Consistency;

              Statements on Auditing Procedure
Generally accepted auditing standards were defined by this committee in 1947, approved by the membership in 1948, and accorded further recognition in 1954 with the publication of the booklet Generally Accepted Auditing Standards, Their Significance and Scope. The second standard of reporting set forth therein requires that the independent auditor's report shall state whether in his opinion the principles of accounting employed in the financial statements have been consistently observed in the current period in relation to the preceding period; this reporting standard is sometimes referred to as the "consistency standard."
The committee believes that the experience of the en-suing years in the interpretation and application of the consistency standard of reporting makes it advisable to review the objective of that standard and to provide further guides to the independent auditor in the exercise of his judgment in applying it.
Accordingly, the section of Generally Accepted Audit-ing Standards beginning on page 51 and ending at the top of page 52 is hereby revised as set forth on the following pages.
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Issued by the Committee on Auditing Procedure, American Institute of Certified Public Accountants 270 Madison Avenue. New York 16, N. Y.
Copyright 1961 by American Institute of Certified Public Accountants
No. 31
October 1961
Consistency