|Original Pronouncements||Statements on Accounting Standards (SASs) 108 and 114.|
|Effective Date||The standard is currently effective.|
|Applicability||Audits of financial statements in accordance with generally accepted auditing standards (GAAS) (also relevant for engagements involving special reports on specified elements, accounts, and items of financial statements).|
SAS No. 122, Codification of Auditing Standards and Procedures, is effective for audits of financial statements with periods ending on or after December 15, 2012. AU-C 300 does not change extant requirements in any significant respect.
The requirements of AU 311 are clarified in AU-C 300, except for:
Assistants. Firm personnel other than the auditor with final responsibility for the audit.
Auditor. Either the auditor with final responsibility for the audit or the auditor’s assistants.
Audit planning. Developing an overall strategy for the expected conduct and scope of the audit.
Audit program. A reasonably detailed listing of audit procedures the auditor believes are necessary to accomplish the objectives of the ...