The clarified standard is broader than AU section 543 and focuses on how to conduct an effective audit of group financial statements. AU section 543,written in 1972, primarily provided guidance for the auditor to decide whether to serve as the principal auditor, and the form and content of the principal auditor's report in those circumstances. 12-.13 of AU section 508, Reports on Audited Financial Statements (AICPA, Professional Standards). 122, section 600 supersedes AU section 543, Part of Audit Performed by Other Independent Auditors (AICPA, Professional Standards), and paragraphs. 600), which is likely to affect these types of audits. 122, section 600, "Special Considerations – Audits of Group Financial Statements (Including the Work of CAs)" (AICPA, Professional Standards, AU-C sec.
This article provides a high-level summary of SAS No.
An area that is expected to be considerably affected by the clarified standards is audits that involve one or more auditor and/or one or more entities. 122 contains 39 clarified auditing standards, some of which likely may have a significant effect on current practice, and some of which may not. 122, Clarification and Recodification, in October 2011, the Auditing Standards Board's (ASB) Clarity Project reached a major milestone (see the article on page 14). With the issuance of Statement on Auditing Standards (SAS) No.
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