06 The auditor should evaluate and report on a change in accounting estimate effected by a change in accounting principle like other changes in accounting principle. Note: A change from an accounting principle that is not generally accepted to one that is generally accepted is a correction of a misstatement. A change in the method of applying an accounting principle also is considered a change in accounting principle. 05 A change in accounting principle is a change from one generally accepted accounting principle to another generally accepted accounting principle when (1) there are two or more generally accepted accounting principles that apply, or when (2) the accounting principle formerly used is no longer generally accepted.
An adjustment to correct a misstatement in previously issued financial statements. 04 The auditor should recognize the following matters relating to the consistency of the company's financial statements in the auditor's report if those matters have a material effect on the financial statements: Note: The term "current period" means the most recent year, or period of less than one year, upon which the auditor is reporting. 1 The auditor also should evaluate whether the financial statements for periods described in this paragraph are consistent with previously issued financial statements for the respective periods. When the auditor reports on two or more periods, he or she should evaluate consistency between such periods and the consistency of such periods with the period prior thereto if such prior period is presented with the financial statements being reported upon. When the auditor reports only on the current period, he or she should evaluate whether the current-period financial statements are consistent with those of the preceding period. 03 The periods covered in the auditor's evaluation of consistency depend on the periods covered by the auditor's report on the financial statements. 02 To identify consistency matters that might affect the report, the auditor should evaluate whether the comparability of the financial statements between periods has been materially affected by changes in accounting principles or by material adjustments to previously issued financial statements for the relevant periods. 01 This standard establishes requirements and provides direction for the auditor's evaluation of the consistency of the financial statements, including changes to previously issued financial statements, and the effect of that evaluation on the auditor's report on the financial statements. 12 Reporting on Consistency of Financial StatementsĬonsistency and the Auditor's Report on Financial Statements 01 Consistency and the Auditor's Report on Financial Statements Small Business and Broker-Dealer ForumsĮffective Date of Standard: November 15, 2008Īmendments: Amending releases and related SEC approval orders Summary Table of Contents. PCAOB International Institute on Audit Regulation. Conference on Auditing and Capital Markets. 
Information for Auditors of Broker-Dealers. 
The International Forum of Independent Audit Regulators and Other International Organizations.
Audit Reports Issued by PCAOB-Registered Firms Located Where Authorities Deny Access to Conduct Inspections.Board Determinations Under the Holding Foreign Companies Accountable Act.PCAOB Cooperative Arrangements with Non-U.S.Updated PCAOB Staff Considerations on Recommending the Identification of Issuers and/or Broker-Dealers in Settled Enforcement Orders.Inspections-Related Board Reports and Statements.
Implementation Resources for PCAOB Standards and Rules.Standards and Emerging Issues Advisory Group.
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