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The American Institute of Certified Public Accountants began codifying the Statements on Auditing standards semiannually in 1976. The Codification of Statements on Auditing Standards is generally issued in January, and the U.S. Auditing Standards is issued as part of the AICPA Professional Standards in June of each year.
The Statement is now known as Statement on Auditing Standards, no. 1, and began a series of Statements on Auditing Standards (SASs) that are still being issued by the Auditing Standards Board. See Statements on Auditing Standards (USA). Beginning in 1976, these Standards were codified annually as section AU of the AICPA's Professional Standards.
The list also includes titles from the earlier series: AICPA Accounting Guides and AICPA Industry Audit Guides. Links to full-text of the Guides are provided for many of the titles prior to 2000. The Comments column provides references to sections of Accounting Standards Codification (ASC) which complement or supersede a particular Audit and ...
SAS 99 defines fraud as an intentional act that results in a material misstatement in financial statements. There are two types of fraud considered: misstatements arising from fraudulent financial reporting (e.g. falsification of accounting records) and misstatements arising from misappropriation of assets (e.g. theft of assets or fraudulent expenditures).
The American Institute of Certified Public Accountants has issued guidance to accountants and auditors since 1917, when, at the behest of the U.S. Federal Trade Commission and auspices of the Federal Reserve Board, it issued a series of pamphlets to the accounting community in regard to preparing financial statements and auditing (then referred to as "verification" and later "examination"). [4]
In October 2011, SAS 122 was issued which superseded all previous SASes except 51, 59, 65, 87, and 117-20. [6] In the interim period, these new AU sections are referred to as AU-C until 2014. [ 6 ] The AICPA provides a list of the AU-C standards.
Superseded by AICPA Practice Bulletin No. 7 1979 February 26: Personal Financial Statements full-text: Superseded by AICPA Personal Financial Statements Guide 1979 February 26: Project Financing Arrangements full-text: Superseded by FASB Statement No. 47 1979 April 27: Real Estate ADC Costs: Superseded by FASB Statement No. 66 1979 June 21
AICPA and its predecessors date back to 1887, when the American Association of Public Accountants (AAPA) was formed. [4] [5] The Association went through several name changes over the years: the Institute of Public Accountants (1916), the American Institute of Accountants (1917), and the American Society of Public Accountants (1921), which merged into the American Institute of Accountants in ...
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