The American Institute of CPA has published a Technical Practice Aid to address the use of current auditing standards for audits of prior periods.

Technical Question and Answer (TPA) 8100.03, part of the AICPA’s series of Technical Practice Aids, has been issued to provide nonauthoritative guidance.

It describes when an auditor has been engaged to perform an audit of financial statements that are as of, or for, a period that ended prior to the effective date of the clarified auditing standards. According to the document, an auditor may perform and report on an entity’s prior period financial statements using the clarified auditing standards even though the standards were not effective for that prior period.

The questions and answers in such documents are not sources of established authoritative principles. This material is based on selected practice matters identified by the staff of the AICPA's Technical Hotline and various other bodies within the AICPA and has not been approved, disapproved, or otherwise acted upon by any senior technical committee of the AICPA.

Consult Technical Practice Aids for all technical staff questions and answers issued by the AICPA.

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