guidance to the auditor in conducting an audit of financial statements in accordance with generally accepted auditing standards with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern. It details the auditors responsibilities, procedures, considerations, communication with those charged with governance, and documentation. Special Reports This section applies to special reports. Omnibus Statement on Auditing Standards1990

AU sec. 317

AU sec. 9317

AU sec. 329

AU sec. 9329

AU sec. 342

AU sec. 9342

AU sec. 508

AU sec. 9508

AU sec. 341

AU sec. 9341

AU sec. 623 AU sec. 341.12 .13 AU sec. 508.74 AU sec. 543.16

AU sec. 9623 AU sec. 9341 AU sec. 9508 AU sec. 9543

SAS No. 65

SAS No. 67

The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements This section provides guidance on considering the work of internal auditors and on using internal auditors to provide direct assistance to the auditor in an audit performed in accordance with generally accepted auditing standards. The Confirmation Process This section provides guidance about the confirmation process in audits performed in accordance with generally accepted auditing

AU sec. 322

AU sec. 330 AU sec. 9330

standards. It defines the confirmation process; discusses the relationship of confirmation procedures to the auditor's assessment of audit risk; describes certain factors that affect the reliability of confirmations; provides guidance on performing alternative procedures when responses to confirmation requests are not received; provides guidance on evaluating the results of confirmation procedures; and specifically addresses the confirmation of accounts receivable. The Meaning of Present Fairly in

SAS No. 69

Conformity With Generally Accepted Accounting Principles

AU sec. 411 AU sec. 9411

SAS No. 70

SAS No. 72

SAS No. 73

SAS No. 76

This section explains the meaning of the phrase present fairly in conformity with generally accepted accounting principles. Service Organizations This section provides guidance on the factors an independent auditor should consider when auditing the financial statements of an entity that uses a service organization to process certain transactions. This section also provides guidance for independent auditors who issue reports on the processing of transactions by a service organization for use by other auditors. Letters for Underwriters and Certain Other Requesting Parties This section provides guidance to accountants for performing and reporting on the results of engagements to issue letters for underwriters and certain other requesting parties. Using the Work of a Specialist This section provides guidance to the auditor who uses the work of a specialist in performing an audit in accordance with generally accepted auditing standards. For purposes of this section, a specialist is a person (or firm) possessing special skill or knowledge in a particular field other than accounting or auditing. Amendments to Statement on Auditing Standards No. 72, Letters for Underwriters

AU sec. 324

AU sec. 9324

AU sec. 634 AU sec. 9634

AU sec. 336 AU sec. 9336

and Certain Other Requesting Parties

SAS No. 77

AU sec. 634.01, .09, .10, and .64 AU sec. 341.13 AU sec. 544.02 and .04 AU sec. 623.05 AU sec. 508

AU sec. 9634

Amendments to Statements on Auditing Standards No. 22, Planning and Supervision, No. 59, The Auditor's

AU sec. 9341

Consideration of an Entity's Ability to Continue as a Going Concern, and No. 62, Special Reports
SAS No. 79

AU sec. 9623 AU sec. 9508

Amendment to Statement on Auditing Standards No. 58, Reports on Audited

Financial Statements

SAS No. 84

This section explains types of reports, along with examples and descriptions of circumstances when each is appropriate, issued by an auditor in connection with audits of certain types of historical financial statements. Communications Between Predecessor and Successor Auditors This section establishes guidance on

AU sec. 315

SAS No. 85

SAS No. 86

communications between predecessor and successor auditors when a change of auditors is in process or has taken place. It also provides communications guidance when possible misstatements are discovered in financial statements reported on by a predecessor auditor. Management Representations This section establishes a requirement that the independent auditor obtain written representations from management as a part of an audit of financial statements performed in accordance with generally accepted auditing standards and provides guidance concerning the representations to be obtained. Amendment to Statement on Auditing Standards No. 72, Letters for Underwriters

