Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

AU 380: The Auditor’s Communication with Those Charged with Governance1

AU-C 260: The Auditor’s Communication with Those Charged with Governance

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncement	Statement on Auditing Standards (SAS) 114.
Effective Date	This statement currently is effective.
Applicability	Audits of financial statements in accordance with generally accepted auditing standards (GAAS) of entities who have an audit committee (or other committee formally designated with oversight for financial reporting) and all public entities (i.e., Securities and Exchange Commission [SEC] engagements—see “Definitions of Terms”).

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 260 does not change extant requirements in any significant respect. It does include a requirement to communicate matters related to other information included in documents containing audited financial statements.

AU DEFINITIONS OF TERMS

Management. The person(s) responsible for achieving the objectives of the entity and who have the authority to establish policies and make decisions by which those objectives are to be pursued. Management is responsible for the financial statements, including designing, implementing and maintaining effective internal control over financial reporting.

Those charged with governance. The person(s) with ...