AU 901: PUBLIC WAREHOUSES: CONTROLS AND AUDITING PROCEDURES FOR GOODS HELD

AU-C 501: AUDIT EVIDENCE—SPECIFIC CONSIDERATIONS FOR SELECTED ITEMS

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncements Statement on Auditing Procedure (SAP) 37 (codified in Statement on Accounting Standards [SAS] 1), SAS 43.
Effective Date These statements currently are effective.
Applicability Internal control of:
1. A warehouseman for goods in his or her custody
2. An owner of goods in the custody of a warehouseman
Auditing procedures to be applied by:
1. An auditor of a warehouseman for goods in the custody of the warehouseman
2. An auditor of an owner of goods in the custody of a warehouseman

AU-C EFFECTIVE DATE AND SUMMARY OF CHANGES

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.

The clarified SAS rescinds AU 901.

AU DEFINITIONS OF TERMS

Commodity warehouse. A warehouse that stores certain bulk commodities, such as agricultural products and chemicals. Ordinarily this type of warehouse stores only one commodity.

Field warehouse. A warehouse that is established as part of a financing arrangement. It might be established on the premises of either:

1. The owner of the goods, or
2. A customer of the owner of the goods

A field warehouse is established so that the warehouseman may take and maintain custody of the goods. The warehouseman does the following:

1. ...

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