Statement on auditing standards, 046

              Issued by the Auditing Standards Board
AICPA American Institute of
Certified Public Accountants
Consideration of Omitted Procedures
After the Report Date
1. This Statement provides guidance on the considerations and
procedures to be applied by an auditor who, subsequent to the date of
his report on audited financial statements, concludes that one or more
auditing procedures considered necessary at the time of the examina­tion
in the circumstances then existing were omitted from his examina­tion
of the financial statements, but there is no indication that those
financial statements are not fairly presented in conformity with gener­ally
accepted accounting principles or with another comprehensive
basis of accounting. 1 This circumstance should be distinguished from
that described in SAS No. 1, section 561, which applies if an auditor,
subsequent to the date of his report on audited financial statements,
becomes aware that facts regarding those financial statements may
have existed at that date that might have affected his report had he then
been aware of them.
2. Once he has reported on audited financial statements, an auditor
has no responsibility to carry out any retrospective review of his work.
However, reports and working papers relating to particular engage-
1The provisions of this Statement are not intended to apply to an engagement in which
an auditor's work is at issue in a threatened or pending legal proceeding or regulatory
investigation. ( A threatened legal proceeding means that a potential claimant has
manifested to the auditor an awareness of, and present intention to assert, a possible
claim.)
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American Institute of Certified Public Accountants, Inc.
1211 Avenue of the Americas, New York, N. Y. 10036- 8775
1234567890 AudS 89876543
Statement on
Auditing Standards
September 1983 46