|Original Pronouncement||Statement on Accounting Standards (SAS) 45.|
|Effective Date||This statement is now effective.|
|Applicability||Audits of financial statements in conformity 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 550 supersedes: AU Section 334. It also makes a substantive change. AU Section 334 is focused on auditing the amounts and disclosures pursuant to U.S. generally accepted accounting principles (GAAP), and is centered on the provisions of Financial Accounting Standards Board (FASB) Statement No. 57. AU-C 550 is framework-neutral. It encompasses financial reporting frameworks in addition to US GAAP, such as International Financial Reporting Standards. as well as special-purpose frameworks described in AU-C Section 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special-Purpose Frameworks
The section itself has no general definitions, but it uses terms defined in paragraph 1 and the glossary of Financial Accounting Standards (FAS) Accounting Standards Codification (ASC) 850, Related-Party Disclosures.
Affiliate. A party that, directly or indirectly though one or more intermediaries, controls, is controlled ...