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 FS in accordance with U.S. Generally Accepted Auditing Standards (GAAS).

GAAS are developed and issued in the form of Statement of Auditing Standards (SASs) 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 statement

This course is part 1 of this series, will focus on key aspects of understanding the purpose of a FS audit, the auditor’s association with the audit, identifying and breaking down key terms of the SAS and understanding management responsibility for the audit.

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.