[Federal Register Volume 80, Number 122 (Thursday, June 25, 2015)]
[Notices]
[Pages 36601-36652]
[FR Doc No: 2015-15571]

Vol. 80

Thursday,

No. 122

June 25, 2015

Part II

Securities and Exchange Commission

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 Public Company Accounting Oversight Board; Notice of Filing of
Proposed Rules to Implement the Reorganization of PCAOB Auditing
Standards and Related Changes to PCAOB Rules and Attestation, Quality
Control, and Ethics and Independence Standards; Notice

Federal Register / Vol. 80 , No. 122 / Thursday, June 25, 2015 /
Notices

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75251; File No. PCAOB 2015-01]

Public Company Accounting Oversight Board; Notice of Filing of
Proposed Rules to Implement the Reorganization of PCAOB Auditing
Standards and Related Changes to PCAOB Rules and Attestation, Quality
Control, and Ethics and Independence Standards

 June 19, 2015.
    Pursuant to Section 107(b) of the Sarbanes-Oxley Act of 2002 (the
``Act''), notice is hereby given that on June 17, 2015, the Public
Company Accounting Oversight Board (the ``Board'' or the ``PCAOB'')
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') the proposed rules described in items I and II below,
which items have been prepared by the Board. The Commission is
publishing this notice to solicit comments on the proposed rules from
interested persons.

I. Board's Statement of the Terms of Substance of the Proposed Rules

    On March 31, 2015, the Board adopted amendments to implement the
reorganization of PCAOB auditing standards and related changes to PCAOB
rules and attestation, quality control, and ethics and independence
standards (collectively referred to as, the ``amendments'' or the
``proposed rules'').
    The text of the proposed rules is set out below.

Amendments to Rules of the Board

Rule 3101. Certain Terms Used in Auditing and Related Professional
Practice Standards
    Rule 3101. Certain Terms Used in Auditing and Related Professional
Practice Standards, is amended as follows:
    In paragraph (b), the phrase ``adopted in Rules 3200T, 3300T,
3400T, 3500T, and 3600T'' is deleted.
Rule 3200T. Interim Auditing Standards
    Rule 3200T. Interim Auditing Standards, is amended as follows:
     The letter ``T'' is removed from the reference to Rule
3200T.
     The word ``Interim'' is removed from the title of the
rule.
     The text of the rule is replaced with the following:
    In connection with the preparation or issuance of any audit report,
a registered public accounting firm and its associated persons shall
comply with all applicable auditing standards adopted by the Board and
approved by the SEC, including, to the extent not superseded or amended
by the Board, AICPA Statements on Auditing Standards as in existence on
April 16, 2003.

Amendments to PCAOB Standards

Auditing Standards and Interpretations
    Auditing Standard No. 1, References in Auditors' Reports to the
Standards of the Public Company Accounting Oversight Board \1\
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    \1\ The captions in this section refer to the numbers and titles
of existing PCAOB auditing standards and interpretations.
---------------------------------------------------------------------------

    Auditing Standard No. 1, References in Auditors' Reports to the
Standards of the Public Company Accounting Oversight Board, is
superseded.
Auditing Standard No. 3, Audit Documentation
    Auditing Standard No. 3, Audit Documentation, as amended, is
amended as follows:
    a. The section number ``Auditing Standard No. 3'' is replaced with
``AS 1215.''
    b. In the references before paragraph 1, the phrase ``[supersedes
SAS No. 96, Audit Documentation]'' is deleted.
    c. Paragraph numbers 1 through 21 are replaced with .01 through
.21.
    d. In footnote 1 to paragraph 4, the reference to ``paragraph 12''
is replaced with ``paragraph .12.''
    e. In footnote 2 to paragraph 6, the reference to ``paragraphs 28-
33 of Auditing Standard No. 5'' is replaced with ``paragraphs .28-.33
of AS 2201.''
    f. In paragraph 9:
     The parenthetic reference to ``paragraph 15'' is replaced
with ``paragraph .15.''
     In the first bullet, the reference to ``paragraph 16'' is
replaced with ``paragraph .16.''
     In the second bullet, the reference to ``AU sec. 390'' is
replaced with ``AS 2901.''
    g. In footnote 2A to paragraph 12a:
     The reference to ``paragraphs 12-13 of Auditing Standard
No. 12'' is replaced with ``paragraphs .12-.13 of AS 2110.''
     The reference to ``AU sec. 316'' is replaced with ``AS
2401.''
    h. In footnote 2B to paragraph 12c, the reference to ``paragraphs
10-23 of Auditing Standard No. 14'' is replaced with ``paragraphs
.10-.23 of AS 2810.''
    i. In footnote 2C to paragraph 12f:
     The reference to ``paragraph 74 of Auditing Standard No.
12, Identifying and Assessing Risks of Material Misstatement,'' is
replaced with ``AS 2110.74.''
     The reference to ``paragraph 36 of Auditing Standard No.
14, Evaluating Audit Results'' is replaced with ``AS 2810.36.''
    j. In the second sentence of paragraph 17, the reference to ``AU
sec. 711, Filings Under Federal Securities Statutes'' is replaced with
``AS 4101, Responsibilities Regarding Filings Under Federal Securities
Statutes.''
    k. In the first sentence of paragraph 18, the reference to
``paragraphs 4-13'' is replaced with ``paragraphs .04-.13.''
    l. In paragraph 19a, the reference to ``paragraphs 12 and 13'' is
replaced with ``paragraphs .12 and .13.''
    m. In paragraph 19c, the reference to ``paragraph 8'' is replaced
with ``paragraph .08.''
    n. In the last sentence of paragraph 19, the reference to ``AU sec.
543, Part of Audit Performed by Other Independent Auditors,'' is
replaced with ``AS 1205, Part of the Audit Performed by Other
Independent Auditors.''
Auditing Standard No. 4, Reporting on Whether a Previously Reported
Material Weakness Continues to Exist
    Auditing Standard No. 4, Reporting on Whether a Previously Reported
Material Weakness Continues to Exist, as amended, is amended as
follows:
    a. The section number ``Auditing Standard No. 4'' is replaced with
``AS 6115.''
    b. Paragraph numbers 1 through 65 are replaced with .01 through
.65.
    c. In Note 1 to paragraph 1, the reference to ``Auditing Standard
No. 5'' is replaced with ``AS 2201.''
    d. In paragraph 2:
     In item (1), the reference to ``Auditing Standard No. 5,
An Audit of Internal Control Over Financial Reporting That Is
Integrated with An Audit of Financial Statements,'' is replaced with
``AS 2201.''
     In item (2), the reference to ``Auditing Standard No. 5''
is replaced with ``AS 2201.''
     The parenthetic reference to ``paragraph 26'' is replaced
with ``paragraph .26.''
     In the note, the reference to ``Auditing Standard No. 5,
An Audit of Internal Control Over Financial Reporting That Is
Integrated with An Audit of Financial Statements'' is replaced with
``AS 2201.''
    e. In the last sentence of paragraph 4, the reference to ``Auditing
Standard No. 5, An Audit of Internal Control Over Financial Reporting
That Is Integrated with An Audit of Financial Statements,'' is replaced
with ``AS 2201.''
    f. In paragraph 7e, the reference to ``paragraph 48'' is replaced
with ``paragraph .48.''
    g. In paragraph 8, the reference to ``paragraph 7'' is replaced
with ``paragraph .07.''

