|Original Pronouncement||Statement on Auditing Standards (SAS) 110.|
|Effective Date||This statement currently is effective.|
|Applicability||Audits of financial statements in accordance with generally accepted auditing standards (GAAS).|
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 330 does not change extant requirements in any significant respect.
Further audit procedures. Audit procedures performed after performing risk assessment procedures. Further audit procedures consist of tests of controls and substantive tests (i.e., tests of details and substantive analytical procedures).
Substantive procedures. Procedures performed to detect material misstatements at the assertion level. Includes substantive analytical procedures and tests of detail.
Tests of controls. Procedures concerned with how an internal control procedures was applied, the consistency with which it was applied during the audit period, and by whom it was applied. Tests of controls used for generating evidence about operating effectiveness include inquiries, inspection, observation, ...