What is sas72?
Comfort letters are often referred to as SAS 72 letters, which relates to the Statement on Auditing Standards 72 (SAS 72) on which they are based. The Statement on Auditing Standards 72 has now been superseded by AU Section 634, Letters for Underwriters and Certain Other Requesting Parties (AU 634).
What is a sas100?
SAS 100 provides guidance which is primarily in response to the requirement. The requirement is also applicable to a non-SEC registrant that makes a filing with a regulatory agency in preparation for a public offering or listing if the entity’s latest annual financial statements have been or are being audited.
What are AICPA standards called?
Statements on Standards for Tax Services
AICPA’s Statements on Standards for Tax Services (SSTSs) are enforceable tax practice standards for members of the AICPA. These standards apply to all members regardless of the jurisdictions in which they practice and the types of taxes with respect to which they are providing services.
What are the 3 types of GAAS?
The 10 standards in the GAAS are grouped into three categories: general standards, standards of field work, and standards of reporting.
What are au-C standards?
Find an Analogous Standard
|PCAOB Standard||AICPA Standards|
|AS 2815: The Meaning of “Present Fairly in Conformity with Generally Accepted Accounting Principles”||AU-C 700: Forming an Opinionand Reporting on Financial Statements|
|AS 2820: Evaluating Consistency of Financial Statements||AU-C 708: Consistency of Financial Statements|
What is the 135 day rule?
Mind the 135-day Rule and the Dates for Delivery of the Comfort Letter. Accountants may provide negative assurance as to subsequent changes in specified financial statement items as of a date less than 135 days from the end of the most recent period for which the accountants have performed an audit or a review.
What is a SAS 72 comfort letter?
A SAS 72 auditor representation letter (also called, among other things, a SAS 72 letter, an underwriter representation letter or auditor representation letter) may be delivered by the underwriters or certain other parties to an issuer’s independent accountants (referred to herein as auditors) in connection with that …
What are SAS Accounting?
SAS stands for Statements on Auditing Standards. These laws and regulations are not directly related to generally accepted accounting principles, or GAAP, which is the most important factor in deciding American accounting standards, but the SAS is closely connected.
What is a SAS100 review?
SAS 100 contains more detailed and extensive guidance than that found in SAS 71. SAS 100 is effective for reviews of interim financial information for fiscal years beginning after December 15, 2002. The provisions in SAS 100 could have been utilized in advance of the required effective date.