    h. In paragraph 9, the reference to ``Auditing Standard No. 5, An
Audit of Internal Control Over Financial Reporting That Is Integrated
with An Audit of Financial Statements'' is replaced with ``AS 2201.''
    i. In paragraph 10:
     In the first sentence, the reference to ``Paragraph 5 of
Auditing Standard No. 5, An Audit of Internal Control Over Financial
Reporting That Is Integrated with An Audit of Financial Statements,''
is replaced with ``AS 2201.05.''
     In the first sentence of the note, the reference to
``Auditing Standard No. 5, An Audit of Internal Control Over Financial
Reporting That Is Integrated with An Audit of Financial Statements,''
is replaced with ``AS 2201.''
    j. In paragraph 11, the reference to ``Auditing Standard No. 5, An
Audit of Internal Control Over Financial Reporting That Is Integrated
with An Audit of Financial Statements'' is replaced with ``AS 2201.''
    k. In footnote 2 to paragraph 13, the reference to ``paragraph 42
of Auditing Standard No. 5, An Audit of Internal Control Over Financial
Reporting That Is Integrated with An Audit of Financial Statements'' is
replaced with ``AS 2201.42.''
    l. In the last sentence of the note to paragraph 17, the reference
to ``Auditing Standard No. 5, An Audit of Internal Control Over
Financial Reporting That Is Integrated with An Audit of Financial
Statements'' is replaced with ``AS 2201.''
    m. In Note 2 to paragraph 18, the reference to ``Auditing Standard
No. 5, An Audit of Internal Control Over Financial Reporting That Is
Integrated with An Audit of Financial Statements'' is replaced with
``AS 2201.''
    n. In the first sentence of paragraph 23, the reference to
``paragraph 20 of Auditing Standard No. 5, An Audit of Internal Control
Over Financial Reporting That Is Integrated with An Audit of Financial
Statements'' is replaced with ``AS 2201.20.''
    o. In the last sentence of paragraph 24, the reference to
``paragraph 9 of Auditing Standard No. 5, An Audit of Internal Control
Over Financial Reporting That Is Integrated with An Audit of Financial
Statements'' is replaced with ``AS 2201.09.''
    p. In paragraph 25:
     In the last sentence, the reference to ``Auditing Standard
No. 5, An Audit of Internal Control Over Financial Reporting That Is
Integrated with An Audit of Financial Statements,'' is replaced with
``AS 2201.''
     In the note:
     Each reference to ``Auditing Standard No. 5, An Audit of
Internal Control Over Financial Reporting That Is Integrated with An
Audit of Financial Statements,'' is replaced with ``AS 2201.''
     In the second sentence, the reference to ``paragraphs 26a-
b and 27'' is replaced with ``paragraphs .26a-b and .27.''
     In the last sentence, the reference to ``paragraphs 26 and
27'' is replaced with ``paragraphs .26 and .27.''
    q. In paragraph 26:
     In the first sentence, the reference to ``paragraph 5'' is
replaced with ``paragraph .05.''
     In footnote 3, the reference to ``paragraph .02 of AU sec.
315, Communications Between Predecessor and Successor Auditors'' is
replaced with ``paragraph .02 of AS 2610, Initial Audits--
Communications Between Predecessor and Successor Auditors.''
    r. In the first sentence of paragraph 26a, the reference to
``paragraphs 22-27 of Auditing Standard No. 5, An Audit of Internal
Control Over Financial Reporting That Is Integrated with An Audit of
Financial Statements'' is replaced with ``AS 2201.22-.27.''
    s. In paragraph 26b, the reference to ``paragraphs 34-38 of
Auditing Standard No. 5, An Audit of Internal Control Over Financial
Reporting That Is Integrated with An Audit of Financial Statements,''
is replaced with ``AS 2201.34-.38.''
    t. In the first sentence of paragraph 26c, the reference to ``AU
sec. 315, Communications Between Predecessor and Successor Auditors''
is replaced with ``AS 2610.''
    u. In paragraph 27:
     In the first sentence, the reference to ``paragraph 26''
is replaced with ``paragraph .26.''
     In the last sentence, the reference to ``Auditing Standard
No. 5, An Audit of Internal Control Over Financial Reporting That Is
Integrated with An Audit of Financial Statements'' is replaced with
``AS 2201.''
    v. In the last sentence of paragraph 28, the reference to
``paragraph 7'' is replaced with ``paragraph .07.''
    w. In the last sentence of paragraph 31, the reference to
``paragraphs 42-43 of Auditing Standard No. 5, An Audit of Internal
Control Over Financial Reporting That Is Integrated with An Audit of
Financial Statements'' is replaced with ``AS 2201.42-.43.''
    x. In paragraph 32:
     In the first sentence, the reference to ``paragraphs 44-45
of Auditing Standard No. 5, An Audit of Internal Control Over Financial
Reporting That Is Integrated with An Audit of Financial Statements'' is
replaced with ``AS 2201.44-.45.''
     In the last sentence, the reference to ``paragraphs 50-54
of Auditing Standard No. 5'' is replaced with ``AS 2201.50-.54.''
    y. In the third sentence of paragraph 33, the reference to
``paragraphs 22-24 of Auditing Standard No. 5, An Audit of Internal
Control Over Financial Reporting That Is Integrated with An Audit of
Financial Statements'' is replaced with ``AS 2201.22-.24.''
    z. In paragraph 35, the reference to ``Auditing Standard No. 5, An
Audit of Internal Control Over Financial Reporting That Is Integrated
with An Audit of Financial Statements,'' is replaced with ``AS 2201.''
    aa. In the last sentence of paragraph 36, the reference to
``paragraphs 16-19 of Auditing Standard No. 5, An Audit of Internal
Control Over Financial Reporting That Is Integrated with An Audit of
Financial Statements'' is replaced with ``AS 2201.16-.19.''
    bb. In the first sentence of paragraph 38, the reference to
``Paragraphs 18-19 of Auditing Standard No. 5, An Audit of Internal
Control Over Financial Reporting That Is Integrated with An Audit of
Financial Statements,'' is replaced with ``AS 2201.18-.19.''
    cc. In the first sentence of paragraph 40, the reference to ``AU
sec. 543, Part of Audit Performed by Other Independent Auditors'' is
replaced with ``AS 1205, Part of the Audit Performed by Other
Independent Auditors.''
    dd. In the first sentence of the note to paragraph 43, the
reference to ``paragraph 51'' is replaced with ``paragraph .51.''
    ee. In the second sentence of paragraph 46, the reference to
``paragraph 43'' is replaced with ``paragraph .43.''
    ff. In paragraph 47:
     In the first sentence, the reference to ``Auditing
Standard No. 3'' is replaced with ``AS 1215.''
     In the second sentence, the reference to ``Paragraph 14 of
Auditing Standard No. 3'' is replaced with ``AS 1215.14.''
     In the third sentence, the reference to ``paragraph 29''
is replaced with ``paragraph .29.''
     In the last sentence, the reference to ``Auditing Standard
No. 3'' is replaced with ``AS 1215.''
    gg. In the first sentence of paragraph 48, the reference to
``paragraph 7e'' is replaced with ``paragraph .07e.''
    hh. In paragraph 50, the reference to ``paragraph 48'' is replaced
with ``paragraph .48.''
    ii. In the first sentence of the note to paragraph 51b, the
reference to ``Auditing Standard No. 5, An Audit of Internal Control
Over Financial Reporting That Is Integrated with An

