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Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations by Joanne M. Flood

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AU 530: Dating of the Independent Auditor’s Report1

AU-C 700: Forming an Opinion and Reporting on Financial Statements

AU-C 560: Subsequent Events and Subsequently Discovered Facts

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncements Statements on Auditing Standards (SASs) 1, 29, 98, and 103.
Effective Date These statements currently are effective.
Applicability Audits of financial statements in accordance with generally accepted auditing standards (GAAS).

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.

The clarified SAS combines the requirements and guidance from extant AU Section 530, AU Section 560, AU Section 561, and paragraphs .71–.73 of AU Section 508. The clarified SAS does not change or expand these extant AU sections in any significant respect.

AU DEFINITIONS OF TERMS

Date of auditor’s report. The date on which the auditor has obtained sufficient appropriate audit evidence to support the opinion.

NOTE: Ordinarily, this is the date that the auditor and the client agree on the form and content of the financial statements. Sometimes, the date is a matter of judgment (see the section titled “Techniques for Application”). It is the date up to which the auditor is responsible for keeping informed about events affecting the financial statements being reported on.

Dual-dated report. Auditor’s report ...

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