|Original Pronouncement||Statement on Auditing Standards (SAS) 118.|
|Effective Date||This statement currently is effective.|
|Applicability||Annual reports or similar documents that are issued to owners or similar stakeholders, and annual reports of governments and organizations for charitable or philanthropic purposes that are available to the public that contain audited financial statements and the auditor’s related report.|
To address practice issues, SAS No. 118, Other Information in Documents Containing Audited Financial Statements, was one of the clarified standards issued before SAS No. 122. It was issued in February 2010 and is effective for audits of financial statements for periods beginning on or after December 15, 2010.
SAS No. 118 was codified in AU 550 when issued, but was moved to AU-C 720 with the issuance of SAS No. 122. Some conforming changes were made in specific paragraphs and footnotes due to the issuance of SAS No. 122, but no substantive changes were made.
Inconsistency. Information that conflicts with the information contained within the audited financial statements. Such an inconsistency may raise doubts about audit conclusions based on audit evidence that was previously obtained, and possibly ...