[animalwithin]

I’m having a hard time figuring out when to use the PCAOB (AS) Standards vs. the Clarified Statements (AU-C) for AUD authoritative lit. questions.

Anyone know how to differentiate the two? Both has nearly identical standards on some things.

[animalwithin]

Anyone???

[czuprynskim]

one deals with publicly traded companies and the other doesn't. that's specified pretty explicitly in the first chapter.

[RoseMarie]

It's my understanding that the PCAOB stuff only applies to issues (publicly traded companies) whereas the AU-C stuff applies to non-issues (not publicly traded companies).

[animalwithin]

Correct but how does one know if the party in question is public or non-public?

For example:

Robertson, CPA, has performed an audit of a client’s internal control over financial reporting. Robertson is requesting certain written representations from management and is concerned about overlooking something important.

This was AU-C. So every time it mentions an individual CPA, it's a non-public entity?

[czuprynskim]

no it'll state whether it's an issuer or not. If they don't specify one or the other you have to assume non-issuer.

[Author]

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