|Original Pronouncements||Statement on Auditing Procedure (SAP) 33 (codified in Statement on Auditing Standards [SAS] 1); SAS 2, 62, and 77.|
|Effective Date||These statements currently are effective.|
|Applicability||Audits of financial statements of regulated companies in accordance with generally accepted auditing standards (GAAS) when the financial statements are presented for purposes other than regulatory filings.|
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 Section 334 is focused on auditing the amounts and disclosures pursuant to accounting principles generally accepted in the United States (US GAAP), and it is centered on the provisions of Financial Accounting Standards Board (FASB) Statement No. 57. AU-C 800 is framework neutral, encompassing financial reporting frameworks in addition to US GAAP, such as International Financial Reporting Standards as promulgated by the International Accounting Standards Board.
The objectives, requirements, and definitions in AU-C 800 are applicable irrespective of whether the applicable financial reporting framework establishes requirements for related-party ...