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Sarbanes Oxley Act -
Auditing Standards |
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Public
Company Accounting Oversight
Board
Bylaws
and Rules – Standards –
AS3
June
9, 2004
AUDITING AND RELATED
PROFESSIONAL PRACTICE
STANDARDS
Auditing
Standard No. 3 – Audit
Documentation
19.
In addition, the office issuing the auditor's
report must obtain, and review
and
retain,
prior to the report release date, the following
documentation related to the
work
performed
by other auditors (including auditors associated
with other offices of the firm,
affiliated
firms, or non-affiliated
firms):
a.
An engagement completion document consistent
with paragraphs 12 and 13.
Note:
This engagement completion document should
include all crossreferenced,
supporting
audit documentation.
b.
A list of significant fraud risk factors, the
auditor's response, and the
results
of the auditor's related
procedures.
c.
Sufficient information relating to any
significant findings or issues that
are
inconsistent
with or contradict the final conclusions, as
described in
paragraph
8.
d.
Any findings affecting the consolidating or
combining of accounts in the
consolidated
financial statements.
e.
Sufficient information to enable the office
issuing the auditor's report to
agree
or to reconcile the financial statement amounts
audited by the other
auditor
to the information underlying the consolidated
financial statements.
f.
A schedule of audit adjustments, including a
description of the nature and
cause
of each misstatement.
g.
All significant deficiencies and material
weaknesses in internal control
over
financial reporting, including a clear
distinction between those two
categories.
h.
Letters of representations from
management.
i.
All matters to be communicated to the audit
committee.
If
the auditor decides to make reference in his or
her report to the audit of the
other
auditor, however, the auditor issuing the report
need not perform the procedures
in
this paragraph and, instead, should refer to AU
sec. 543, Part of Audit Performed
by
Other Independent
Auditors.
20.
The auditor also might be required to maintain
documentation in addition to
that
required
by this standard.5/
5/
For example, the SEC requires auditors to
retain, in addition to
documentation
required by this standard, memoranda,
correspondence,
communications
(for example, electronic mail), other documents,
and records (in the
form
of paper, electronic, or other media) that are
created, sent, or received in
connection
with an engagement conducted in accordance with
auditing and related
professional
practice standards and that contain conclusions,
opinions, analyses, or
data
related to the engagement. (Retention of Audit
and Review Records, 17 CFR
§210.2-06,
effective for audits or reviews completed on or
after October 31, 2003.)
Effective
Date
21.
This standard is effective for audits of
financial statements, which may include
an
audit
of internal control over financial reporting,
with respect to fiscal years ending on
or
after
November 15, 2004. For other engagements
conducted pursuant to the
standards
of
the PCAOB, including reviews of interim
financial information, this standard
takes
effect
beginning with the first quarter ending after
the first financial statement
audit
covered
by this standard.
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