Wiley Practitioner's Guide to GAAS 2022

47AU-C 925 Filings with the U.S. Securities and Exchange Commission under the Securities Act of 1933

• Scope
• Definitions of Terms
• Objective
• Requirements
  • Accountant's Responsibility
  • Accountant's Report: Review of Interim Financial Information
  • Subsequent Events Procedures
  • Response to Subsequent Events and Subsequently Discovered Facts: Audited Financial Statements
  • Response to Subsequent Events and Subsequently Discovered Facts: Unaudited Financial Statements or Unaudited Interim Financial Information
• Illustration: Illustrative Disclosures and Reports

SCOPE

AU-C 925 offers guidance on the auditor's responsibilities related to nonissuer financial statements included or incorporated by reference in a registration statement filed under the Securities Act of 1933. (AU-C 925.01)

DEFINITIONS OF TERMS

Source: AU-C 925.04. For definitions related to AU-C 925, see Appendix A, “Definitions of Terms”: Auditor's consent, Awareness letter, Effective date of the registration statement.

OBJECTIVE

AU-C Section 925.03 states that:

… the objective of the auditor, in connection with audited financial statements of a nonissuer that are separately included or incorporated by reference in a registration statement filed under the Securities Act of 1933, is to perform specified procedures at or shortly before the effective date of the registration statement to sustain the burden of proof that the auditor has performed a reasonable investigation, as referred to in Section 11(b)(3)(B) of the ...