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ExpandAS No. 1: References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board
ExpandAS No. 3: Audit Documentation
ExpandAS No. 4: Reporting on Whether a Previously Reported Material Weakness Continues to Exist
ExpandAS No. 5: An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements
ExpandAS No. 6: Evaluating Consistency of Financial Statements
ExpandAS No. 7: Engagement Quality Review
ExpandAS No. 8: Audit Risk
ExpandAS No. 9: Audit Planning
ExpandAS No. 10: Supervision of the Audit Engagement
ExpandAS No. 11: Consideration of Materiality in Planning and Performing an Audit
ExpandAS No. 12: Identifying and Assessing Risks of Material Misstatement
ExpandAS No. 13: The Auditor's Responses to the Risks of Material Misstatement
ExpandAS No. 14: Evaluating Audit Results
ExpandAS No. 15: Audit Evidence
ExpandAS No. 16: Communications with Audit Committees
ExpandAU Section 100 - Statements on Auditing Standards -- Introduction
ExpandAU Section 200 - The General Standards
ExpandAU Section 300 - The Standards of Field Work
CollapseAU Section 400 - The First, Second, and Third Standards of Reporting
AU Section 410 - Adherence to Generally Accepted Accounting Principles
AU Section 9410 - Adherence to Generally Accepted Accounting Principles: Auditing Interpretations of Section 410
AU Section 411 - The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles
AU Section 435 - Segment Information
ExpandAU Section 500 - The Fourth Standard of Reporting
ExpandAU Section 600 - Other Types of Reports
ExpandAU Section 700 - Special Topics
ExpandAU Section 800 - Compliance Auditing
ExpandAU Section 900 - Special Reports of the Committee on Auditing Procedures

AU Section 410

Adherence to Generally Accepted Accounting Principles

Source: SAS No. 1, section 410; SAS No. 62.
See section 9410 for interpretations of this section.
Issue date, unless otherwise indicated: November, 1972.

.01

The first standard of reporting is:

The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles.

[The following paragraph is effective November 15, 2008. See PCAOB Release 2008-001 (January 29, 2008). For the paragraph effective before November 15, 2008, click here.]

.02

The fourth standard of reporting is:

The report shall either contain an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed. When an overall opinion cannot be expressed, the reasons therefor should be stated. In all cases where an auditor's name is associated with financial statements, the report should contain a clear-cut indication of the character of the auditor's work, if any, and the degree of responsibility the auditor is taking. fn 1

[.03–.04]

[Superseded July 1975 by Statement on Auditing Standards No. 5, as superseded by section 411.]

Footnotes (AU Section 410 — Adherence to Generally Accepted Accounting Principles):

fn 1 When an auditor reports on financial statements prepared in accordance with a comprehensive basis of accounting other than generally accepted accounting principles, the first standard of reporting is satisfied by disclosing in the auditor's report that the statements have been prepared in conformity with another comprehensive basis of accounting other than generally accepted accounting principles and by expressing an opinion (or disclaiming an opinion) on whether the financial statements are presented in conformity with the comprehensive basis of accounting used (see section 623, Special Reports, paragraphs .02-.10).