[The following footnote was effective for interim periods within fiscal years beginning after December 15, 2002. It was amended, effective for reviews of interm periods within fiscal years beginning on or after December 15, 2010. See PCAOB Release No. 2010-004.

Return to the current version.]

fn 7 Section 312, Audit Risk and Materiality in Conducting an Audit, paragraph .40, requires the auditor to document the nature and effect of misstatements that the auditor aggregates as well as the auditor’s conclusion as to whether such misstatements, individually or in the aggregate, cause the audited financial statements to be materially misstated. Paragraphs .25 and .26 of this section describe the accountant’s consideration of such misstatements in a review of interim financial information.