Auditing standard on Interim Financial Information available; applicability of SSARSs revised.

The Auditing Standards Board has issued Statement on Auditing Standards No. 116, Interim Financial Information. SAS No. 116 amends AU section 722, Interim Financial Information, to establish standards and provide guidance on the independent accountant's professional responsibilities when the accountant undertakes an engagement to review interim financial information of a non-issuer, including companies offering securities pursuant to Securities and Exchange Commission Rule 144A or participating in private equity exchanges, when the conditions in paragraph .05 of AU section 722 are met. This amendment removes the guidance for reviews of the interim financial statements of issuers since such guidance appropriately resides in the auditing standards of the Public Company Accounting Oversight Board. SAS No. 116 is effective for reviews of interim financial information for interim periods beginning after Dec. 15, 2009. Earlier...