Statement on auditing standards, 024

              Statement on
Auditing Standards
Issued by the Auditing Standards Board
AICPA American Institute of
Certified Public Accountants
March 1979 24
Review of Interim
Financial Information
( Supersedes SAS No. 10, Limited Review of Interim Financial Information, and SAS
No. 13, Reports on a Limited Review of Interim Financial Information.)
1. This Statement provides guidance on the nature, timing, and
extent of procedures to be applied by the independent accountant in
conducting a review of interim financial information and on the re­porting
applicable to such engagements.
Applicability
2. Interim financial information may be presented alone or in a
note to audited financial statements. This Statement applies to re­views
of interim financial information presented alone, including
interim financial statements and summarized interim financial data,
that purport to conform with the provisions of Accounting Principles
Board Opinion No. 28, as amended, and that is contained in reports
issued by a public entity to stockholders, boards of directors, or
others, or filed with regulatory agencies. 1 Also, this Statement applies
to reviews of interim financial information included in a note to au-
1For purposes of this Statement a public entity is defined as follows: any entity ( a)
whose securities trade in a public market either on a stock exchange ( domestic or
foreign), or in the over- the- counter market, including securities quoted only locally
or regionally or ( b) that makes a filing with a regulatory agency in preparation for the
sale of any class of its securities in a public market. The provisions of this Statement
are not applicable to separately issued financial statements of a subsidiary, corporate
joint venture, or other investee that is not a public entity as that term is defined
above. For purposes of this Statement the term interim includes financial statements
or information for a twelve- month period ending on a date other than the entity's
normal year- end.
Copyright © 1979 by the
American Institute of Certified Public Accountants, Inc.
1211 Avenue of the Americas, New York, N. Y. 10036