AU sec. 333

AU sec. 9333

AU sec. 634

AU sec. 9634

and Certain Other Requesting Parties

SAS No. 87

SAS No. 88

This section provides guidance to accountants for performing and reporting on the results of engagements to issue letters for underwriters and certain other requesting parties. Restricting the Use of an Auditor's Report This section defines general-use and restricteduse reports and outlines guidance applicable to restricting the use of reports issued pursuant to Statements on Auditing Standards. Service Organizations and Reporting on Consistency

AU sec. 532

AU sec. 324.03 and .06.10 AU sec. 420.07 .11

AU sec. 9324 AU sec. 9420

SAS No. 89

Audit Adjustments

AU sec. 333.06 and .16 AU sec. 411.14 .15, and .18 AU sec. 332

AU sec. 9333 AU sec. 9411 AU sec. 9332

SAS No. 91 SAS No. 92

Federal GAAP Hierarchy Auditing Derivative Instruments, Hedging Activities, and Investments in Securities This section provides guidance to auditors in planning and performing auditing procedures for assertions about derivative instruments, hedging activities, and investments in securities that are made in an entitys financial statements. It also describes how assertions are classified according to three broad categories that are discussed in AU section 326, Audit Evidence. Omnibus Statement on Auditing Standards2000

SAS No. 93

AU sec. 315.02 and .12 AU sec. 411.01 AU sec. 508.08 AU sec. 9411 AU sec. 9508

SAS No. 95

SAS No. 97

Generally Accepted Auditing Standards This section describes the 10 general, field work, and reporting standards approved and adopted by the membership of the AICPA. In addition, the section defines interpretive and other auditing publications. Amendment to Statement on Auditing Standards No. 50, Reports on the

AU sec. 150

AU sec. 625

AU sec. 9625

Application of Accounting Principles

SAS No. 98

This section provides guidance that a reporting accountant should apply when preparing a written report on the application of accounting principles to specified transactions. Omnibus Statement on Auditing Standards2002

AU sec. 150.05 AU sec. 161.02 .03 AU sec. 324.57 .61 AU sec. 508.65 AU sec. 530.03 .05 AU sec. 560.01 AU sec. 561.01 .03 AU sec. 9561

AU sec. 9324 AU sec. 9508

SAS No. 99

SAS No. 100 SAS No. 101

SAS No. 102

SAS No. 103

Consideration of Fraud in a Financial Statement Audit This section establishes standards and provides guidance to auditors in fulfilling the responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement (AU section 110) as it relates to fraud in an audit of financial statements conducted in accordance with generally accepted auditing standards. Interim Financial Information Auditing Fair Value Measurements and Disclosures This section establishes standards and provides guidance on auditing fair value measurements and disclosures contained in financial statements. In particular, this section addresses audit considerations relating to the measurement and disclosure of assets, liabilities, and specific components of equity presented or disclosed at fair value in financial statements. Defining Professional Requirements in Statements on Auditing Standards This section describes professional requirements in the auditing standards, including unconditional and presumptively mandatory requirements, and the use of explanatory material. Audit Documentation

AU sec. 316

AU sec. 722 AU sec. 328 AU sec. 9328

AU sec. 120

AU sec. 339 AU sec. 530

AU sec. 9339

SAS No. 104

SAS No. 105

Amendment to Statement on Auditing Standards No. 1, Codification of Auditing Standards and Procedures(Due Professional Care in the Performance of Work) Amendment to Statement on Auditing Standards No. 95, Generally Accepted

