Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

AU 543: Part of Audit Performed by Other Independent Auditors1

AU-C 600: Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)

AU EFFECTIVE DATE AND APPLICABILITY

Original Pronouncements	Statement on Auditing Procedure (SAP) 45 (codified in Statement on Auditing Standards [SAS] 1) and SAS 64.
Effective Date	These statements currently are effective.
Applicability	Audits of financial statements in accordance with generally accepted auditing standards (GAAS) when the auditor uses the work and reports of other independent auditors.

AU-C EFFECTIVE DATE AND SUMMARY OF CHANGES

SAS No. 122, Codification of Auditing Standards and Procedures, is effective for audits of financial statements with periods ending on or after December 15, 2012.

The AU 543 requirements will be superseded by AU-C 600. See the separate chapter on AU-C 600 for additional information.

AU DEFINITIONS OF TERMS

Other independent auditor. The auditor who expresses an opinion on the financial statements of a subsidiary, division, branch, or investee that are incorporated in the financial statements of the reporting entity.

Principal auditor. The auditor who expresses an opinion on the financial statements of the reporting entity. (The financial statements may be consolidated or combined, or the reporting entity may have significant investments accounted for by the equity method.) The principal auditor performs a significant portion of the work and has sufficient ...