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Statement on
Auditing Standards
December 1976
14 Issued by the Auditing Standards Executive Committee
AICPA American Institute of
Certified Public Accountants
Special Reports1
( Supersedes Statement on Auditing Standards No. 1, section 620)
1. This Statement applies to auditors' reports issued in connection
with—
a. Financial statements that are prepared in accordance with a comprehensive
basis of accounting other than generally accepted accounting
principles ( paragraphs 2- 8).
b. Specified elements, accounts, or items of a financial statement
( paragraphs 9- 17).
c. Compliance with aspects of contractual agreements or regulatory
requirements related to audited financial statements ( paragraphs
18- 19).
1This Statement amends the second sentence of section 4 1 0 . 0 2 of SAS No. 1 by
the addition of the following footnote:
When an auditor reports on financial statements prepared in accordance with a
comprehensive basis of accounting other than generally accepted accounting principles,
the first standard of reporting is satisfied by disclosing in the auditor's report
that the statements are not intended to conform with generally accepted accounting
principles and by expressing an opinion ( or disclaiming an opinion) on
whether the financial statements are presented in conformity with the comprehensive
basis of accounting used ( see SAS No. 14, " Special Reports," paragraphs 2
through 8 ) .
This Statement also amends section 5 1 8 . 0 3 of SAS No. 1, to read as follows:
Negative assurances also are permissible in special reports relating to ( a ) the results
of applying agreed- upon procedures to one or more specified elements,
accounts, or items of a financial statement and ( b ) compliance with aspects of
contractual agreements or regulatory requirements related to audited financial
statements. ( See SAS No. 14, " Special Reports," paragraphs 15 through 1 9 .)
Copyright © 1977 by the
American Institute of Certified Public Accountants, Inc.
1211 Avenue of the Americas, New York, N. Y. 10036
