Basic principles and essential procedures with which auditors are required to comply in the conduct of any audit of financial statements. The Auditing Practices Committee issued a series of Auditing Standards between 1980 and 1991. The standards issued by its successor body, the Auditing Practices Board (APB), were known as Statements of Auditing Standards (SAS); these have now been superseded by the International Standards in Auditing issued by the International Auditing and Assurance Standards Board. The APB continues to issue Practice Notes (to assist the auditor in applying auditing standards of general application to particular circumstances and industries) and Bulletins (designed for issue when guidance is required on new or emerging issues). Practice Notes and Bulletins are not prescriptive; they are an indication of current good practice. See also generally accepted auditing standards; Statement on Auditing Standards; Statement on Internal Auditing Standards.
Subjects: Accounting — Law.