2 26 th Annual Accounting Show September 21-23, 2011 Ft. Lauderdale 12:45-1:35pm Engagement Letters and Comfort Letters... 1 Steven M. Platau, JD, CPA Professor of Accounting / University of Tampa 1:35-2:25pm 2:40-3:30pm Peer Review Update How to Prepare...19 and/or Learn from Other s Mistakes Paul N. Brown, CPA Director of Technical Services Florida Insitute of CPAs Mortgage Fraud: An Unfortunate...41 Growth Industry Gary Opper, CPA President / Levie-Opper, LLC 3:30-4:20pm SAS Update...51 Cecil Patterson, Jr., CPA, MBA Patterson CPA Group, Inc Accounting Shows Committee Alan D. Campbell Lenice A. DeLuca Wayne T. DeWitt Richard M. Dotson Gary A. Fracassi Lucinda L. Gallagher Paulette M. Holder Christine Moreno - Chair Lynn H. Clements - Vice Chair Sharon S. Lassar James M. Luffman William L. Maloney Mario R. Nowogrodzki Cecil Patterson, Jr. Robert M. Rankin Diane J. Reich Poornima Srinivasan Denise M. Stubbs Caridad Vasallo Frank Ward Donna C. Zeitler
3 Engagement Letters and Comfort Letters Steven M. Platau, CPA
4 Steven M. Platau, CPA, JD Professor of Accounting University of Tampa Steve Platau is Professor of Accounting where he has served in the faculty since His works have been published in the Journal of Accountancy, Practical Accountant, CPA Journal, Real Estate Review, The Practicing CPA, Employee Benefits Journal and Florida CPA Today among others. Steve is a principal consultant to the CNA Insurance Companies providing loss control programs to CPA firms nationally. His professional involvement includes service as a member of the Florida Institute of CPA's Board of Governors and on various FICPA and AICPA committees including an award as Outstanding Committee Chairman for his work in chairing the FICPA's Professional Liability Committee. Mr. Platau's business experience includes time with two of the "Big 5" international accounting firms, private law practice and industry accounting along with financial interests in several hospitality businesses. He has been an arbitrator serving on the American Arbitration Association's National Panel of Arbitrators since 1985, he began training arbitrators in His mediation experience includes certification by the Florida Supreme Court as a Circuit Court Mediator since Dual training in both accounting and law provide Mr. Platau with a unique and varied perspective on issues facing the accounting profession.
21 Peer Review Update - How to Prepare and/or Learn from Other's Mistakes Paul N. Brown, CPA
22 Paul Brown, CPA Director of Technical Services Florida Institute of CPAs Paul has been the FICPAs Peer Review technical reviewer since November He conducts the technical reviews for on average 550 reviews a year. Paul has received awards from the FICPA for both Outstanding Author and Outstanding Discussion Leader and has been a discussion leader for various peer review conferences sponsored by the AICPA and the New York State Society of CPAs.
23 Paul Brown Director of Technical Services Florida Institute of CPAs Tallahassee, FL (850)
25 1. OMB A-133 engagements Now is a required selection. Can be part of the requirement to select a Yellow Book engagement.
26 2. Broker/Dealers in Securities/Commodities Engagements of carrying broker/dealers defined as broker/dealers that clear customer transactions, carry customer accounts or hold custody of customer cash or securities are now a mandatory selection for peer review purposes similar to Yellow Book engagements and ERISA audits. 2. Broker/Dealers in Securities/Commodities Engagements of non-carrying broker/dealers defined as broker/dealers that do not clear customer transactions, carry customer accounts or hold custody of customer cash or securities are not a mandatory selection for peer review purposes but a team captain should give special consideration to the risks associated with such audits in making engagement selections.
