Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

AU 722: Interim Financial Information

AU-C 930: Interim Financial Information

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncement	Statements on Auditing Standards (SASs) 100 and 116.
Effective Date	SAS 116 is effective for reviews of interim financial information for interim periods beginning after December 15, 2009. Earlier application is permitted.
Applicability	An accountant may conduct a review of interim financial information if:
1. The entity’s latest annual financial statements have been audited by the accountant or a predecessor; 2. The accountant has been engaged to audit the entity’s current year financial statements, or the accountant audited the entity’s latest annual financial statements and expects to audit the current year financial statements; 3. The client prepares its interim financial information in accordance with the same financial reporting framework as that used to prepare the annual financial statements; and 4. If the interim financial information is condensed information, then a. The information conforms with a financial reporting framework such as International Accounting Standards (IAS) 34; b. It includes a note that the financial information does not represent complete financial statements and should be read in conjunction with the entity’s latest annual audited financial statements; and c. The information accompanies the entity’s latest audited annual financial statements.
NOTE: Although the section generally does not require ...