Below are amendments to AT sec. 701, Management's Discussion and Analysis, related to the Public Company Accounting Oversight Board's reorganization of its auditing standards. (See PCAOB Release No. 2015-002.) The amendments were approved by the U.S. Securities and Exchange Commission ("SEC") on September 17, 2015, and are effective as of December 31, 2016. The current standard can be found here.

AT sec. 701 Amendments

1. The following note is added at the end of paragraph .01:

Note: In connection with an engagement performed in accordance with this attestation standard, whenever the practitioner is required to make reference in a report to attestation standards established by the American Institute of Certified Public Accountants or auditing standards generally accepted in the United States of America, the practitioner must instead refer to "the standards of the Public Company Accounting Oversight Board (United States)." A practitioner must also include the city and state (or city and country, in the case of non-U.S. practitioners) from which the practitioner's report has been issued.

2. In the last sentence of footnote 6 to paragraph .02:
   1. The reference to "Statement on Auditing Standards (SAS) No. 71" is deleted.
   2. The parenthetic reference to "AU section 722, Interim Financial Information" is replaced with "AS 4105, Reviews of Interim Financial Information."
3. In footnote 7 to paragraph .02, the reference to "AU section 634" is replaced with "AS 6101."
4. In paragraph .11a, the reference to "AU section 722, Interim Financial Information," is replaced with "AS 4105."
5. In item (2) of paragraph .14a, the reference to "AU section 722" is replaced with "AS 4105."
6. In footnote 16 to paragraph .20:
   1. In the first sentence, the reference to "AU section 329, Analytical Procedures" is replaced with "AS 2305, Substantive Analytical Procedures."
   2. In the last sentence, the reference to "AU section 329" is replaced with "AS 2305."

7. The first sentence of paragraph .39 is deleted.
8. Footnote 18 to paragraph .44 is deleted.
9. In paragraph .47:
   1. In the third sentence, the reference to "AU section 336" is replaced with "AS 1210."
   2. In the last sentence, the reference to "AU section 311, Planning and Supervision" is replaced with "AS 1201, Supervision of the Audit Engagement."

10. In the last sentence of paragraph .48, the reference to "AU section 322, The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements" is replaced with "AS 2605, Consideration of the Internal Audit Function."
11. In the last sentence of paragraph .58:
    1. The reference to "AU section 325, Communication of Internal Control Related Matters Noted in an Audit" is replaced with "AS 1305, Communications About Control Deficiencies in an Audit of Financial Statements."
    2. The reference to "AU section 380, Communication With Audit Committees" is replaced with "AS 1301, Communications with Audit Committees."

12. In footnote 24 to paragraph .66:
    1. In the second sentence, the reference to "AU section 561" is replaced with "AS 2905."
    2. In the last sentence, the reference to "AU section 711, Filings Under Federal Securities Statutes" is replaced with "AS 4101, Responsibilities Regarding Filings Under Federal Securities Statutes."
13. In footnote 25 to paragraph .66c, the reference to "AU section 337" is replaced with "AS 2505."
14. In the first sentence of paragraph .102, the reference to "AU section 315, Communications Between Predecessor and Successor Audits" is replaced with "AS 2610, Initial Audits—Communications Between Predecessor and Successor Audits."
15. In paragraph .106:
    1. In the second sentence, the reference to "SAS No. 8" is replaced with "AS 2710."
    2. In the last sentence, the reference to "AU section 711, Filings Under Federal Securities Statutes," is replaced with "AS 4101."
16. In footnote 30 to paragraph .107, the reference to "AU section 550, Information in Documents Containing Audited Financial Statements," is replaced with "AS 2710."
17. In the last sentence of paragraph .108, the reference to "AU section 317, Illegal Acts, paragraphs .17, .22, and .23)" is replaced with "paragraphs .17, .22, and .23 of AS 2405, Illegal Acts by Clients."
18. In the last sentence of paragraph .109, the reference to "AU section 316" is replaced with "AS 2401."
19. In footnote 31 to paragraph .110:
    1. In the first sentence, the reference to "AU section 333, Management Representations, paragraph .09" is replaced with "Paragraph .09 of AS 2805, Management Representations."
    2. In the second sentence, the reference to "AU section 711.10" is replaced with "AS 4101.10."
20. In the title of Appendix D:
    1. The reference to "SAS No. 8" is replaced with "AS 2710."
    2. Footnote * is deleted.
21. In the table in paragraph .117, the column heading "SAS No. 8" is replaced with "AS 2710."