27 1. Communication of QC Policies and Procedures Firms should communicate its QC policies and procedures to its personnel. Most firms will find it appropriate to communicate in writing and distribute, or make available electronically, them to all professional personnel. Communication of QC Policies and Procedures Effective communication includes the following: A description of QC policies and procedures and the objectives they are designed to achieve The message that each individual has a personal responsibility for quality A requirement for each individual to be familiar with and comply with these policies
28 2. Elements of a System of Quality Control Leadership responsibilities for quality within the firm (the tone at the top ) Relevant ethical requirements Acceptance and continuance of client relationships and specific engagements Human resources Engagement performance Monitoring 3. Leadership Responsibility for Quality Within the Firm ( Tone at the Top ) Require the firm s leadership to assume ultimate responsibility for the firm s QC system Assign management responsibilities so that commercial considerations do not override the quality of work performed Assign operational responsibilities to personnel with sufficient experience and ability Design policies addressing performance evaluation, compensation and advancement to demonstrate overarching commitment to objectives Devote sufficient and appropriate resources for development, communication, and support of QC system.
29 4. Engagement Performance Now requires firms to adopt a policy to establish criteria against which all engagements are to be evaluated to determine whether an engagement quality control review should be performed (EQCR) Engagement Performance EQCR Must be performed for all engagements meeting the criteria established as noted on the previous page The review must be completed before the report is released. Establish procedures addressing the nature, timing, extent, and documentation of the EQCR Establish criteria for the eligibility of EQC reviewers. The reviewer must not be a part of the engagement team and must be a partner, other person in the firm, or qualified external person with sufficient and appropriate experience and authority to perform the EQCR
30 5. Documentation The firm should document its quality control policies and procedures. The size, structure, and nature of the practice are important considerations in determining the extent of the documentation.
31 OMB A-133 Engagements As a result of the President s Council on Integrity and Efficiency (PCIE) Report on National Single Audit Sampling Project, the AICPA made sweeping reforms in the peer review process. As mentioned previously, engagements performed in accordance with OMB A-133 are now a required selection for peer review. OMB A-133 Peer reviewers have been alerted to the findings noted in the PCIE report. Reviewers must submit information relating to major program determination and selection for the last three years for technical review.
36 Documentation issues Documentation of analytical review procedures especially in the planning stages of audits and documenting the expectations on review engagements.
37 Documentation issues Assessment of risk and the related documentation. More in-depth understanding of the client and its environment, including internal control to identify the risk of material misstatement A more rigorous assessment based on the understanding Improved linkage between the assessed risks and the nature, timing, and extent of audit procedures Documentation issues Assessment of risk and the related documentation Documenting the levels of materiality and tolerable misstatement Documenting discussion among audit team regarding susceptibility of f/s to material misstatement due to error or fraud Documenting key elements of the understanding obtained regarding each aspect of the entity and its environment. Documenting assessment of risk of material misstatement both at the f/s level and the relevant assertion level. Documenting the significant risks identified and related controls evaluated.
38 Documentation issues Documenting overall responses to address assessed risks Documenting the nature, timing, and extent of further audit procedures Documenting the linkage of those procedures with the assessed risks at the relevant assertion level Documenting the results of the audit procedures Documenting the conclusions reached with regard to the use in the current audit of audit evidence about operating effectiveness of controls that were obtained in the prior audit. Documenting a summary of uncorrected misstatements, other than those that are trivial. Documenting conclusion whether uncorrected misstatements, do or do not cause the f/s to be materially misstated. Documentation issues Performing monitoring on an on-going basis and documenting those results and the communication to the firm Documenting sampling
39 Disclosure and reporting related issues ASC Subsequent Events Entity shall disclose the date through which subsequent events have been evaluated and whether that date is either of the following: 1) The date the financial statements were issued; 2) The date the financial statements were available to be issued. Requirement is for all financial statements with disclosures regardless of whether there were any significant subsequent events or not. Disclosure and reporting related issues ASC e - Income Taxes A description of tax years that remain subject to examination by major jurisdictions. This can apply to NFPs as well. According to Technical Practice Aid (TIS ) the requirement of ASC to disclose a description of tax years that remain subject to examination by major tax jurisdictions is in effect regardless of whether an entity has uncertain tax positions or not. According to Technical Practice Aid (TIS ) ordinarily, recognition and measurement of uncertain tax positions don t apply to cash or tax basis financial statements. The TIS does not address whether cash or tax basis statements have to disclose the tax years subject to examination as noted above. Uncertain tax positions only apply to income taxes (TIS ).
