The American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board has released new guidance to help auditors comply with AU-C section 700, Forming an Opinion and Reporting on Financial Statements, when performing an audit under the Public Company Accounting Oversight Board’s (“PCAOB”) revised reporting standards.
Issued as Interpretation No. 4, “Reporting on Audits Conducted in Accordance With Auditing Standards Generally Accepted in the United States of America and the Standards of the PCAOB,” the guidance is presented in a questions and answers format. The guidance covers standard fact patterns and includes illustrative examples and reports.
Interpretation No. 4 was issued as part of AU-C Section 9700, Forming an Opinion and Reporting on Financial Statements – Auditing Interpretations of Section 700 Interpretation.