Sarbanes-Oxley Act Compliance: Federal legislation that sets requirements for all U.S. public company boards, management, and public accounting firms. Must be considered if the client is a public company.
SEC Regulations: Securities and Exchange Commission regulations governing financial reporting and disclosure requirements for public companies and regulated entities.
AICPA Professional Standards: Comprehensive set of professional standards including audit and attestation standards, quality control standards, and code of professional conduct.
Statements on Auditing Standards: Professional standards issued by AICPA that provide guidelines for conducting audit engagements, including specific requirements for balance sheet only audits.
Generally Accepted Auditing Standards: Framework of guidelines for conducting audits of financial statements, including general standards, fieldwork standards, and reporting standards.
State Board of Accountancy Regulations: State-specific requirements governing the practice of public accountancy, including licensing, peer review, and continuing education requirements.
Industry-Specific Regulations: Specialized regulatory requirements based on the client's industry sector, which may affect the scope and conduct of the balance sheet audit.
Professional Liability Requirements: Insurance requirements, risk management guidelines, and permissible limitation of liability provisions for audit engagements.
Documentation Standards: AICPA and state-specific requirements for audit documentation, working papers, and record retention policies.
Independence Requirements: Professional standards and regulations governing auditor independence, including AICPA rules, SEC requirements, and state-specific provisions.
Quality Control Standards: Professional standards for maintaining quality control systems in accounting firms, including policies and procedures for audit engagements.
