|Original Pronouncement||Statement on Auditing Standards (SAS) 103.|
|Effective Date||This standard 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 230 does not change extant requirements in any significant respect. Requirements related to the following aspects of audit documentation are included in Statements on Quality Control Standards (SQCS) No. 8:
Audit documentation. The record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as working papers or workpapers are also sometimes used).
Audit file. One or more folders or other storage media, in physical or electronic form, containing the records that constitute the audit documentation for a specific engagement.