Wiley Practitioner's Guide to GAAS 2015: Covering all SASs, SSAEs, SSARSs, PCAOB Auditing Standards, and Interpretations

AU-C 930 Interim Financial Information

AU-C ORIGINAL PRONOUNCEMENT

Original Pronouncement

Statement on Auditing Standards (SAS) 122.

AU-C DEFINITION OF TERM

Source: AU-C 930.06

Interim financial information. Financial information prepared and presented in accordance with an applicable financial reporting framework that comprises either a complete or condensed set of financial statements covering a period or periods less than one full year or covering a twelve-month period ending on a date other than the entity's fiscal year-end.

OBJECTIVE OF AU-C SECTION 930

AU-C 930.05 states that:

… the objective of the auditor when performing an engagement to review interim financial information is to obtain a basis for reporting whether the auditor is aware of any material modifications that should be made to the interim financial information for it to be in accordance with the applicable financial reporting framework through performing limited procedures.

SCOPE

AU-C 930 discusses the auditor's responsibilities when conducting a review of interim financial information. AU-C 930 applies when:

1. The entity's latest annual financial statements have been audited by the auditor or a predecessor;
2. The auditor has been engaged to audit the entity's current year financial statements, or the auditor 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 ...