AU 326: Audit Evidence1

AU-C 500: Audit Evidence

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncements Statement on Accounting Standards (SAS) 106.
Effective Date This statement currently is effective.
Applicability Audits of financial statements in accordance with generally accepted auditing standards (GAAS); also applies to special reports on financial statements prepared in conformity with a comprehensive basis of accounting other than generally accepted accounting procedures (GAAP) and on specified elements, accounts, or items expressing an opinion.

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 500 does not change extant requirements in any significant respect, except that the requirements in AU 326 addressing the auditor’s use of assertions in obtaining audit evidence are included in AU-C 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.

AU DEFINITIONS OF TERMS

Appropriateness. A quality of evidential matter that relates to its reliability and relevance.

Assertions. Representations by management that are embodied in financial statement components. They are classified in these broad categories.

Assertions about classes of transactions and events for the period under audit:

1. Occurrence. Transactions and events that have been recorded have occurred ...

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