AU 311: Planning and Supervision1
AU-C 300: Planning an Audit
AU-C 210: Terms of Engagement
AU EFFECTIVE DATE AND APPLICABILITY
|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).|
AU-C EFFECTIVE DATE AND SUMMARY OF CHANGES
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:
- AU 311.08–.10 on the early appointment of the independent auditor and establishing the terms of the engagement, which are included in AU-C 210, and
- Requirements on supervision, which are included in AU-C 220
AU DEFINITIONS OF TERMS
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 ...