The PPC ACCOUNTING AND AUDITING Update, JUNE 2011, Volume 20, No.

List of Final and Proposed Clarified Auditing Standards

Clarified Standard Existing Standard to be Superseded
Title AU Title
Final Clarified Standards
Overall Objectives of the Independent Auditor and the 110 Responsibilities and Functions of the Independent Auditor
Conduct of an Audit in Accordance With GAAS 120 Defining Professional Requirements in Statements on
Auditing Standards
150 Generally Accepted Auditing Standards
201 Nature of the General Standards
210 Training and Proficiency of the Independent Auditor
220 Independence
230 Due Professional Care in the Performance of Work
Quality Control for an Engagement Conducted in 161 The Relationship of Generally Accepted Auditing Standards
Accordance with Generally Accepted Auditing Standards to Quality Control Standards
Planning an Audit 311 Planning and Supervision
Materiality in Planning and Performing an Audit 312 Audit Risk and Materiality in Conducting an Audit
Evaluation of Misstatements Identified During the Audit
Understanding the Entity and Its Environment and Assessing 314 Understanding the Entity and Its Environment and
the Risks of Material Misstatement Assessing the Risks of Material Misstatement
Opening Balances—Initial Audit Engagements, Including 315 Communications Between Predecessor and Successor
Reaudit Engagements Auditors
Terms of Engagement
Consideration of Fraud in a Financial Statement Audit 316 Consideration of Fraud in a Financial Statement Audit
Consideration of Laws and Regulations in an Audit of 317 Illegal Acts by Clients
Financial Statements
Performing Audit Procedures in Response to Assessed Risks 318 Performing Audit Procedures in Response to Assessed Risks
and Evaluating the Audit Evidence Obtained and Evaluating the Audit Evidence Obtained
Audit Considerations Relating to an Entity Using a Service 324 Service Organizations
Organization
SSAE, Reporting on Controls at a Service Organization
(Issued as SSAE 16, effective for periods ending on or after
June 15, 2011)
Communicating Internal Control Related Matters Identified 325 Communicating Internal Control Related Matters Identified
in an Audit in an Audit
Audit Evidence 326 Audit Evidence
Auditing Accounting Estimates, Including Fair Value 328 Auditing Fair Value Measurements and Disclosures
Accounting Estimates and Related Disclosures 342 Auditing Accounting Estimates
Analytical Procedures 329 Analytical Procedures
External Confirmations 330 The Confirmation Process
Audit Evidence—Specific Considerations for Selected Items 331 Inventories
332 Auditing Derivative Instruments, Hedging Activities, and
Investments in Securities
337 Inquiry of a Client’s Lawyer Concerning Litigation, Claims,
and Assessments
901 Public Warehouses--Controls and Auditing Procedures for
Goods Held
Written Representations 333 Management Representations
Related Parties 334 Related Parties
Using the Work of an Auditor’s Specialist 336 Using the Work of a Specialist
Audit Documentation 339 Audit Documentation
Audit Sampling 350 Audit Sampling
The Auditor’s Communication With Those Charged With 380 The Auditor’s Communication With Those Charged With
Governance Governance
Consideration of Omitted Procedures After the Report 390 Consideration of Omitted Procedures After the Report Date
Release Date
Forming an Opinion and Reporting on Financial Statements 410 Adherence to Generally Accepted Accounting Principles
508 Reports on Audited Financial Statements
Consistency of Financial Statements 420 Consistency of Application of Generally Accepted
Modifications to the Opinion in the Independent Auditor’s 431 Adequacy of Disclosure in Financial Statements
Report 508 Reports on Audited Financial Statements
The PPC ACCOUNTING AND AUDITING Update, JUNE 2011, Volume 20, No. 6

Clarified Standard Existing Standard to be Superseded

Title AU Title
Emphasis-of-Matter Paragraphs and Other-Matter 508 Reports on Audited Financial Statements
Paragraphs in the Independent Auditor’s Report
Subsequent Events and Subsequently Discovered Facts 508 Reports on Audited Financial Statements
530 Dating of the Auditor’s Report
560 Subsequent Events
561 Subsequent Discovery of Facts Existing at the Date of the
Auditor’s Report
Special Considerations—Audits of Group Financial 543 Part of Audit Performed by Other Independent Auditors
Statements (Including the Work of Component Auditors)
Special Considerations—Audits of Financial Statements 544 Lack of Conformity With Generally Accepted Accounting
Prepared in Accordance with Special Purpose Frameworks Principles
623 Special Reports
Other Information in Documents Containing Audited 550 Other Information in Documents Containing Audited
Financial Statements (Issued as SAS 118, effective for periods Financial Statements
beginning on or after December 15, 2010)
Supplementary Information in Relation to the Financial 551 Reporting on Information Accompanying the Basic
Statements as a Whole (Issued as SAS 119, effective for Financial Statements in Auditor-Submitted Documents
periods beginning on or after December 15, 2010)
Engagements to Report on Summary Financial Statements 552 Reporting on Condensed Financial Statements and
Selected Financial Date
Required Supplementary Information (Issued as SAS 120, 558 Required Supplementary Information
effective for periods beginning on or after December 15,
2010)
Special Considerations Audits of Single Financial 623 Special Reports
Statements and Specific Elements, Accounts, or Items of a
Financial Statement
Reports on Application of Requirements of an Applicable 625 Reports on the Application of Accounting Principles
Financial Reporting Framework
Filings with the U.S. Securities and Exchange Commission 711 Filings under Federal Securities Statutes
under the Securities Act of 1933
Compliance Audits (Issued as SAS 117, effective for periods 801 Compliance Audits
ending on or after June 15, 2010)
Exposure Drafts
Alert as to the Intended Use of the Auditor’s Written 532 Restricting the Use of an Auditor’s Report
Communication
Reporting on Financial Statements Prepared in Accordance 534 Reporting on Financial Statements Prepared for Use in
With a Financial Reporting Framework Generally Accepted Other Countries
in Another Country
Reporting on Compliance With Aspects of Contractual 623 Special Reports
Agreements or Regulatory Requirements in Connection With
Audited Financial Statements
Letters for Underwriters and Certain Other Requesting 634 Letters for Underwriters
Parties
Interim Financial Information 722 Interim Financial Information
Omnibus Statement on Auditing Standards—2011 N/A N/A
Discussion Documents
Considering the Work of Internal Audit 322 The Auditor’s Consideration of the Internal Audit Function
in an Audit of Financial Statements
Going Concern 341 The Auditor’s Consideration of an Entity’s Ability to
Continue as a Going Concern