40 Disclosure and reporting related issues ASC and 2 Fair value measurements the reporting entity shall disclose the following: 1) For assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to the initial recognition, the inputs used to develop those measurements; and 2) For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on earnings for the period. Level 1 inputs quoted prices in active markets; Level 2 inputs significant other observable inputs; Level 3 significant unobservable inputs. According to TIS fair value disclosures should be made whenever OCBOA financial statements contain fair value measurements. Question Do certificates of deposit fall under the disclosure requirements for fair value measurement? Disclosure and reporting related issues SSARS 19 reporting deficiencies AR Because an emphasis of matter paragraph should not be used in lieu of management disclosures, the accountant should not include an emphasis paragraph in a compilation report on financial statements that omit substantially all disclosures unless the matter is disclosed in the FS. Question is a separate paragraph noting the tax implication of an S Corp an emphasis of a matter?
41 Disclosure and reporting related issues SSARS 19 reporting deficiencies PPC believes that that disclosure has been made in the financial statements if the accountant has parenthetically disclosed the type of entity (i.e., S Corporation, C Corporation, Partnership, etc.) in the financial statement headings. In addition, it should be apparent from the face of the financial statements of an S Corporation that there is no provision for income taxes. Consequently, in this instance, it would be permissible to include the optional emphasis of a matter paragraph and omit substantially all disclosures. Disclosure and reporting related issues SSARS 19 reporting deficiencies Engagement letters are not being obtained or memos prepared to document the understanding with management regarding the services to be performed (AR 80.15), or when documented it has not been updated with new SSARS 19 requirements. Standard 2 nd paragraph regarding management s responsibility for the financial statements and for internal control over financial reporting is being omitted. (AR 80.17) OCBOA financial statements are disclosing a description of the OCBOA method, but are not including a description of the primary differences from GAAP. The effects of the differences need not be quantified. (AR 80.19)
42 Disclosure and reporting related issues For CIRA engagements compilation reports failing to report on the omission of required supplementary information (ASC ).
43 Mortgage Fraud: An Unfortunate Growth Industry Gary Opper, CPA
44 Gary P. Opper, CPA Managing Member Levie-Opper, LLC Gary Opper has more than 30 years of accounting, business, financial and mortgage experience. He is a proven leader in the accounting and mortgage professions. He has received numerous awards for excellence in leadership, communication and writing abilities. He has published over 500 articles and has led over 80 seminars, lectures and courses on various topics.
53 SAS Update Cecil Patterson, Jr., CPA, MBA
54 Cecil Pat Patterson, Jr., CPA, MBA Patterson CPA Group, Inc. Cecil "Pat" Patterson, Jr., CPA is a recognized author, speaker, and discussion leader for continuing education courses and state societies. Mr. Patterson is the President of Patterson & Associates, P. A. His degrees include a Bachelor of Science in Accounting (Honors) and a Master of Business Administration. Mr. Patterson has experience at the national CPA firm level, at the corporate level as a chief financial officer, and as an adjunct professor at the university level. His firm is involved in the full spectrum of CPA activities including auditing, accounting services, federal and state corporate and individual income tax preparation, and consulting services to clients, businesses, and other professionals. Memberships include: Member, American Institute of Certified Public Accountants (AICPA) Member, Florida Institute of Certified Public Accountants (FICPA) Member, FICPA Board of Governors Member, FICPA Common Interest Realty Associations Section Member, FICPA Accounting & Auditing Section Member, FICPA Accounting Shows Committee Honors and Awards include: Outstanding Discussion Leader, FICPA Outstanding Author, FICPA Distinguished Discussion Leader, New York Society of CPAs
55 Audit 2011 Presented for the
56 by Cecil Patterson, Jr., CPA Patterson CPA Group, Inc. Post Office Box 2229 Ponte Vedra Beach, FL Notice to Participants These course materials were prepared by the author solely for continuing education purposes and are designed to be used only in that context. The course materials have not been considered or acted on by the American Institute of Certified Public Accountants (AICPA) or any other organization. These materials do not represent an authoritative or official position of any organization. Additionally, the professional standards, pronouncements, procedures, and statutes may change from time to time. It is considered the participant s responsibility to stay current and updated on these issues. Some reproduction of the standards may not be complete. See the actual standards for completeness.
57 Objectives Objectives To provide participants with an insight and update on the auditing standards for the CPA profession. To provide background information and an update on the AICPA s Clarity Project. To review some of the international auditing standards and convergence.
