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

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

Original Pronouncement	Statements on Auditing Standards (SASs) 84 and 93
Effective Date	All standards currently are effective.
Applicability	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 ...