April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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41AU-C 806 Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements
SCOPE
AU-C 806 provides guidance on auditor's reports issued in connection with compliance with aspects of contractual agreements or regulatory requirements related to accounting matters connected to audited financial statements. (AU-C 806.01)
Bond indentures, loan and other agreements, or regulatory agencies may require compliance reports by independent auditors. For example, loan agreements may contain covenants for borrowers, such as payments into sinking funds, payments of interest, maintenance of current ratios, restriction of dividend payments, and use of proceeds of sales of property. Also, these agreements may require that the borrower provide annual financial statements that have been audited by an independent auditor. (AU-C 806.02)
If the auditor is testing compliance with laws and regulations in an audit in accordance with the Government Auditing Standards (the “Yellow Book”) issued by the Comptroller General of the United States or a single audit act in accordance with an Office of Management and Budget circular, he or she should follow the guidance in Section 935, Compliance Audits. (AU-C 806.03)
If the ...
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