58 Objectives (cont.) To provide the participants with information on Quality Control Standards. To provide the participants with information on CPA mobility issues. To provide insight into related issues as needed or requested. Professional Standards Overview
59 A & A Standards Code of Professional Conduct - (Ethics) (ET) Accounting Standards (US GAAP or ASC) Auditing - United States (AU) Accounting and Review Services - SSARS (AR) Attestation Engagements (AT) Quality Control (QC) Peer Review (PR) International Standards (IFRS) Other Professional Standards Ethics (as applies) (ET) Tax Services (TS) Personal Financial Planning (PFP) Valuation Services (VS) Consulting Services (CS) Bylaws (BL) Continuing Professional Education (CPE ) International (as applies)
60 Ethics These standards differentiate the CPA profession from many other professions. Ethics The Code of Professional Conduct has two sections: Principles Rules The rules find their framework in the principles. The bodies or groups who set the technical standards are authorized by the Council of the AICPA. The bylaws of the AICPA require compliance to rules and standards. Ethical standards may also come from other agencies.
61 AICPA s Code of Professional Conduct The code of professional conduct was adopted by the membership to provide guidance and rules to all members those in public practice, in industry, in government, and in education in the performance of their professional responsibilities. Intro to the Code Auditing Standards
62 Auditing Standards Issued by the AICPA s Auditing Standards Board. Referred to as Statements on Auditing Standards (SASs). Issued by the ASB for non issuing (privately held) entities. PCAOB issues auditing standards for issuing entities (public companies). Auditing Standards (cont) This presentation will focus on the auditing standards for non issuing or privately held entities.
63 AU Section 110 Responsibilities and Functions of the Independent Auditor Source: SAS No. 1, section 110; SAS No. 78; SAS No. 82. Issue date, unless otherwise indicated: November, The objective of the ordinary audit of financial statements by the independent auditor is the expression of an opinion on the fairness with which they present, in all material respects, financial position, results of operations, and its cash flows in conformity with generally accepted accounting principles. AU Section 110 (cont) The auditor's report is the medium through which he expresses his opinion or, if circumstances require, disclaims an opinion. In either case, he states whether his audit has been made in accordance with generally accepted auditing standards. These standards require him to state whether, in his opinion, the financial statements are presented in conformity with generally accepted accounting principles and to identify those circumstances in which such principles have not been consistently observed in the preparation of the financial statements of the current period in relation to those of the preceding period.
64 AU Section 110 (cont) Responsibility to the Profession.10 The independent auditor also has a responsibility to his profession, the responsibility to comply with the standards accepted by his fellow practitioners. In recognition of the importance of such compliance, the American Institute of Certified Public Accountants has adopted, as part of its Code of Professional Conduct, rules which support the standards and provide a basis for their enforcement. AU Section 110 (cont) The responsibilities and functions of the independent auditor are also applicable to financial statements presented in conformity with a comprehensive basis of accounting other than generally accepted accounting principles; references in this section to financial statements presented in conformity with generally accepted accounting principles also include those presentations.
65 Quality Control Standards Quality control is covered by the Statements on Quality Control Standards (SQCS). Quality Control Statements on Quality Control Standards (SQCS) are issued by the Auditing Standards Board of the AICPA. Firms that are in the approved practicemonitoring programs of the AICPA, Peer Review or Center for Public Company Audit Firms (CPCAF), are required to follow the AICPA s quality control standards.
66 QC Section 10 A Firm s System of Quality Control Supersedes SQCSs Nos SQCS No. 1 was previously superseded by SQCS No. 2. Source: SQCS No. 7. Effective date: Applicable to a CPA firm's system of quality control for its accounting and auditing practice as of January 1, Statements on Quality Control Standards (SQCS) are issued by the Auditing Standards Board. Firms that are enrolled in an Institute-approved practice-monitoring program are obligated to adhere to quality control standards established by the Institute. QC Section 10 (cont) On July 30, 2002, President Bush signed the Sarbanes-Oxley Act of 2002 (Act) which created a five-member Public Company Accounting Oversight Board (PCAOB) and charged it with overseeing audits of issuers, as defined by the Act, or other entities subject to SEC regulation (issuers). Under the Act, the PCAOB's duties include, among other things, establishing auditing, quality control, ethics, independence, and other Standards relating to audits of issuers. The AICPA's Quality Control Standards do not address the qualitycontrol ramifications of the Act nor do they address the quality control ramifications of PCAOB Standards that must be followed by auditors of issuers. The AICPA's Quality Control Standards do not purport to include any modifications that may be necessary for a firm's system of quality control to conform to PCAOB Standards. Additional information about the PCAOB and the Act can be obtained at the PCAOB web site, and the AICPA web site, Y/RESOURCES/PCAOB/Pages/PCAOB.aspx.
