Other communications between the successor and predecessor auditors, described in paragraph. The auditor may wish to advise the prospective client (for example, in a proposal) that acceptance cannot be final until the communications have been evaluated.04 Proposal for an audit engagement before communicating with the predecessor auditor. [As amended, effective for audits of financial statements for periods ending on or after June 30, 2001, by Statement on Auditing Standards No.Īn auditor should not accept an engagement until the communications described in paragraphs. 10 and to an auditor who has accepted such an engagement. The term successor auditor refers to an auditor who is considering accepting an engagement to audit financial statements but has not communicated with the predecessorĪuditor as provided in paragraphs. Standards, and after such auditor has been appointed to perform such an engagement.02įor the purposes of this section, the term predecessor auditor refers to an auditor who ( a) has reported on the most recent audited financial statements fn 1 or was engaged to perform but did not complete an audit of the financial statements fn 2 and ( b) has resigned, declined to stand for reappointment, orīeen notified that his or her services have been, or may be, terminated. 14 of this section) financial statements in accordance with generally accepted auditing This section applies whenever an independent auditor is considering accepting an engagement to audit or reaudit (see paragraph. It also provides communications guidance when possible misstatements are discovered in financial statements This section provides guidance on communications between predecessor and successor auditors when a change of auditors is in process or has taken place. Effective with respect to acceptance of an engagement after March 31, 1998, unless otherwise indicated. (.25) Appendix B - Illustrative Successor Auditor Acknowledgment Letter.(.24) Appendix A - Illustrative Client Consent and Acknowledgment Letter.22) Discovery of Possible Misstatements in Financial Statements Reported on by a Predecessor Auditor 20) Audits of Financial Statements That Have Been Previously Audited 13) Successor Auditor's Use of Communications AU Section 315 Communications Between Predecessor and Successor Auditors The current version of the auditing standards can be found here. The following auditing standard is not the current version and does not reflect any amendments effective on or after December 31, 2016. 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.Standards and Emerging Issues Advisory Group.
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