AICPA Issues Interpretation on Dual Reporting

The AICPA Auditing Standards Board (ASB) has released auditing interpretation No. 4, “Reporting on Audits Conducted in Accordance With Auditing Standards Generally Accepted in the U.S. and the Standards of the PCAOB,” to AU-C section 700, Forming an Opinion and Reporting on Financial Statements.

It is designed to provide guidance on how an auditor complies with AU-C section 700 in the context of PCAOB Auditing Standard (AS) 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, adopted by the PCAOB and approved by the SEC.

While auditing interpretation No. 4 has been determined to be consistent with Generally Accepted Auditing Standards, the interpretation should not be construed to be an interpretation of PCAOB standards.