67 Peer Review Standards Peer Review AICPA members who practice public accounting in the United States or its territories must be enrolled in an approved practice monitoring program of the AICPA in order to maintain their membership in the AICPA. The AICPA has two such approved programs: AICPA Peer Review Program The Center for Public Company Audit Firms.
68 Peer Review (cont) Primarily covers AICPA members in public practice. May indirectly effect non public practice members as well. International Standards
69 International Standards On May 18, 2008, at Amelia Island, Florida, the AICPA Council approved International Financial Reporting Standards (IFRS) as GAAP. IFRSs are issued under the auspices of the International Accounting Standards Board. More information follows. International (cont) The International Accounting Standards Board (IASB) is an independent, privatelyfunded accounting standard-setter based in London, England. The IASB was founded on April 1, 2001 as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (the new name for International Accounting Standards issued after 2001), and promoting the use and application of these standards.
70 Internet Tools Internet sites are as follows for assistance: GAAP and Audits Auditors must consider basic GAAP concepts in the performance of an audit. GAAP and audit standards are connected.
71 GAAP Concepts Materiality Misstatement Measurement Disclosure Form and content Basis of Accounting Applies to all financial statements Materiality A Key Concept What is it?
72 Definition of Materiality Magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would change or be influenced. Defined by FASB Statement of Financial Accounting Concepts No. 2, Qualitative Characteristics of Accounting Information Materiality In terms of Audit Standards (the Audit Standards and the FASB Standards are connected)
73 Materiality Materiality has been defined in FASB, AICPA Audit Standards, AICPA Compilation and Review Standards, SEC Documents, and PCAOB Documents. So what s the problem? Materiality (cont) There is no authoritative formulation of materiality in the law or accounting literature! May be quite small numerically Must be considered quantitatively and qualitatively
74 Misstatements Simply put Misstatement What is GAAP vs. what is in or on the financials and notes. If there is a difference then there is a misstatement. At this point, materiality comes back into play.
75 Measurement What measurement? Historical Cost? Fair value? Other?
76 FV in ASC Master Glossary Fair Value The amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale. AU Section 328 Auditing Fair Value Measurements and Disclosures Source: SAS No. 101; SAS No Effective for audits of financial statements for periods beginning on or after June 15, 2003, unless otherwise indicated. Introduction.01 The purpose of this section is to establish standards and provide guidance on auditing fair value measurements and disclosures contained in financial statements. In particular, this section addresses audit considerations relating to the measurement and disclosure of assets, liabilities, and specific components of equity presented or disclosed at fair value in financial statements.
77 AU 328 (cont) Fair value measurements of assets, liabilities, and components of equity may arise from both the initial recording of transactions and later changes in value. Changes in fair value measurements that occur over time may be treated in different ways under generally accepted accounting principles (GAAP). For example, GAAP may require that some fair value changes be reflected in net income and that other fair value changes be reflected in other comprehensive income and equity. AU 328 (cont).02 While this section provides guidance on auditing fair value measurements and disclosures, evidence obtained from other audit procedures also may provide evidence relevant to the measurement and disclosure of fair values. For example, inspection procedures to verify existence of an asset measured at fair value also may provide relevant evidence about its valuation, such as the physical condition of the asset.
