Page 486 - Auditing Standards

As of December 15, 2017
1 This standard uses the term "financial statements" as used by the U.S. Securities and Exchange

Commission ("SEC") to include all notes to the statements and all related schedules. See Regulation S-X Rule
1-01(b), 17 CFR 210.1-01(b). This and other PCAOB standards often refer to the notes as disclosures; see,
e.g., AS 2110, Identifying and Assessing Risks of Material Misstatement.

2 "Taken as a whole" applies equally to a complete set of financial statements and to an individual financial
statement with appropriate disclosures.

3 Paragraphs .85–.98 and Appendix C, Special Reporting Situations, of AS 2201, An Audit of Internal Control

Over Financial Reporting That Is Integrated with An Audit of Financial Statements, address the form and content
of the auditor's report when the auditor performs an audit of internal control over financial reporting.

4 AS 2815, The Meaning of "Present Fairly in Conformity with Generally Accepted Accounting Principles,"

describes the basis for an auditor's responsibility for forming an opinion on whether the company's financial
statements are presented fairly in conformity with the applicable financial reporting framework.

5 The auditor should look to the requirements of the SEC for the company under audit with respect to the
accounting principles applicable to that company.

6 This term is defined in Appendix A, Definitions, and is set in boldface type the first time it appears.

7 Appendix B provides an illustrative auditor's unqualified report.

8 Laws, rules, and forms may contain requirements for auditor's reports of different types of companies. See,

e.g., Sections 30(g) and 32(a)(4) of the Investment Company Act; Regulation S-X Rule 2-02, 17 CFR 210.2-02;
and Securities Exchange Act of 1934 ("Exchange Act") Rule 17a-5, 17 CFR 240.17a-5. Auditor's reports on
financial statements filed with the SEC are subject to all such applicable requirements.

9 See PCAOB Rule 1001(b)(iii).

10 See PCAOB Rule 1001(d)(iii).

11 See Section 8 of the Investment Company Act.

12 See Section 54 of the Investment Company Act.

13 See Exchange Act Rule 15d-21, 17 CFR 240.15d-21.

14 See Section 3(a)(80) of the Exchange Act.

15 Various SEC rules and forms require that companies file schedules of information and that those

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