Audit of Financial Statements'' is replaced with ``AS 2201.''
    jj. In the note to paragraph 51g, the reference to ``paragraph 31''
is replaced with ``paragraph .31.''
    kk. In the first sentence of the note to paragraph 51l, the
reference to ``Auditing Standard No. 5, An Audit of Internal Control
Over Financial Reporting That Is Integrated with An Audit of Financial
Statements'' is replaced with ``AS 2201.''
    ll. In the note to paragraph 51o, the reference to ``Auditing
Standard No. 5, An Audit of Internal Control Over Financial Reporting
That Is Integrated with An Audit of Financial Statements'' is replaced
with ``AS 2201.''
    mm. In the first sentence of paragraph 52, the reference to
``Auditing Standard No. 5, An Audit of Internal Control Over Financial
Reporting That Is Integrated with An Audit of Financial Statements,''
is replaced with ``AS 2201.''
    nn. In paragraph 53:
     In the first sentence, the reference to ``paragraph 3'' is
replaced with ``paragraph .03.''
     In the last sentence, the reference to ``paragraph 51'' is
replaced with ``paragraph .51.''
    oo. In paragraph 54a, the parenthetic reference to ``paragraph 56''
is replaced with ``paragraph .56.''
    pp. In paragraph 54b, the parenthetic reference to ``paragraphs 57
and 58'' is replaced with ``paragraphs .57 and .58.''
    qq. In paragraph 54c, the parenthetic reference to ``paragraphs 59
through 60'' is replaced with ``paragraphs .59 through .60.''
    rr. In the first sentence of paragraph 55, the reference to
``paragraph 43'' is replaced with ``paragraph .43.''
    ss. In the third sentence of paragraph 57, the reference to
``paragraph 44'' is replaced with ``paragraph .44.''
    tt. In the first sentence of paragraph 58, the reference to
``paragraph 61'' is replaced with ``paragraph .61.''
    uu. In the first sentence of paragraph 59, the reference to
``paragraph 48'' is replaced with ``paragraph .48.''
    vv. In the note to paragraph 60, each reference to ``paragraph 59''
is replaced with ``paragraph .59.''
    ww. In the first sentence of paragraph 62, the reference to
``paragraph 55'' is replaced with ``paragraph .55.''
    xx. In paragraph 63, the reference to ``paragraphs 7 and 29-32 of
AU sec. 722, Interim Financial Information'' is replaced with
``paragraphs .07 and .29-.32 of AS 4105, Reviews of Interim Financial
Information.''
    yy. In paragraph 64:
     In the second sentence, the reference to ``paragraph 56''
is replaced with ``paragraph .56.''
     In the last sentence, the reference to ``paragraphs 7 and
29-32 of AU 722, Interim Financial Information'' is replaced with ``AS
4105.07 and AS 4105.29-.32.''
    zz. In Appendix A, in the first sentence of the first paragraph,
the reference to ``Paragraphs 51 through 60'' is replaced with
``Paragraphs .51 through .60.''
Auditing Standard No. 5, An Audit of Internal Control Over Financial
Reporting That Is Integrated with An Audit of Financial Statements
    Auditing Standard No. 5, An Audit of Internal Control Over
Financial Reporting That Is Integrated with An Audit of Financial
Statements, as amended, is amended as follows:
    a. The section number ``Auditing Standard No. 5'' is replaced with
``AS 2201.''
    b. Paragraph numbers 1 through 98 are replaced with .01 through
.98.
    c. In footnote 3 to paragraph 2, the reference to ``Paragraph A5''
is replaced with ``Paragraph .A5.''
    d. In footnote 5 to paragraph 3, the reference to ``AU sec. 230''
is replaced with ``AS 1015.''
    e. In paragraph 4:
     In the first sentence, the phrase ``The general
standards'' is replaced with the phrase ``The standards, AS 1005,
Independence, AS 1010, Training and Proficiency of the Independent
Auditor, and AS 1015, Due Professional Care in the Performance of
Work,.''
     Footnote 6 is deleted.
    f. In paragraph 14:
     In the second sentence:
     The reference to ``paragraph 22'' is replaced with
``paragraph .22.''
     The reference to ``paragraph 39'' is replaced with
``paragraph .39.''
     In footnote 10, the reference to ``Auditing Standard No.
12'' is replaced with ``AS 2110.''
     In footnote 10A to the first bullet, the reference to ``AU
sec. 316'' is replaced with ``AS 2401.''
    g. In paragraph 15, the reference to ``paragraphs 65-69 of Auditing
Standard No. 12, Identifying and Assessing Risks of Material
Misstatement'' is replaced with ``AS 2110.65-.69.''
    h. In the last sentence of paragraph 16, the reference to ``AU sec.
322, The Auditor's Consideration of the Internal Audit Function in an
Audit of Financial Statements'' is replaced with ``AS 2605,
Consideration of the Internal Audit Function.''
    i. In the third sentence of paragraph 18, the reference to
``paragraphs .09 through .11 of AU sec. 322'' is replaced with ``AS
2605.09 through .11.''
    j. In footnote 11 to paragraph 20, the reference to ``Auditing
Standard No. 11'' is replaced with ``AS 2105.''
    k. In footnote 12 to paragraph 28, the reference to ``Auditing
Standard No. 15'' is replaced with ``AS 1105.''
    l. In footnote 13 to the note to paragraph 31:
     The first parenthetic reference to ``paragraph 14 of
Auditing Standard No. 14'' is replaced with ``paragraph .14 of AS
2810.''
     The second parenthetic reference to ``paragraph 61 and
paragraph 5 of Auditing Standard No. 13'' is replaced with ``paragraph
.61 and paragraph .05 of AS 2301.''
    m. In paragraph 35:
     The reference to ``paragraph 34'' is replaced with
``paragraph .34.''
     The reference to ``AU sec. 322'' is replaced with ``AS
2605.''
    n. In the second sentence of paragraph 36:
     The reference to ``paragraph 29'' is replaced with
``paragraph .29.''
     The reference to ``Auditing Standard No. 12, Identifying
and Assessing Risks of Material Misstatement'' is replaced with ``AS
2110.''
    o. In the first sentence of paragraph 37, the reference to
``paragraph 34'' is replaced with ``paragraph .34.''
    p. In paragraph 53, the parenthetic reference to ``paragraph B1''
is replaced with ``paragraph .B1.''
    q. In the last sentence of paragraph 57, the reference to
``paragraphs 46 through 56'' is replaced with ``paragraphs .46 through
.56.''
    r. In paragraph 58, the reference to ``paragraph 47'' is replaced
with ``paragraph .47.''
    s. In the first sentence of paragraph 59, the reference to
``paragraphs 47 and 58'' is replaced with ``paragraphs .47 and .58.''
    t. In the last sentence of paragraph 60, the reference to
``paragraph B28'' is replaced with ``paragraph .B28.''
    u. In paragraph 73, the reference to ``paragraph C2'' is replaced
with ``paragraph .C2.''
    v. In paragraph 74, the parenthetic reference to ``paragraphs C3
through C7'' is replaced with ``paragraphs .C3 through .C7.''
    w. In paragraph 75g, the reference to ``paragraphs 78 and 80'' is
replaced with ``paragraphs .78 and .80.''
    x. In paragraph 76, the reference to ``paragraph C3'' is replaced
with ``paragraph .C3.''
    y. In paragraph 77, the reference to ``AU sec. 333'' is replaced
with ``AS 2805.''
    z. In the last sentence of paragraph 84:
     The reference to ``AU sec. 316, Consideration of Fraud in
a Financial

