Statement on auditing standards, 042

              Statement on
Auditing Standards
Issued by the Auditing Standards Board
AICPA American Institute of
Certified Public Accountants
August 1982
42
Reporting on Condensed
Financial Statements and
Selected Financial Data
1. This Statement provides guidance on reporting in a client- pre­pared
document on—
a. Condensed financial statements ( either for an annual or an interim
period) that are derived from audited financial statements of a
public entity1 that is required to file, at least annually, complete
audited financial statements with a regulatory agency.
b. Selected financial data that are derived from audited financial
statements of either a public or a nonpublic entity and that are
presented in a document that includes audited financial state­ments
( or, with respect to a public entity, that incorporates au­dited
financial statements by reference to information filed with a
regulatory agency).
Guidance on reporting on condensed financial statements or selected
financial data that accompany audited financial statements in an audi­tor-
submitted document is provided in SAS No. 29, Reporting on
Information Accompanying the Basic Financial Statements in Auditor-
Submitted Documents.
1Public entity is defined in SAS No. 26, Association With Financial Statements,
footnote 2.
Copyright © 1982 by the
American Institute of Certified Public Accountants, Inc.
1211 Avenue of the Americas, New York, N. Y. 10036- 8775
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