AU 551: Supplementary Information in Relation to the Financial Statements as a Whole

AU-C 725: Supplementary Information in Relation to Financial Statements as a Whole

EFFECTIVE DATE AND APPLICABILITY

Original Pronouncements Statement on Auditing Standards (SAS) 119.
Effective Date This statement currently is effective.
Applicability Audits of financial statements in accordance with generally accepted auditing standards (GAAS) if the statements and the auditor’s report on them are included in a document that the auditor submits to the client or others.

EFFECTIVE DATE AND APPLICABILITY

To address practice issues, SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole, 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. 119 was codified in AU 551 when issued, but was moved to AU-C 725 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.

AU DEFINITION OF TERM

Supplementary information. Information presented outside the basic financial statements, excluding required supplementary information that is not considered necessary for the financial statements to be fairly presented in accordance with the applicable financial reporting framework. Examples of supplementary ...

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