Statement Audit'' is replaced with ``AS 2401.''
     The reference to ``AU sec. 317'' is replaced with ``AS
2405.''
    aa. In paragraph 85e, the reference to ``paragraph A5'' is replaced
with ``paragraph .A5.''
    bb. In paragraph 90:
     In the first sentence, the reference to ``Paragraphs 62
through 70'' is replaced with ``Paragraphs .62 through .70.''
     In footnote 19, the reference to ``paragraph C3'' is
replaced with ``paragraph .C3.''
    cc. In the first bullet of paragraph 91, the reference to
``paragraph A7'' is replaced with ``paragraph .A7.''
    dd. In the first sentence of the note to paragraph 92, the
reference to ``paragraphs 88 and 91'' is replaced with ``paragraphs .88
and .91.''
    ee. In the last sentence of paragraph 93, the reference to
``paragraph 75h'' is replaced with ``paragraph .75h.''
    ff. In the second sentence of paragraph 95, the reference to ``AU
sec. 560'' is replaced with ``AS 2801.''
    gg. In paragraph 96:
     The parenthetic reference to ``paragraph C2'' is replaced
with ``paragraph .C2.''
     In the last sentence, the reference to ``paragraph C13''
is replaced with ``paragraph .C13.''
    hh. In the last sentence of paragraph 98, the reference to ``AU
sec. 561'' is replaced with ``AS 2905.''
    ii. In Appendix A, paragraph numbers A1 through A11 are replaced
with .A1 through .A11.
    jj. In Appendix B, paragraph numbers B1 through B33 are replaced
with .B1 through .B33.
    kk. In the first sentence of paragraph B5, the reference to
``paragraph B2'' is replaced with ``paragraph .B2.''
    ll. In paragraph B13, the reference to ``paragraph 61'' is replaced
with ``paragraph .61.''
    mm. In the fifth sentence of paragraph B16, the reference to ``AU
sec. 722, Interim Financial Information'' is replaced with ``AS 4105,
Reviews of Interim Financial Information.''
    nn. In paragraph B17:
     In the first sentence, the reference to ``AU sec. 324,
Service Organizations,'' is replaced with ``AS 2601, Consideration of
an Entity's Use of a Service Organization.''
     In the last sentence, the reference to ``AU sec. 324'' is
replaced with ``AS 2601.''
    oo. In the first sentence of paragraph B18, the reference to ``AU
sec. 324.03'' is replaced with ``AS 2601.03.''
    pp. In the first sentence of paragraph B19, the reference to ``AU
sec. 324.07'' is replaced with ``AS 2601.07.''
    qq. In the first sentence of paragraph B20, the reference to ``AU
sec. 324.12'' is replaced with ``AS 2601.12.''
    rr. In the note to paragraph B20a:
     In the first sentence, the parenthetic reference to ``AU
sec. 324.24b'' is replaced with ``AS 2601.24b.''
     In the second sentence, the parenthetic reference to ``AU
sec. 324.24a'' is replaced with ``AS 2601.24a.''
     In the last sentence, the reference to ``AU sec. 324'' is
replaced with ``AS 2601.''
    ss. In the note to paragraph B21, the reference to ``AU sec.
324.16'' is replaced with ``AS 2601.16.''
    tt. In the last sentence of paragraph B23, the reference to ``AU
sec. 543, Part of Audit Performed by Other Independent Auditors'' is
replaced with ``AS 1205, Part of the Audit Performed by Other
Independent Auditors.''
    uu. In Appendix C, paragraph numbers C1 through C17 are replaced
with .C1 through .C17.
    vv. In the last sentence of paragraph C2, the reference to
``paragraph 91'' is replaced with ``paragraph .91.''
    ww. In paragraph C4, the parenthetic reference to ``paragraph 85''
is replaced with ``paragraph .85.''
    xx. In paragraph C5:
     In the first bullet, the reference to ``paragraph A7'' is
replaced with ``paragraph .A7.''
     In the last sentence of the second bullet, the reference
to ``paragraph 91'' is replaced with ``paragraph .91.''
    yy. In the note to paragraph C6, the reference to ``paragraph 89''
is replaced with ``paragraph .89.''
    zz. In the second sentence of paragraph C8, the reference to ``AU
sec. 543, Part of Audit Performed by Other Independent Auditors'' is
replaced with ``AS 1205, Part of the Audit Performed by Other
Independent Auditors.''
    aaa. In the last sentence of paragraph C9, the reference to ``AU
sec. 543'' is replaced with ``AS 1205.''
    bbb. In footnote 1 to paragraph C10, the reference to ``paragraph
B15'' is replaced with ``paragraph .B15.''
    ccc. In paragraph C12, the reference to ``paragraph 72'' is
replaced with ``paragraph .72.''
    ddd. In paragraph C14:
     In the last sentence, the reference to ``AU sec. 317'' is
replaced with ``AS 2405.''
     In the first sentence of the note, the reference to
``paragraph C12'' is replaced with ``paragraph .C12.''
    eee. In paragraph C15:
     In the first sentence, the reference to ``AU sec. 722,
Interim Financial Information'' is replaced with ``AS 4105, Reviews of
Interim Financial Information.''
     In the last sentence, the reference to ``AU sec. 722'' is
replaced with ``AS 4105.''
    fff. In paragraph C16:
     In the first sentence, the reference to ``AU sec. 711,
Filings Under Federal Securities Statutes'' is replaced with ``AS 4101,
Responsibilities Regarding Filings Under Federal Securities Statutes.''
     In the second sentence, the reference to ``AU sec. 711''
is replaced with ``AS 4101.''
     In the last sentence, the reference to ``AU sec. 711.10''
is replaced with ``AS 4101.10.''
Auditing Standard No. 6, Evaluating Consistency of Financial Statements
    Auditing Standard No. 6, Evaluating Consistency of Financial
Statements, as amended, is amended as follows:
    a. The section number ``Auditing Standard No. 6'' is replaced with
``AS 2820.''
    b. In the references before paragraph 1, the phrase ``Supersedes AU
secs. 420 and 9420'' is deleted.
    c. Paragraph numbers 1 through 11 are replaced with .01 through
.11.
    d. In paragraph 8:
     In the second sentence, the reference to ``paragraph 7''
is replaced with ``paragraph .07.''
     Each reference to ``AU sec. 508'' is replaced with ``AS
3101.''
     In the last sentence of the note, the reference to ``AU
sec. 508'' is replaced with ``AS 3101.''
    e. In paragraph 9, the reference to ``AU sec. 508'' is replaced
with ``AS 3101.''
    f. In the last sentence of paragraph 10:
     The reference to ``paragraph 31'' is replaced with
``paragraph .31.''
     The reference to ``Auditing Standard No. 14'' is replaced
with ``AS 2810.''
     The reference to ``AU sec. 508'' is replaced with ``AS
3101.''
    g. In paragraph 11:
     In the fifth sentence, the reference to ``paragraphs 7 and
8 and AU sec. 508'' is replaced with ``paragraphs .07 and .08 and AS
3101.''
     In the last sentence, the reference to ``paragraphs 9 and
10 and AU sec. 508'' is replaced with ``paragraphs .09 and .10 and AS
3101.''
Auditing Standard No. 7, Engagement Quality Review
    Auditing Standard No. 7, Engagement Quality Review, as amended, is
amended as follows:
    a. The section number ``Auditing Standard No. 7'' is replaced with
``AS 1220.''
    b. In the references before paragraph 1, the phrase ``Supersedes
SECPS

