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Statement on Auditing Standards, Number 127 : Omnibus Statement on Auditing Standards by AICPA (2017, Trade Paperback)

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Paragraph .25a of Statement on Auditing Standards (SAS) No. 122, Statements on Auditing Standards: Clarification and Recodification, section 600, "Special Considerations--Audits of Group Financial Statements (Including the Work of Component Auditors)" (AICPA, Professional Standards), precludes making reference to the audit of a component auditor in the auditor's report on the group financial statements unless the component's financial statements are prepared using the same financial reporting framework as that used for the group financial statements. These amendments permit making reference to the audit of a component auditor in the auditor's report on the group financial statements when the component's financial statements are prepared using a different financial reporting framework than that used for the group financial statements, if certain conditions are met. The amendments also add a requirement, when reference is made to a component auditor's report on financial statements prepared using a different financial reporting framework, for the auditor's report on the group financial statements to disclose that the auditor of the group financial statements is taking responsibility for evaluating the appropriateness of the adjustments to convert the component's financial statements to the financial reporting framework used by the group. The amendments also add application material that addresses making reference when the financial reporting frameworks differ. Paragraph .25b of SAS No. 122 section 600 precludes making reference to the audit of a component auditor in the auditor's report on the group financial statements unless the component auditor has performed an audit that meets the relevant requirements of generally accepted auditing standards (GAAS). Paragraph .A54 of SAS No. 122 section 600 provides guidance on how the group engagement partner may determine that the audit performed by the component auditor meets the relevant requirements of GAAS. These amendments clarify that requirement and add additional guidance regarding that determination. The amendments also add a requirement that when the auditor of the group financial statements is making reference to the audit of a component auditor and has determined that the component auditor performed additional audit procedures in order to meet the relevant requirements of GAAS, the auditor's report on the group financial statements should indicate the set of auditing standards used by the component auditor and that additional audit procedures were performed by the component auditor to meet the relevant requirements of GAAS. These amendments also clarify that the group engagement team is required to determine component materiality for those components on which the group engagement team will assume responsibility for the work of a component auditor who performs an audit or a review.

Product Identifiers

Publisher
Wiley & Sons, Incorporated, John
ISBN-10
1937351890
ISBN-13
9781937351892
eBay Product ID (ePID)
159900756

Product Key Features

Author
Aicpa
Publication Name
Statement on Auditing Standards, Number 127 : Omnibus Statement on Auditing Standards
Format
Trade Paperback
Language
English
Publication Year
2017
Type
Textbook
Number of Pages
32 Pages

Dimensions

Item Length
8.9in
Item Height
0.1in
Item Width
5.9in
Item Weight
2.3 Oz

Additional Product Features

Lc Classification Number
Hf5616
Copyright Date
2013
Topic
Auditing
Dewey Decimal
657.45021873
Intended Audience
Scholarly & Professional
Dewey Edition
23
Genre
Business & Economics

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Statement on Auditing Standards, Number 127 : Omnibus Statement on Auditing Standards by AICPA (2017, Trade Paperback)

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