78 AU 328 (cont).03 The auditor should obtain sufficient appropriate audit evidence to provide reasonable assurance that fair value measurements and disclosures are in conformity with GAAP. GAAP requires that certain items be measured at fair value. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) glossary term fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. fn 1 Although GAAP may not prescribe the method for measuring the fair value of an item, it expresses a preference for the use of observable market prices to make that determination. In the absence of observable market prices, GAAP requires fair value to be based on the best information available in the circumstances. [Revised, March 2008, to reflect conforming changes necessary due to the issuance of Statement on Auditing Standards No Revised, June 2009, to reflect conforming changes necessary due to the issuance of FASB ASC.] AU 328 (cont).04 Management is responsible for making the fair value measurements and disclosures included in the financial statements. (Emphasis mine) As part of fulfilling its responsibility, management needs to establish an accounting and financial reporting process for determining the fair value measurements and disclosures, select appropriate valuation methods, identify and adequately support any significant assumptions used, prepare the valuation, and ensure that the presentation and disclosure of the fair value measurements are in accordance with GAAP.
79 Auditing Standards Update (SASs) SAS 112 Communicating Internal Control Related Matters Identified in an Audit (updated by SAS 115) Supersedes SAS 60, Communication of Internal Control Related Matters Noted in an Audit Requires auditors to communicate control deficiencies that are significant deficiencies or material weaknesses in internal control
80 SAS 113 Omnibus 2006 Amendment to SAS 95 Amendment to SAS 99 Remove references to completion of fieldwork Amendment to SAS 85, Management Representations SAS 114 Supersedes SAS 61, Communications with Audit Committees Guidance on communications
81 SAS 115 Communicating Internal Control Related Matters Identified in an Audit Supersedes SAS 112 Effective for periods ending on or after December 15, Provides guidance on the communication. SAS 116 Interim Financial Information Effective for interim periods within fiscal years beginning after December 15, The purpose of this section is to establish standards and provide guidance on the nature, timing, and extent of the procedures to be performed by an independent accountant when conducting a review of interim financial information (as that term is defined in paragraph.02 of this section) when the conditions in paragraph.05 are met.
82 SAS 117 Compliance Audits This SAS is effective for compliance audits for fiscal periods ending on or after June 15, Early application is permitted. SAS No. 117 establishes standards and provides guidance on performing and reporting (in accordance with GAAS, Government Auditing Standards, and a governmental audit requirement that requires an auditor to express an opinion on compliance) on an audit of an entity s compliance with applicable compliance requirements of a governmental audit requirement. Examples of such engagements include single audits and audits performed under the U.S. Department of Housing and Urban Development (HUD) Consolidated Audit Guide for Audits of HUD Programs. SAS 118 Other Information in Documents Containing Audited Financial Statements This SAS is effective for audits of financial statements for periods beginning on or after December 15, Early application is permitted. This Standard supersedes the requirements and guidance in AU section 550. Along with SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole. This SAS also supersedes the requirements and guidance in AU section 551.
QUESTIONS AND ANSWERS ABOUT THE AICPA PEER REVIEW PROGRAM Update No. 14 January 2015 QUESTIONS AND ANSWERS ABOUT THE AICPA PEER REVIEW PROGRAM TABLE OF CONTENTS Page INTRODUCTION 1 PEER REVIEW ENROLLMENT
Overall Objectives of the Independent Auditor 77 AU-C Section 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards Source:
The Auditor s Communication With Governance 2083 AU Section 380 The Auditor s Communication With Those Charged With Governance (Supersedes SAS No. 61.) Source: SAS No. 114. Effective for audits of financial
A Firm s System of Quality Control 2523 QC Section 10 A Firm s System of Quality Control (Supersedes SQCS No. 7.) Source: SQCS No. 8. Effective date: Applicable to a CPA firm s system of quality control
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Examination of an Entity s Internal Control 1403 AT Section 501 An Examination of an Entity s Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements Source:
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Special Considerations---Audits of Group Financial Statements 607 AU-C Section 600 Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) Source: SAS No.
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International Auditing and Assurance Standards Board Exposure Draft April 2011 Comments requested by September 1, 2011 Proposed International Standard on Assurance Engagements (ISAE) ISAE 3000 (Revised),
Special Considerations Audits of Single Financial Statements 915 AU-C Section 805 Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
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HKSA 600 Issued September 2009; revised July 2010, May 2013, June 2014*, February 2015 Effective for audits of financial statements for periods beginning on or after 15 December 2009 Hong Kong Standard
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