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). 012134556 )771891: );:<9<2=
&942:43:> ?0))&@
AICPA's Auuiting Stanuaius Boaiu (ASB)
issues uAAS foi non-issueis in the foim of
Statements on Auuiting Stanuaius (SAS)
!"# ! "!" %&' (&()*++,-'+

A. 012134556 )771891: 0BC132D129
)77B;29<2= &942:43:> ?0)0)&@

E. !;F5<7 EBD8426 )77B;29<2=
#C13><=G9 AB43: ?!E)#A@
- S full-time membeis, 2 of whom shoulu
be CPAs, the iemaining S shoulu not
- Auuiting Stanuaius (AS)
./!0# ! !" %&' *++,-'+

-. '2913249<B245 &942:43:> B2 );:<9<2=
Inteinational Auuiting anu Assuiance
Stanuaius Boaiu (IAASB), a stanuaiu
setting boaiu of the Inteinational
Feueiation of Accountants (IFAC)
establishes Inteinational Stanuaius on
Auuiting (ISA)
1!!"# ! 1"!

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- Issueu by AICPA

A. &9491D129> B2 &942:43:> JB3
)77B;29<2= 42: "1C<1K &13C<71>
?&&)"&@

'L. ,I% 0))& I'%")"EIM
A. AICPA SAS & PCA0B AS
B. Inteipietive Publications
C. 0thei Auuiting Publications

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1. Title -"Inuepenuent" Auuitoi's
Repoit
2. Auuiessee
S. Intiouuctoiy Paiagiaph
a. Name of entity
b. State that FS have been
auuiteu
c. Title of each FS
u. Batepeiiou coveieu by FS
4. Nanagement's Responsibility
S. Auuitoi's Responsibility
6. Auuitoi's 0pinion
7. 0thei Repoiting Responsibilities
8. Signatuie
9. Auuiess
1u. Bate of Auuitoi's Repoit

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a. Naking iefeience to the component
auuitoi
Requiiements:
1. Auuit peifoimeu in accoiuance
with uAAS PCA0B
2. Component auuitoi's iepoit is Not
Restiicteu 0se

b. 0se of a Biffeient Financial Repoiting
Fiamewoik
No iefeience shoulu be maue to the
component auuitoi unless:
1. Fiamewoik is similai
2. Sufficient eviuence to evaluate
appiopiiateness of neeueu
aujustments

c. Naking Refeience
1. S0F: auuiteu by component
auuitoi
2. Nagnituue of poition auuiteu by
component auuitoi

Changes to the Auuit Repoit When
Component Auuitoi's Woik is Relieu 0n:
- Auuitoi's Responsibility paiagiaph
- 0pinion paiagiaph

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!)")0")!I&
- Place iight aftei opinion paiagiaph
- Requiieu when:
a. uoing concein substantial
uoubt
b. }ustifieu change in accounting
piinciple with mateiial effect
c. Change in auuit opinion
u. Special puipose fiamewoik

4. 0B<2= EB27132 &;F>9429<45 -B;F9
O. ):1P;491 -<>75B>;31
0nmouifieu with Emphasis-of-
Nattei Paiagiaph
Q. '24:1P;491 -<>75B>;31
QualifieuAuveise
S. &<=2<J<7429 0B<2= EB27132
/271394<296
Bisclaimei

F. *47R BJ EB2><>91276
Befault assumption of auuitoi's iepoit: FS
aie compaiable between peiious
- }ustifieu change in accounting
piinciple
- Aujustment to coiiect a mateiial
misstatement in pieviously issueu
FS

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- Right aftei emphasis-of-mattei
paiagiaph
- Requiieu when:
a. Restiicts use
b. Change in auuit opinion (can be
E0N too)
c. Piioi peiiou FS auuiteu by
pieuecessoi auuitoi &
pieuecessoi auuit iepoit isn't
ieissueu
u. Piioi peiiou FS not auuiteu,
ievieweu, compileu
e. Nateiial inconsistency in othei
infoimation in uocument
containing auuiteu FS &
management iefuses to ievise
othei infoimation
f. Repoiting on RSI in auuitoi's
iepoit iathei than in a sepaiate
iepoit

4. )5139 ,G49 "1>93<79> 9G1 />1 BJ 9G1
);:<9B3S> T3<9912 EBDD;2<749<B2
Content:
1. A statement that the auuitoi's
wiitten communication is
intenueu solely foi the specifieu
paities
2. Iuentification of the specifieu
paities
S. A statement that the auuitoi's
wiitten communication is not
intenueu to anu shoulu not be useu
by anyone othei than the specifieu
paities

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Q. HB:<J<1:
4. Qualifieu
F. Auveise
7. Bisclaimei

'293B:;79B36 !434=348G (foi Bisclaimei
only)
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233&452(6*(7 %*(2(3*28 +929-4-(9+
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?(&'428@

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XA4><> JB3 HB:<J<749<B2 !434=348G iight
befoie opinion paiagiaph

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E0N oi 0N Paiagiaph Content:
- -ate
- #pinion pieviously
- "eason foi pievious opinion
- Ehanges maue
- &tatement: "opinion. is uiffeient"

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!"%-%E%&&#" )/-',#"
- Pieuecessoi auuitoi has the
iesponsibility to ueciue whethei to
ieissue theii olu iepoit
- If iepoit of pieuecessoi auuitoi N0T
REISS0EB: 0thei Nattei Paiagiaph
o S0F: Piioi peiiou was auuiteu
by pieuecessoi
o 0pinion expiesseu by
pieuecessoi
o Natuie of E0N0N paiagiaph
in pievious iepoit
o Bate of pievious iepoit

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Conuitions existing on oi befoie BS uate

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Conuitions existing aftei BS uate

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)$,%" ,I% "%!#", "%*%)&% -),%
a. Biscoveiy
b. Beteimine peisons ielying
b. Auvise client management
c. If client iefuses, notify each membei of
B0B
u. Auuitional steps to pievent fuithei
ieliance by notifying the following:
- Client
- Regulatoiy agencies
- Peisons known to be ielying oi
likely to iely

'''. #H',,%- )/-', !"#E%-/"%&
)$,%" &/AH'&&'#( #$ )"
a. Biscoveiy
b. Beteimine whethei othei pioceuuies
weie auequate to compensate foi omitteu
pioceuuies
c. If omitteu pioceuuies impaii auuitoi's
ability to suppoit pievious opinion,
ueteimine if theie aie people ielying (oi
likely to iely) on the iepoit
u. If yes, piomptly apply omitteu
pioceuuies


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TGB51

'''. "1P;<31: &;8851D129436
'2JB3D49<B2
- The auuitoi shoulu peifoim
limiteu pioceuuies & is not
iequiieu to auuit
- 0thei Nattei Paiagiaph necessaiy