AU 315: Communications Between Predecessor and Successor Auditors
AU-C 510: Opening Balances—Initial Audit Engagements, Including Reaudit Engagements
AU-C 210: Terms of Engagement
AU EFFECTIVE DATE AND APPLICABILITY
||Statements on Auditing Standards (SASs) 84 and 93
||All standards currently are effective.
||Because of some complexities in applicability, additional explanation is provided below.
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 Section 210 supersedes AU Section 315 paragraphs .03, .05–.10, and .14. The changes are primarily clarifying changes.
AU-C Section 510 .01–.02, .04, .11–.13, and .15–.23. AU-C Section 315:
- Makes clear that reviewing a predecessor auditor’s audit documentation cannot be the only procedure performed to obtain sufficient appropriate audit evidence regarding opening balances
- Clarifies that initial audit engagements include reaudits
- Includes an appendix: Illustrative Report with Disclaimer of Opinion, and
- Requires the auditor to obtain sufficient appropriate audit evidence about whether:
- Opening balances contain misstatements that materially affect the current period’s financial statements, and
- Accounting policies reflected in the opening balances have been consistently applied in the current period’s financial statements; and ...