Requirements of Membership Sec.  1000.08(f).'' is deleted.
    c. Paragraph numbers 1 through 21 are replaced with .01 through
.21.
    d. In paragraph 1, the phrase ``a review interim financial
information'' is replaced with ``a review of interim financial
information.''
    e. In the last sentence of footnote 1 to paragraph 2, the reference
to ``AU section (``sec.'') 722, Interim Financial Information'' is
replaced with ``AS 4105, Reviews of Interim Financial Information.''
    f. In the last sentence of paragraph 9, the reference to
``paragraphs 10 and 11'' is replaced with ``paragraphs .10 and .11.''
    g. In footnote 4 to paragraph 10e, the reference to ``Paragraph 13
of PCAOB Auditing Standard No. 3'' is replaced with ``Paragraph .13 of
AS 1215.''
    h. In footnote 5 to paragraph 10g:
     The reference to ``AU sec. 550'' is replaced with ``AS
2710.''
     The reference to ``AU sec. 711, Filings Under Federal
Securities Statutes'' is replaced with ``AS 4101, Responsibilities
Regarding Filings Under Federal Securities Statutes.''
    i. In the first sentence of paragraph 11, the reference to
``paragraph 10'' is replaced with ``paragraph .10.''
    j. In footnote 6 to paragraph 12, the reference to ``AU sec. 230''
is replaced with ``AS 1015.''
    k. In the last sentence of paragraph 14, the reference to
``paragraphs 15 and 16'' is replaced with ``paragraphs .15 and .16.''
    l. In paragraph 15c, the reference to ``paragraphs 10.d and 10.e''
are replaced with ``paragraphs .10d and .10e.''
    m. In footnote 8 to paragraph 15e:
     The reference to ``AU sec. 722.18f'' is replaced with ``AS
4105.18f.''
     The reference to ``AU sec. 711'' is replaced with ``AS
4101.''
    n. In paragraph 15f, the reference to ``paragraphs 10.h and 10.i''
are replaced with ``paragraphs .10h and .10i.''
    o. In paragraph 16, the reference to ``paragraph 15'' is replaced
with ``paragraph .15.''
    p. In paragraph 21, the reference to ``PCAOB Auditing Standard No.
3, Audit Documentation,'' is replaced with ``AS 1215.''
Auditing Standard No. 8, Audit Risk
    Auditing Standard No. 8, Audit Risk, is amended as follows:
    a. The section number ``Auditing Standard No. 8'' is replaced with
``AS 1101.''
    b. Paragraph numbers 1 through 11 are replaced with .01 through
.11.
    c. In the first sentence of footnote 1 to paragraph 1, the
reference to ``Auditing Standard No. 5'' is replaced with ``AS 2201.''
    d. In paragraph 3:
     In footnote 2, the reference to ``Auditing Standard No.
14'' is replaced with ``AS 2810.''
     In footnote 3:
     The reference to ``AU sec. 110'' is replaced with ``AS
1001.''
     The reference to ``AU sec. 230'' is replaced with ``AS
1015.''
    e. In paragraph 5:
     In the last sentence, the reference to ``Auditing Standard
No. 12'' is replaced with ``AS 2110.''
     In footnote 4, the reference to ``Auditing Standard No.
15'' is replaced with ``AS 1105.''
     In footnote 5, the reference to ``Paragraph 59 of Auditing
Standard No. 12'' is replaced with ``AS 2110.59.''
    f. In paragraph 8:
     In footnote 6, the reference to ``Paragraph 59.a. of
Auditing Standard No. 12'' is replaced with ``AS 2110.59a.''
     In footnote 7, the reference to ``Paragraphs 32-34 of
Auditing Standard No. 13'' is replaced with ``Paragraphs .32-.34 of AS
2301.''
    g. In footnote 8 to paragraph 11, the reference to ``Paragraph 37
of Auditing Standard No. 13'' is replaced with ``AS 2301.37.''
Auditing Standard No. 9, Audit Planning
    Auditing Standard No. 9, Audit Planning, as amended, is amended as
follows:
    a. The section number ``Auditing Standard No. 9'' is replaced with
``AS 2101.''
    b. Paragraph numbers 1 through 19 are replaced with .01 through
.19.
    c. In the second sentence of footnote 3 to paragraph 6a, the
reference to ``AU sec. 161, The Relationship of Generally Accepted
Auditing Standards to Quality Control Standards'' is replaced with ``AS
1110, Relationship of Auditing Standards to Quality Control
Standards.''
    d. In paragraph 6c, the reference to ``Auditing Standard No. 16''
is replaced with ``AS 1301.''
    e. In paragraph 7:
     In the second sentence, the reference to ``paragraphs 8-
10'' is replaced with ``paragraphs .08-.10.''
     In footnote 5, the reference to ``Auditing Standard No.
11'' is replaced with ``AS 2105.''
    f. In the first sentence of footnote 7 to paragraph 9a, the
reference to ``Auditing Standard No. 16, Communications with Audit
Committees'' is replaced with ``AS 1301.''
    g. In footnote 8 to paragraph 9b, the reference to ``paragraph 6 of
Auditing Standard No. 10'' is replaced with ``paragraph .06 of AS
1201.''
    h. In paragraph 9c:
     The reference to ``paragraph 7'' is replaced with
``paragraph .07.''
     In footnote 9, the reference to ``Paragraph 6'' is
replaced with ``Paragraph .06.''
    i. In footnote 10 to paragraph 9d:
     The reference to ``AU sec. 230'' is replaced with ``AS
1015.''
     The reference to ``paragraph 16'' is replaced with
``paragraph .16.''
     The reference to ``paragraph 5.a.'' is replaced with
``paragraph .05a.''
     The reference to ``Auditing Standard No. 13'' is replaced
with ``AS 2301.''
    j. In footnote 11 to paragraph 10a, the reference to ``Auditing
Standard No. 12'' is replaced with ``AS 2110.''
    k. In footnote 12 to paragraph 10b:
     The reference to ``Auditing Standard No. 13'' is replaced
with ``AS 2301.''
     The reference to ``Auditing Standard No. 5'' is replaced
with ``AS 2201.''
    l. In footnote 14 to paragraph 12a, the reference to ``AU sec.
316'' is replaced with ``AS 2401.''
    m. In footnote 15 to paragraph 12b, the reference to ``Paragraph 10
of Auditing Standard No. 11'' is replaced with ``AS 2105.10.''
    n. In the note to paragraph 12g:
     The reference to ``Auditing Standard No. 5'' is replaced
with ``AS 2201.''
     In footnote 17, the reference to ``Paragraphs B10-B16 of
Auditing Standard No. 5'' is replaced with ``AS 2201.B10-.B16.''
    o. In paragraph 13:
     In the first sentence:
     The reference to ``AU sec. 322, The Auditor's
Consideration of the Internal Audit Function in an Audit of Financial
Statements'' is replaced with ``AS 2605, Consideration of the Internal
Audit Function.''
     The reference to ``Auditing Standard No. 5'' is replaced
with ``AS 2201.''
     In the last sentence:
     The reference to ``AU sec. 322'' is replaced with ``AS
2605.''
     The reference to ``Auditing Standard No. 5'' is replaced
with ``AS 2201.''
    p. In paragraph 14:
     In the first sentence, the reference to ``AU sec. 543,
Part of Audit Performed by Other Independent Auditors'' is replaced
with ``AS 1205, Part of the Audit Performed by Other Independent
Auditors.''
     In the last sentence, the reference to ``paragraphs 11-
13'' is replaced with ``paragraphs .11-.13.''

