Wiley Practitioner's Guide to GAAS 2015: Covering all SASs, SSAEs, SSARSs, PCAOB Auditing Standards, and Interpretations

PCAOB 17 Auditing Supplemental Information Accompanying Audited Financial Statements¹

APPLICABILITY

This standard describes the auditor's responsibilities when the auditor of the financial statements is engaged to perform audit procedures and report on supplemental information that accompanies financial statements. AS No. 17 was adopted after the Jumpstart Our Business Act of 2012, which exempted “emerging growth companies” from new standards unless the SEC determines application is necessary. The SEC has determined that AS 17 will apply to audits of emerging growth companies.

TECHNICAL ALERT

In October 2013, the PCAOB filed with the SEC proposed rules to adopt AS No. 17. In February 2014, the SEC approved the rules. AS No. 17 supersedes the PCAOB's interim auditing standard, AU 551. AU 551 focused on the auditor's reporting responsibilities. AS No. 17 includes auditor performance and requirements to obtain appropriate audit evidence that is sufficient to support the auditor's opinion regarding whether the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

DEFINITION OF TERM

Supplemental information. Refers to the following information when it accompanies audited financial statements:

1. Supporting schedules that brokers and dealers are required to file pursuant to Rule 17a-5 under the Securities Exchange Act of 1934;¹
2. Supplemental information (i) required to be presented pursuant to the rules and regulations ...