|Original Pronouncement||Statement on Auditing Standards (SAS) 109|
|Effective Date||This statement currently is effective.|
|Applicability||Audits of financial statements in accordance with generally accepted auditing standards.|
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 315 does not change extant requirements in any significant respect.
The requirements of AU 314 are clarified in AU-C 315, except for the requirement:
Internal control. A process affected by an entity’s board of directors, management, and other personnel that is designed to provide reasonable assurance about the achievement of the entity’s objectives in the following categories:
Components of internal control. The five interrelated components ...