AU sec. 230.10

AU sec. 150.02

Auditing Standards

SAS No. 106

SAS No. 107

SAS No. 108

SAS No. 109

SAS No. 110

SAS No. 111

Audit Evidence This section provides guidance to the auditor who uses the work of a specialist in performing an audit in accordance with generally accepted auditing standards. For purposes of this section, a specialist is a person (or firm) possessing special skill or knowledge in a particular field other than accounting or auditing. Audit Risk and Materiality in Conducting an Audit This section establishes guidance on the auditor's consideration of audit risk and materiality when performing an audit of financial statements in accordance with generally accepted auditing standards. Planning and Supervision This section describes the first standard of field work, relating to the planning of the audit and the supervision of any assistants, and provides guidance to the independent auditor conducting an audit in accordance with generally accepted auditing standards on the considerations and activities applicable to planning and supervision. Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement This section describes the second standard of field work, relating to the auditor obtaining a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures. This section also discusses risk assessment procedures and sources of information about the entity and its environment. Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained This section establishes standards and provides guidance on determining overall responses and designing and performing further audit procedures to respond to the assessed risks of material misstatement at the financial statement and relevant assertion levels in a financial statement audit, and on evaluating the sufficiency and appropriateness of the audit evidence obtained. In particular, this section provides guidance about implementing the third standard of field work, which states that the auditor must obtain sufficient appropriate audit evidence by performing audit procedures to afford a reasonable basis for an opinion regarding the financial statements under audit. Amendment to Statement on Auditing Standards No. 39, Audit Sampling This section provides guidance for planning, performing, and evaluating audit samples. It describes uncertainty, substantive tests of details, tests of controls, and dual-purpose samples. The section also explains how to select a sampling approach.

AU sec. 326

AU sec. 9326

AU sec. 312

AU sec. 9312

AU sec. 311

AU sec. 9311

AU sec. 314

AU sec. 318

AU sec. 350

AU sec. 9350

SAS No. 113

Omnibus2006

AU sec. 150.02 and .04 AU sec. 316.35 and .46 AU sec. 328.41 AU sec. 333.09 AU sec. 341.02 AU sec. 342.10 and .13 AU sec. 560.12 AU sec. 9341 AU sec. 9342 AU sec. 9560

SAS No. 114

SAS No. 115

SAS No. 116

SAS No. 117

The Auditors Communication With Those Charged With Governance This section establishes standards and provides guidance on the auditors communication with those charged with governance in relation to an audit of financial statements. It describes the role of communication, legal considerations, those who are charged with governance, management, matters to be communicated, the communication process, and documentation. Communicating Internal Control Related Matters Identified in an Audit This section establishes standards and provides guidance on communicating matters related to an entitys internal control over financial reporting identified in an audit of financial statements. It is applicable whenever an auditor expresses or disclaims an opinion on financial statements. The section defines the terms deficiency in internal control,significant deficiency, and material weakness; provides guidance on evaluating the severity of deficiencies in internal control identified in an audit of financial statements; and requires the auditor to communicate, in writing, to management and those charged with governance, significant deficiencies and material weaknesses identified in an audit. Interim Financial Information This section establishes standards and provides guidance on the nature, timing, and extent of the procedures to be performed by an independent accountant when conducting a review of interim financial information. Compliance Audits This section is applicable when an auditor is engaged, or required by law or regulation, to perform a compliance audit in accordance with generally accepted auditing standards, the standards for financial audits under Government Auditing Standards, and a governmental audit requirement that requires an auditor to express an opinion on compliance. Other Information in Documents Containing Audited Financial Statements This section addresses the auditors responsibility in relation to other information in documents

AU sec. 380

AU sec. 325

AU sec. 9325

AU sec. 722

AU sec. 801

SAS No. 118

AU sec. 550 AU sec. 551

AU sec. 9551

containing audited financial statements and the auditors report thereon.

SAS No. 119

Supplementary Information in Relation to the Financial Statements as a Whole This section addresses the auditors responsibility when engaged to report on whether supplementary information is fairly stated, in all material respects, in relation to the financial statements as a whole. Required Supplementary Information This section addresses the auditors responsibility with respect to information that a designated accounting standard setter requires to accompany an entitys basic financial statements (required supplementary information). Revised Applicability of Statement on Auditing Standards No. 100, Interim

AU sec. 551 AU sec. 9551

SAS No. 120

AU sec. 558

SAS No. 121

AU sec. 722

Financial Information

This section amends paragraph .05 of AU section 722 such that AU section 722 would be applicable when the accountant audited the entitys latest annual financial statements, and the appointment of another accountant to audit the current year financial statements is not effective prior to the beginning of the period covered by the review.