[The following paragraph of AS 2503, amended to read as follows, will be effective for audits of fiscal years ending on or after December 15, 2017. See PCAOB Release No. 2017-001.PDF The current standard can be found here.]

.32     There may be a time lag in reporting between the date of the financial statements of the investor and that of the investee. A time lag in reporting should be consistent from period to period. If a time lag between the date of the entity’s financial statements and those of the investee has a material effect on the entity’s financial statements, the auditor should determine whether the entity’s management has properly considered the lack of comparability. The effect may be material, for example, because the time lag is not consistent with the prior period in comparative statements or because a significant transaction occurred during the time lag. If a change in time lag occurs that has a material effect on the investor’s financial statements, an explanatory paragraph, including an appropriate title, should be added to the auditor’s report because of the change in reporting period.15

15     See AS 2820, Evaluating Consistency of Financial Statements.

[Effective pursuant to SEC Release No. 34-81916, File No. PCAOB-2017-01 (October 23, 2017)]