The following auditing standard reflects references to standards before their reorganization. The standard will be rescinded effective as of December 31, 2016. (See PCAOB Release No. 2015-002.)
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.
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
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
[Superseded July 1975 by Statement on Auditing Standards No. 5, as superseded by section 411.]