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

AU 504: Association with Financial Statements

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncements	Statements on Auditing Standards (SASs) 26, 35, and 72.
Effective Date	These statements currently are effective.
Applicability	Accountants’ reports on: 1. Unaudited financial statements of public entities 2. Comparative financial statements of public or nonpublic entities when the financial statements of one period are audited 3. Financial statements of public entities when the accountant is not independent

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.

These requirements will be superseded by AU-C 600. For more information, see the separate chapter on AU-C 600.

AU DEFINITIONS OF TERMS

Association. An accountant is associated with financial statements when he or she has consented to the use of his or her name in a report, document, or written communication containing the statements, or when he or she submits to the client or others financial statements that he or she has prepared or assisted in preparing.

NOTE: The accountant would be associated with the financial statements even though his or her name did not appear.

Public entity. Any entity (1) whose securities trade in a public market either on a domestic or foreign stock exchange or in the over-the-counter market, including securities quoted only ...