Part Two of this series focuses on the objective of the auditor and their professional responsibility, evaluating audit risk and audit evidence per Auditing Standard (AS) 15, conducting the audit, application to small and governmental entities and audit reporting per AU 508.   

The American Institute of Certified Public Accountants (AICPA) AU-C Section 200 Standards address Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards. The statements contain conceptual principles that shape the objectives of an audit, and broad, overarching requirements that govern an audit’s conduct. They address the overall responsibilities of the independent auditor when conducting an audit of financial statements (FS) in accordance with U.S. generally accepted auditing standards (GAAS).

GAAS are developed and issued in the form of Statements on Auditing Standards (SAS) and are codified into Audit Clarity Sections (AU-C sections).  GAAS are written in the context of an audit of financial statement evaluation by an auditor.

• They can be adapted in the circumstances when applied to other engagements conducted in accordance with GAAS:
  • Audits of other historical financial information
  • Compliance audits
  • Audits of internal control over financial reporting (ICFR) that are integrated with audits of financial statements. 

Note: “This course does not cover elements related to tax preparation, tax audit or tax accounting.”

This is an Updated course for new Standards effective December 2021 and December 2022.