Statements on Auditing Procedure were issued by the Committee on Auditing Procedure of AICPA from 1939 to 1972. The Committee issued 54 SAPs before it became the Auditing Standards Executive Committee (AcSEC) and began issuing Statements on Auditing Standards.Statement on Auditing Standards No. 1 summarized and superseded the 54 SAPs.
List of Statements on Auditing Procedure No. Official title Issued on 1Extensions of auditing procedure full-text1939 October2Auditor's opinion on the basis of a restricted examination full-text1939 December3Inventories and receivables of department stores, instalment houses, chain stores, and other retailers full-text1940 February4Clients' written representations regarding inventories, liabilities, and other matters full-text1941 March5Revised S.E.C. rule on "accountants' certificates" full-text1941 February6Revised S.E.C. rule on "accountants' certificates"(continued) full-text1941 March7Contingency liability under policies with mutual insurance companies full-text1941 March8Interim financial statements and the auditor's report thereon full-text1941 September9Accountants' reports on examinations of securities and similar investments under the Investment Company Act full-text1941 December10Auditing under wartime conditions full-text1942 June11Auditor's opinion on the basis of a restricted examination : (no. 2) full-text1942 September12Amendment to Extensions of auditing procedure full-text1942 October13Auditor's opinion on the basis of a restricted examination, (no. 3); face-amount certificate companies full-text1942 December14Confirmation of public utility accounts receivable full-text1942 December15Disclosure of the effect of wartime uncertainties on financial statements full-text1942 December16Case studies on inventories full-text1942 December17Physical inventories in wartime full-text1942 December18Confirmation of receivables from the government full-text1943 January19Confirmation of receivables : (positive and negative methods) full-text1943 November20Termination of fixed-price supply contracts; Examination of contractors' statements of proposed settlements full-text1943 December21Wartime government regulations full-text1944 July22References to the independent accountant in securities registrations full-text1945 May23Clarification of accountant's report when opinion is omitted full-text1947 December23 revisedClarification of accountant's report when opinion is omitted full-text1949 December24Revision in short-form accountant's report or certificate full-text1948 October25Events subsequent to the date of financial statements full-text1954 October26Reporting on use of "other procedures." full-text1956 April27Long-form reports full-text1957 July28Special reports (applicability of reporting standards in special circumstances) full-text1957 October29Scope of the independent auditor's review of internal control full-text1958 October30Responsibilities and functions of the independent auditor in the examination of financial statements full-text1960 September31Consistency full-text1961 October32Qualifications and disclaimers (clarification of reporting standards) full-text1962 September33Auditing standards and procedures full-text196334Long-term investments full-text1965 September35Letters for underwriters full-text1965 November36Revision of "Extensions of auditing procedure" relating to inventories full-text1966 August37Special report : public warehouses : controls and auditing procedures for goods held full-text1966 September38Unaudited financial statements full-text1967 September39Working papers full-text1967 September40Reports following a pooling of interests (supersedes paragraphs 35 and 36 of chapter 8 of Statements on auditing procedure no. 33) full-text1968 October41Subsequent discovery of facts existing at the date of the auditor's report full-text1969 October42Reporting when a certified public accountant is not independent full-text1970 January43Confirmation of receivables and observation of inventories (supersedes paragraphs 16-20 of chapter 6 and paragraphs 27-29 of chapter 10 of Statement on auditing procedure no. 33, and Statement on auditing procedure no. 36) full-text1970 September44Reports following a pooling of interests (supersedes Statement on auditing procedure no. 40) full-text1971 April45Using the work and reports of other auditors (supersedes paragraphs 32 and 36 of chapter 10 of Statement on auditing procedure no. 33) full-text1971 July46Piecemeal opinions (supersedes paragraphs 22-25 of chapter 10 of Statement on auditing procedure no. 33 and pertinent portions of paragraph 9 of Statement on auditing procedure no. 34) full-text1971 July47Subsequent events (supersedes chapter 11 of Statement on auditing procedure no. 33) full-text1971 September48Letters for underwriters (supersedes Statement on auditing procedure no. 35) full-text1971 October49Reports on internal control full-text1971 November50Reporting on the statement of changes in financial position (supersedes paragraph 6 of chapter 10 of Statement on auditing procedure no. 33) full-text1971 November51Long-term investments full-text1972 July52Reports on internal control based on criteria established by governmental agencies full-text1972 October53Reporting on consistency and accounting changes (supersedes chapter 8 of statement on auditing procedure no. 33) full-text1972 November54Auditor's study and evaluation of internal control (supersedes chapter 5 of statement on auditing procedure no. 33) full-text1972 November
History of Statements on Auditing Procedure The history of the Statements on Auditing Procedures began in 1917 when the American Institute of Accountants (the predecessor organization for the AICPA) was asked by the Federal Trade Commission to prepare a "memorandum on-balance-sheet audits." The resulting document was published in the April 1917 issue of the Federal Reserve Bulletin"Uniform Accounting: a tentative proposal submitted by the Federal Reserve Board." Federal Reserve Bulletin April 1917 full-test and reissued in 1918 as a pamphlet.Approved methods for the preparation of balance sheet statements. 1918 full-text In 1929 the pamphlet was again revised.Verification of financial statements. United States. Federal Reserve Board, 1929 full-text A third revision was done in 1936.Examination of financial statements by independent public accountants. American Institute of Accountants, 1936 full-text
The Institute determined that, rather than reissuing the 1936 pamphlet, it would, through the Committee on Auditing Procedure, issue Statements on Auditing Procedure that modified and superseded parts of the 1936 pamphlet. The SAPs were "designed to guide the auditor in those areas of specific situations encountered in practice in which he must exercise judgment, situations outside the realm of textbooks, whose function is inherently to describe procedures in general."Codification of statements on auditing procedure, based on statements 1 to 24 (1939 to 1949). American Institute of Accountants, 1951, p. 7 full-text By 1948, the 1936 pamphlet was considered so out-of-date that it was withdrawn from publication.
In 1951, the first 24 Statements on Auditing Procedure were codified Codification of Statements on Auditing Procedure, Based on Statements 1 to 24 (1939 to 1949). American Institute of Accountants, 1951 full-text The Codification also contains a summary history of the process of standardizing auditing practice up to 1951 (see pp. 5–8).
In 1954, the Committee on Auditing Procedure finished work on the booklet Generally Accepted Auditing Standards: Their Significance and Scope.Generally Accepted Auditing Standards: Their Significance and Scope. American Institute of Certified Public Accountants, 1954 full-text This publication responded to the Securities and Exchange Commission's recommendation that the auditor's report make a representation as to compliance with generally accepted auditing standards.Codification of statements on auditing procedure, based on statements 1 to 24 (1939 to 1949). American Institute of Accountants, 1951, p. 6 full-text
Statement on Procedure no. 33 again codified previous Committee on Auditing Procedure publications, including the 1951 Codification, The 1954 Generally Accepted Auditing Standards, and Statements on Auditing Procedure 25-32.
The final publication of the Committee on Auditing Procedure, Codification of Auditing Standards and Procedures 1,Statement on Auditing Standards, no. 1. American Institute of Certified Public Accountants, 1973 full-text superseded SAPs 33-54. The Statement is now known as Statement on Auditing Standards, no. 1, and began a series of Statements on Auditing Standards (SASs) that are still being issued by the Auditing Standards Board. See Statements on Auditing Standards (USA). Beginning in 1976, these Standards were codified annually as section AU of the AICPA's Professional Standards.
References
External links American Institute of Certified Public Accountants