|Original Pronouncements||Statement on Auditing Standards (SAS) 117.|
|Effective Date||This statement currently is effective.|
|Applicability||Engagements to perform a compliance audit in accordance with generally accepted auditing standards (GAAS), the standards for financial audits under governmental auditing standards, or a governmental audit requirement that requires an auditor to express an opinion on compliance. Not applicable when government audit requirements call for an examination under the Statements on Standards for Attestation Engagements (SSAEs) of an entity’s internal controls over compliance.|
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.
To address practice issues, SAS No. 117, Compliance Audits, was one of the clarified standards issued before SAS No. 122. It was issued in December 2009 and is effective for compliance audits for fiscal periods ending on or after June 15, 2010.
SAS No. 117 was codified in AU 801 when issued, but was moved to AU-C 935 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.
Applicable risk of noncompliance. The risk that an auditor will ...