Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

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 ...