     In footnote 18, the reference to ``paragraphs C8-C11 of
Auditing Standard No. 5'' is replaced with ``AS 2201.C8-.C11.''
    q. In paragraph 18b, the reference to ``AU sec. 315, Communications
Between Predecessor and Successor Auditors'' is replaced with ``AS
2610, Initial Audits--Communications Between Predecessor and Successor
Auditors.''
    r. In footnote 19 to paragraph 19, the reference to ``paragraph 3
of Auditing Standard No. 6'' is replaced with ``paragraph .03 of AS
2820.''
    s. In Appendix A, paragraph numbers A1 through A2 are replaced with
.A1 through .A2.
Auditing Standard No. 10, Supervision of the Audit Engagement
    Auditing Standard No. 10, Supervision of the Audit Engagement, is
amended as follows:
    a. The section number ``Auditing Standard No. 10'' is replaced with
``AS 1201.''
    b. Paragraph numbers 1 through 6 are replaced with .01 through .06.
    c. In paragraph 3:
     In the last sentence, the reference to ``Paragraphs 5-6''
is replaced with ``Paragraphs .05-.06.''
     In footnote 2, the reference to ``AU sec. 336'' is
replaced with ``AS 1210.''
     In footnote 3, the reference to ``AU sec. 543, Part of
Audit Performed by Other Independent Auditors'' is replaced with ``AS
1205, Part of the Audit Performed by Other Independent Auditors.''
     In footnote 4, the reference to ``AU sec. 322, The
Auditor's Consideration of the Internal Audit Function in an Audit of
Financial Statements'' is replaced with ``AS 2605, Consideration of the
Internal Audit Function.''
     In footnote 5, the reference to ``Paragraphs 16-19 of
Auditing Standard No. 5'' is replaced with ``Paragraphs .16-.19 of AS
2201.''
     In footnote 6, the reference to ``AU sec. 230'' is
replaced with ``AS 1015.''
    d. In paragraph 5a:
     In footnote 7 to paragraph 5a:
     The reference to ``AU sec. 230.06'' is replaced with ``AS
1015.06.''
     The reference to ``paragraph 5 of Auditing Standard No.
13'' is replaced with ``paragraph .05 of AS 2301.''
     In footnote 8 to item (3), the reference to ``Auditing
Standard No. 12'' is replaced with ``AS 2110.''
    e. In footnote 9 to paragraph 5b:
     The reference to ``paragraph 15 of Auditing Standard No.
9'' is replaced with ``paragraph .15 of AS 2101.''
     The reference to ``paragraph 74 of Auditing Standard No.
12'' is replaced with ``AS 2110.74.''
     The reference to ``paragraphs 20-23 and 35-36 of Auditing
Standard No. 14'' is replaced with ``paragraphs .20-.23 and .35-.36 of
AS 2810.''
    f. In the note to paragraph 5, the reference to ``AU sec. 230'' is
replaced with ``AS 1015.''
    g. In footnote 10 to item (3) of paragraph 5c:
     The reference to ``Auditing Standard No. 14'' is replaced
with ``AS 2810.''
     The reference to ``Auditing Standard No. 3'' is replaced
with ``AS 1215.''
    h. In footnote 11 to paragraph 6a, the reference to ``Paragraph 10
of Auditing Standard No. 12'' is replaced with ``AS 2110.10.''
    i. In footnote 12 to paragraph 6d:
     The reference to ``paragraph 5.a. of Auditing Standard No.
13'' is replaced with ``AS 2301.05a.''
     The reference to ``AU sec. 230.06'' is replaced with ``AS
1015.06.''
    j. In the note to paragraph 6:
     The reference to ``paragraph 5 of Auditing Standard No.
13, The Auditor's Responses to the Risks of Material Misstatement,'' is
replaced with ``AS 2301.05.''
     In footnote 13, the reference to ``Paragraph 5.b. of
Auditing Standard No. 13'' is replaced with ``AS 2301.05b.''
    k. In Appendix A, paragraph numbers A1 and A2 are replaced with .A1
and .A2.
Auditing Standard No. 11, Consideration of Materiality in Planning and
Performing an Audit
    Auditing Standard No. 11, Consideration of Materiality in Planning
and Performing an Audit, is amended as follows:
    a. The section number ``Auditing Standard No. 11'' is replaced with
``AS 2105.''
    b. Paragraph numbers 1 through 12 are replaced with .01 through
.12.
    c. In footnote 1 to paragraph 1, the reference to ``Auditing
Standard No. 14'' is replaced with ``AS 2810.''
    d. In paragraph 3:
     In the third sentence, the reference to ``Auditing
Standard No. 14'' is replaced with ``AS 2810.''
     In footnote 4, the reference to ``Auditing Standard No.
14'' is replaced with ``AS 2810.''
    e. In paragraph 4:
     The reference to ``Auditing Standard No. 5'' is replaced
with ``AS 2201.''
     In footnote 5, the reference to ``Paragraph 20 of Auditing
Standard No. 5'' is replaced with ``AS 2201.20.''
    f. In paragraph 12:
     In the note, the reference to ``Auditing Standard No. 14''
is replaced with ``AS 2810.''
     In footnote 6 to the note, the reference to ``Paragraph 17
of Auditing Standard No. 14'' is replaced with ``AS 2810.17.''
Auditing Standard No. 12, Identifying and Assessing Risks of Material
Misstatement
    Auditing Standard No. 12, Identifying and Assessing Risks of
Material Misstatement, is amended as follows:
    a. The section number ``Auditing Standard No. 12'' is replaced with
``AS 2110.''
    b. Paragraph numbers 1 through 74 are replaced with .01 through
.74.
    c. In footnote 1 to paragraph 1, the reference to ``Paragraphs 5-8
of Auditing Standard No. 8'' is replaced with ``Paragraphs .05-.08 of
AS 1101.''
    d. In paragraph 2:
     In the first sentence, the reference to ``Paragraphs 4-
58'' is replaced with ``Paragraphs .04-.58.''
     In the last sentence, the reference to ``Paragraphs 59-
73'' is replaced with ``Paragraphs .59-.73.''
    e. In paragraph 4:
     In footnote 3:
     In the first sentence, the reference to ``AU sec. 316'' is
replaced with ``AS 2401.''
     In the last sentence, the reference to ``Auditing Standard
No. 18'' is replaced with ``AS 2410.''
     In footnote 4, the reference to ``Auditing Standard No.
15'' is replaced with ``AS 1105.''
    f. In paragraph 5a, the parenthetic reference to ``paragraphs 7-
17'' is replaced with ``paragraphs .07-.17.''
    g. In paragraph 5b, the parenthetic reference to ``paragraphs 18-
40'' is replaced with ``paragraphs .18-.40.''
    h. In paragraph 5c, the parenthetic reference to ``paragraphs 41-
45'' is replaced with ``paragraphs .41-.45.''
    i. In paragraph 5d, the parenthetic reference to ``paragraphs 46-
48'' is replaced with ``paragraphs .46-.48.''
    j. In paragraph 5e, the parenthetic reference to ``paragraphs 49-
53'' is replaced with ``paragraphs .49-.53.''
    k. In paragraph 5f:
     The parenthetic reference to ``paragraphs 54-58'' is
replaced with ``paragraphs .54-.58.''
     In footnote 5 to the note, the reference to ``Paragraph 11
of Auditing Standard No. 15'' is replaced with ``AS 1105.11.''
    l. In footnote 7 to paragraph 9, the reference to ``AU sec. 317''
is replaced with ``AS 2405.''
    m. In paragraph 11:
     The reference to ``paragraph 7'' is replaced with
``paragraph .07.''

