|Original Pronouncement||Statement on Auditing Standards (SAS) 67.|
|Effective Date||This statement currently is effective.|
|Applicability||Audits of financial statements or other financial information made 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 Section 505 supersedes AU Section 330.
The requirement to confirm accounts receivable has been moved from AU Section 330 to AU-C 330 because it is considered part of the process of determining the procedures to perform. AU-C 505 presumes that the auditor has already determined an external confirmation is the appropriate audit procedure.
AU-C 505.08 address the responsibilities of the auditor when management refuses to allow the auditor to send a confirmation request. If management refuses to allow the auditor to perform external confirmation procedures, the auditor should: