|Original Pronouncements||Statement on Auditing Standards (SAS) 122|
|Effective Date||This standard is currently effective.|
|Applicability||All audits in accordance with generally accepted auditing standards and other services covered by SASs.|
NOTE: All sections apply whether the financial statements are presented in conformity with generally accepted accounting principles (GAAP) or other comprehensive basis of accounting (OCBOA) unless otherwise noted.
SAS No. 122, Codification of Auditing Standards and Procedures, is effective for audits of group financial statements with periods ending on or after December 15, 2012.
The effort to converge US generally accepted accounting standards (GAAS) with international standards on auditing resulted in the introduction of the “Group Audit” standard. This standard is based on ISA 600, The Work of Related Auditors and Other Auditors in the Audit of Group Financial Statements. AU 543 contains only limited guidance in this area.
AU-C 600 introduces several new concepts (see also the definitions section below):