     In the third bullet, the reference to ``paragraph 10A'' is
replaced with ``paragraph .10A.''
    n. In footnote 7A to the fifth bullet in paragraph 13, the
reference to ``AU secs. 316.66-.67A'' is replaced with ``AS
2401.66-.67A.''
    o. In footnote 8 to paragraph 18, the reference to ``Paragraphs 21-
22'' is replaced with ``Paragraphs .21-.22.''
    p. In paragraph 19:
     In footnote 9, the reference to ``Paragraph 13 of Auditing
Standard No. 5'' is replaced with ``Paragraph .13 of AS 2201.''
     In footnote 10 to the note, the reference to ``Paragraph
10 of Auditing Standard No. 15'' is replaced with ``AS 1105.10.''
    q. In paragraph 20:
     In the last sentence of the first note, the reference to
``paragraphs 37-38'' is replaced with ``paragraphs .37-.38.''
     In the last sentence of the second note, the reference to
``paragraphs 37-38'' is replaced with ``paragraphs .37-.38.''
    r. In paragraph 22:
     In the third sentence, the reference to ``Auditing
Standard No. 5'' is replaced with ``AS 2201.''
     In the last sentence, the reference to ``paragraphs 23-
36'' is replaced with ``paragraphs .23-.36.''
     In footnote 13, the reference to ``Paragraph 5 of Auditing
Standard No. 5'' is replaced with ``AS 2201.05.''
    s. In the note to paragraph 24:
     In the first sentence, the reference to ``paragraph 23''
is replaced with ``paragraph .23.''
     In the last sentence, the reference to ``Auditing Standard
No. 5'' is replaced with ``AS 2201.''
     In footnote 14, the reference to ``Paragraph 25 of
Auditing Standard No. 5'' is replaced with ``AS 2201.25.''
    t. In paragraph 25:
     The reference to ``paragraphs 65-66'' is replaced with
``paragraphs .65-.66.''
     In footnote 15, the reference to ``Paragraph A3 of
Auditing Standard No. 5'' is replaced with ``AS 2201.A3.''
    u. In paragraph 32:
     The reference to ``paragraph 28.e.'' is replaced with
``paragraph .28e.''
     In footnote 17, the reference to ``Paragraphs 12-13'' is
replaced with ``Paragraphs .12-.13.''
    v. In paragraph 34:
     In the first sentence, the reference to ``paragraph 18''
is replaced with ``paragraph .18.''
     In footnote 18, the reference to ``paragraph B5'' is
replaced with ``paragraph .B5.''
    w. In footnote 19 to paragraph 35, the reference to ``AU sec. 322,
The Auditor's Consideration of the Internal Audit Function in an Audit
of Financial Statements'' is replaced with ``AS 2605, Consideration of
the Internal Audit Function.''
    x. In paragraph 37:
     In the first sentence, the reference to ``paragraph 20''
is replaced with ``paragraph .20.''
     In the first and last sentences of the note, the
references to ``Auditing Standard No. 5'' are replaced with ``AS
2201.''
     In footnote 20 to the note, the reference to ``paragraphs
34-38 of Auditing Standard No. 5'' is replaced with ``AS 2201.34-.38.''
    y. In paragraph 39:
     In the first sentence, the reference to ``paragraph 18''
is replaced with ``paragraph .18.''
     In footnote 21, the reference to ``Paragraphs 16-35 of
Auditing Standard No. 13'' is replaced with ``Paragraphs .16-.35 of AS
2301.''
     In footnote 22, the reference to ``Paragraph B1 of
Auditing Standard No. 5'' is replaced with ``AS 2201.B1.''
    z. In paragraph 40:
     In the first sentence, the reference to ``Auditing
Standard No. 5'' is replaced with ``AS 2201.''
     In footnote 23, the reference to ``Paragraph 22 of
Auditing Standard No. 5'' is replaced with ``AS 2201.22.''
     In footnote 24, the reference to ``paragraph 24 of
Auditing Standard No. 5'' is replaced with ``AS 2201.24.''
    aa. In the last sentence of paragraph 41, the reference to
``paragraph 59'' is replaced with ``paragraph .59.''
    bb. In paragraph 42, the reference to ``paragraph 8'' is replaced
with ``paragraph .08.''
    cc. In paragraph 44, the reference to ``AU sec. 722, Interim
Financial Information'' is replaced with ``AS 4105, Reviews of Interim
Financial Information.''
    dd. In footnote 26 to paragraph 45, the reference to ``Paragraph 7
of Auditing Standard No. 9'' is replaced with ``Paragraph .07 of AS
2101.''
    ee. In the last sentence of paragraph 47, the reference to ``AU
sec. 722'' is replaced with ``AS 4105.''
    ff. In paragraph 49:
     In footnote 28 to the first note to paragraph 49, the
reference to ``Paragraphs 52-53'' is replaced with ``Paragraphs
.52-.53.''
     In the second note, the reference to ``paragraph 67'' is
replaced with ``paragraph .67.''
    gg. In footnote 29 to paragraph 51, the reference to ``paragraph 29
of Auditing Standard No. 14'' is replaced with ``paragraph .29 of AS
2810.''
    hh. In paragraph 53:
     In the first bullet, the reference to ``AU sec. 316'' is
replaced with ``AS 2401.''
     In footnote 30 to the first bullet, the reference to ``AU
sec. 316.13'' is replaced with ``AS 2401.13.''
     In the second bullet, the parenthetic reference to
``Auditing Standard No. 14'' is replaced with ``AS 2810.''
     In footnote 31 to the third bullet, the reference to
``Paragraphs 20-23 of Auditing Standard No. 14'' is replaced with ``AS
2810.20-.23.''
    ii. In footnote 31A to Item a(8) of paragraph 56, the reference to
``AU secs. 316.66-67A'' is replaced with ``AS 2401.66-.67A.''
    jj. In paragraph 59a:
     The parenthetic reference to ``paragraphs 4-58'' is
replaced with ``paragraphs .04-.58.''
     In the note, the reference to ``paragraphs 65-69'' is
replaced with ``paragraphs .65-.69.''
    kk. In footnote 32 to the note to paragraph 59d, the reference to
``Paragraphs 16-35 of Auditing Standard No. 13'' is replaced with ``AS
2301.16-.35.''
    ll. In paragraph 59e:
     The parenthetic reference to ``paragraphs 60-64'' is
replaced with ``paragraphs .60-.64.''
     In footnote 33, the reference to ``Paragraph A10 of
Auditing Standard No. 5'' is replaced with ``AS 2201.A10.''
     In footnote 34, the reference to ``Paragraph A9 of
Auditing Standard No. 5'' is replaced with ``AS 2201.A9.''
    mm. In paragraph 59f, the parenthetic reference to ``paragraphs 70-
71'' is replaced with ``paragraphs .70-.71.''
    nn. In the first sentence of paragraph 60, the reference to
``paragraph 59.e.'' is replaced with ``paragraph .59e.''
    oo. In footnote 35 to the note to paragraph 62:
     In the second sentence, the reference to ``paragraphs 11,
14, and 25 of Auditing Standard No.14'' is replaced with ``AS 2810.11,
.14, and .25.''
     In the last sentence:
     The reference to ``paragraph 61 of Auditing Standard No.
5'' is replaced with ``AS 2201.61.''
     The reference to ``paragraph 5.c. of Auditing Standard No.
13'' is replaced with ``AS 2301.5c.''
    pp. In paragraph 65:
     In the fourth sentence, the reference to ``AU sec.
316.85'' is replaced with ``AS 2401.85.''
     In the first sentence of the note, the reference to ``AU
sec. 316.85'' is replaced with ``AS 2401.85.''
    qq. In paragraph 67, the reference to ``paragraph 65'' is replaced
with ``paragraph .65.''

