Audit and Accounting Guide - Depository and Lending Institutions

Chapter 23 Reporting Considerations

The auditing content in this guide focuses primarily on generally accepted auditing standards (GAAS) issued by the Auditing Standards Board and is applicable to audits of the financial statements of those entities not subject to the oversight authority of the PCAOB (that is, those audit reports not within the PCAOB’s jurisdiction as defined by the Sarbanes-Oxley Act of 2002, as amended — hereinafter referred to as nonissuers). These standards are codified in AICPA Professional Standards and referenced by AU-C section numbers within the codification. Issuers are defined by Section 3 of the Securities Exchange Act of 1934. Audits of issuers are required to be performed under PCAOB standards. Readers of this guide should evaluate their audit engagements to determine which auditing standards are applicable.

In April 2003, the PCAOB adopted as interim standards certain preexisting auditing and related standards via PCAOB Rules 3200T, Interim Auditing Standards; 3300T, Interim Attestation Standards; 3400T, Interim Quality Control Standards; 3500T, Interim Ethics Standards; and 3600T, Interim Independence Standards.¹ Although the PCAOB has subsequently issued standards that supersede or amend those interim standards, the reporting guidance that was adopted by the PCAOB remains largely consistent with the reporting guidance applicable to audits conducted in accordance with GAAS as they existed prior to adoption of the clarified Statements on Auditing ...