[The following footnote was amended, effective for audits of fiscal years beginning on or after December 15, 2010. See PCAOB Release No. 2010-004.

Return to the current version.]

fn1 See section 312, Audit Risk and Materiality in Conducting an Audit, and section 316, Consideration of Fraud in a Financial Statement Audit. The auditor’s consideration of illegal acts and responsibility for detecting misstatements resulting from illegal acts is defined in section 317, Illegal Acts by Clients. For those illegal acts that are defined in that section as having a direct and material effect on the determination of financial statement amounts, the auditor’s responsibility to detect misstatements resulting from such illegal acts is the same as that for error or fraud. [Footnote added, effective for audits of financial statements for periods ending on or after December 15, 1997, by Statement on Auditing Standards No. 82.]