SAS No. 121 Issued by ASB

The Auditing Standards Board (ASB) has issued SAS No. 121, Revised Applicability of Statement on Auditing Standards No. 100, Interim Financial Information. Issued in February 2011 this SAS is effective for interim reviews of interim financial information for periods beginning after December 15, 2011. Early application is permitted.

Looking back to February 2009, you’ll recall that the ASB issued SAS No. 116, Interim Financial Information, which amended SAS No. 100, Interim Financial Information,(AU section 722 of AICPA Professional Standards) to address the independent accountant’s professional responsibilities when the accountant undertakes an engagement to review interim financial information of a nonissuer. SAS No. 121 further amends SAS No. 100 to make AU section 722 applicable when the accountant audited the entity’s latest annual financial statements, and the appointment of another accountant to audit the current year financial statements is not effective prior to the beginning of the period covered by the review.

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