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STATEMENT ON AUDITING STANDARDS

STATEMENT ON AUDITING STANDARDS 2025

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The document is a Statement on Auditing Standards (SAS) that outlines the auditor's responsibilities regarding opening balances in initial audit engagements, including reaudit engagements. It supersedes previous standards and provides guidance on audit procedures, conclusions, and reporting related to opening balances. The SAS emphasizes the importance of obtaining sufficient appropriate audit evidence about whether opening balances contain misstatements that materially affect current financial statements and ensures consistency in accounting policies. It also includes requirements for communication with predecessor auditors and details the implications of findings on the auditor's opinion.

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What are the three main sets of auditing standards?

GAAS serve as the overarching framework for the three main financial auditing standards in the United States: SAS, PCAOB standards and the GAGAS. Auditors use the American Institute of Certified Public Accountants (AICPA) Statements on Auditing Standards (SAS) to evaluate privately-held companies.

What are the Statements on standards for tax practice?

The Statements on Standards for Tax Services (SSTS) are the AICPAs enforceable tax practice standards and apply to all AICPA members providing tax services. These interpretations provide guidance on reporting and disclosure and tax planning.

What do auditing standards consist of?

The basic principles for auditing standards are basic assumptions, consistent premises, logical principles and requirements which help in developing auditing standards and serve the Auditors in forming their opinions and reports, particularly in cases where no specific standards apply.

What is the main purpose of auditing standards?

AUASB Standards establish requirements and provide application and other explanatory material on the responsibilities of the auditor and the assurance practitioner, as appropriate, when performing audits, reviews, assurance or related services engagements.

What is auditing standards in simple words?

Auditing Standards constitute the criteria or yardstick against which the quality of the audit results are evaluated. BASIC PRINCIPLES IN AUDITING. 4.3 Auditing standards are particularly important in cases where there is a matter of material importance and its interpretation is of a technical nature.

What are the Statements on auditing standards?

Statements on Auditing Standards (SASs) are applicable to the preparation and issuance of audit reports for nonissuers (that is, entities who are not issuers as defined by the Sarbanes-Oxley Act, and entities whose audits are not required to be conducted ing to the PCAOB standards).

What is the Statement of auditing standards 99?

SAS 99 states that detecting fraud is an on-going process to be considered throughout the entire audit process. Auditors should obtain risk information about fraud, identify possible fraud risks, assess the identified fraud risks and determine how audit test work should be modified.

What is the primary source of Statements on auditing standards?

They are promulgated by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA), which holds all copyright on the Standards. They are commonly abbreviated as SAS followed by their respective number and title.

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