Authoritative AICPA Audit and Attest Standards as of June 1, 2009

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This section includes the following authoritative AICPA literature and related interpretations* effective as of June 1, 2009

Standards for Auditors of Non-Issuers. The standards applicable to the preparation and issuance of audit reports for nonissuers.** include:

Statements on Standards for Accounting and Review Services

The full version of Professional Standards is available in the AICPA Store. This full version includes AICPA SASs, SSAEs, Statements on Standards for Accounting and Review Services, the Code of Professional Conduct and Bylaws, Statements on Standards for Valuation Services, Statements on Standards for Tax Services, Statement on Standards for Consulting Services, Statements on Quality Control Standards, Standards for Performing and Reporting on Peer Reviews, Statements on Responsibilities in Personal Financial Planning Practice, and CPE Standards, as well as PCAOB Standards. It is available in a number of convenient formats, including a portable annual paperback edition, and looseleaf, online, and CD-ROM subscriptions. The subscription services are updated on a regular basis.

Statements on Auditing Standards (SASs) are issued by the Auditing Standards Board (ASB), the senior technical body of the AICPA designated to issue pronouncements on auditing matters applicable to the preparation and issuance of audit reports for nonissuers.** Rule 201 and Rule 202 of the AICPA Code of Professional Conduct requires an AICPA member who performs an audit of a nonissuer to comply with standards promulgated by the ASB. The auditor should have sufficient knowledge of the SASs to identify those that are applicable to his or her audit and should be prepared to justify departures from the SASs.

Auditing Interpretations of SASs are Interpretive Publications pursuant to AU section 150. Interpretive publications are recommendations on the application of SASs in specific circumstances, including engagements for entities in specialized industries. Interpretive publications are issued under the authority of the ASB. The auditor should identify interpretive publications applicable to his or her audit. If the auditor does not apply the auditing guidance included in an applicable interpretive publication, the auditor should be prepared to explain how he or she complied with the SAS provisions addressed by such auditing guidance.

Statements on Standards for Attestation Engagements (SSAEs) are issued by senior technical bodies of the AICPA designated to issue pronouncements on attestation matters. Rule 201 and Rule 202 of the AICPA Code of Professional Conduct requires an AICPA member who performs an attest engagement to comply with such pronouncements. The practitioner should have sufficient knowledge of the SSAEs to identify those that are applicable to his or her attest engagement and should be prepared to justify departures from the SSAEs.

Attestation Interpretations are recommendations on the application of SSAEs in specific circumstances, including engagements for entities in specialized industries, issued under the authority of AICPA senior technical bodies. If the practitioner does not apply the attestation guidance included in an applicable attestation interpretation, the practitioner should be prepared to explain how he or she complied with the SSAE provisions addressed by such attestation guidance.

Statements on Quality Control Standards are issued by the ASB. Firms that are enrolled in an AICPA-approved practice-monitoring program are obligated to adhere to quality control standards established by the AICPA. The AICPAs Quality Control Standards do not address the quality-control ramifications of the Sarbanes-Oxley Act nor do they address the quality control ramifications of the PCAOB standards that must be followed by auditors of issuers.

The AICPA Code of Professional Conduct applies to all AICPA members, including those members auditing nonissuers and those members auditing issuers. Go to the Code of Professional Conduct.

Statements on Standards for Accounting and Review Services are issued by the AICPA Accounting and Review Services Committee, the senior technical committee of the Institute designated to issue pronouncements in connection with the unaudited financial statements or other unaudited financial information of a nonpublic entity. Council has designated the AICPA Accounting and Review Services Committee as a body to establish technical standards under Rule 202 of the Institute's Code of Professional Conduct.

Interpretations are issued to provide guidance on the application of Statements on Standards for Accounting and Review Services (SSARS). Interpretations are issued after all members of the AICPA Accounting and Review Services Committee (ARSC) have been provided an opportunity to consider and comment on whether the proposed Interpretation is consistent with SSARS. An Interpretation is not as authoritative as a SSARS, but members should be aware that they may have to justify a departure from an Interpretation if the quality of their work is questioned.

*	Superseded portions have been deleted and all applicable amendments have been included.
**	Nonissuers are (1) all entities who are not issuers as that term is defined by the Sarbanes-Oxley Act, and (2) entities whose audits are not required by SEC rules to be conducted in accordance with the standards of the PCAOB.