    rr. In paragraph 71a, the reference to ``paragraph 60'' is replaced
with ``paragraph .60.''
    ss. In paragraph 72:
     The reference to ``paragraphs 18-40'' is replaced with
``paragraphs .18-.40.''
     In footnote 36, the reference to ``Auditing Standard No.
13'' is replaced with ``AS 2301.''
    tt. In footnote 37 to paragraph 73:
     The phrase ``AU sec. 316.88 and'' is deleted.
     The reference to ``paragraph 14 of Auditing Standard No.
5'' is replaced with ``AS 2201.14,'' and ``present'' is replaced with
``presents.''
    uu. In paragraph 73A, the reference to ``paragraphs 18-40 and 72-
73'' is replaced with ``paragraphs .18-.40 and .72-.73.''
    vv. In footnote 38 to paragraph 74, the reference to ``paragraph 46
of Auditing Standard No. 13'' is replaced with ``AS 2301.46.''
    ww. In Appendix A, paragraph numbers A1 through A5 are replaced
with .A1 through .A5.
    xx. In Appendix B, paragraph numbers B1 through B6 are replaced
with .B1 through .B6.
    yy. In paragraph B1:
     In footnote 1, the reference to ``AU sec. 324, Service
Organizations'' is replaced with ``AS 2601, Consideration of an
Entity's Use of a Service Organization.''
     In footnote 2, the reference to ``paragraphs 16-17 of
Auditing Standard No. 9'' is replaced with ``paragraphs .16-.17 of AS
2101.''
Auditing Standard No. 13, The Auditor's Responses to the Risks of
Material Misstatement
    Auditing Standard No. 13, The Auditor's Responses to the Risks of
Material Misstatement, is amended as follows:
    a. The section number ``Auditing Standard No. 13'' is replaced with
``AS 2301.''
    b. Paragraph numbers 1 through 47 are replaced with .01 through
.47.
    c. In paragraph 3, the reference to ``Auditing Standard No. 12'' is
replaced with ``AS 2110.''
    d. In paragraph 4a, the reference to ``paragraphs 5-7'' is replaced
with ``paragraphs .05-.07.''
    e. In paragraph 4b, the reference to ``paragraphs 8-46'' is
replaced with ``paragraphs .08-.46.''
    f. In footnote 1 to paragraph 5a, the reference to ``AU sec. 230''
is replaced with ``AS 1015.''
    g. In paragraph 5b, the parenthetic reference to ``paragraphs 5-6
of Auditing Standard No. 10'' is replaced with ``paragraphs .05-.06 of
AS 1201.''
    h. In footnote 2 to item (5) of paragraph 5c, the reference to
``paragraphs 61 and B13 of Auditing Standard No. 5'' is replaced with
``paragraphs .61 and .B13 of AS 2201.''
    i. In footnote 3 to paragraph 5d:
     In the first sentence, the reference to ``Paragraphs 12-13
of Auditing Standard No. 12'' is replaced with ``AS 2110.12-.13.''
     In the last sentence:
     The reference to ``AU sec. 316'' is replaced with ``AS
2401.''
     The reference to ``AU sec. 411, The Meaning of Present
Fairly in Conformity With Generally Accepted Accounting Principles'' is
replaced with ``AS 2815, The Meaning of `Present Fairly in Conformity
with Generally Accepted Accounting Principles.' ''
    j. In footnote 4 to paragraph 7, the reference to ``AU secs.
230.07-.09'' is replaced with ``AS 1015.07-.09.''
    k. In footnote 5 to paragraph 7, the reference to ``AU secs.
316.13'' is replaced with ``AS 2401.13.''
    l. In paragraph 9c:
     In footnote 7 to item (1), the reference to ``paragraph
7.b. of Auditing Standard No. 8'' is replaced with ``paragraph .07b of
AS 1101.''
     In the note to item (2), the reference to ``Auditing
Standard No. 5'' is replaced with ``AS 2201.''
    m. In paragraph 10:
     In the last sentence:
     The reference to ``Paragraphs 16-35'' is replaced with
``Paragraphs .16-.35.''
     The reference to ``paragraphs 36-46'' is replaced with
``paragraphs .36-.46.''
     In the first sentence of the note, the reference to
``Paragraphs 16-17'' is replaced with ``Paragraphs .16-.17.''
    n. In paragraph 11:
     In the note, the reference to ``Auditing Standard No. 12''
is replaced with ``AS 2110.''
     In footnote 10 to the note, the reference to ``paragraph
71 of Auditing Standard No. 12'' is replaced with ``AS 2110.71.''
    o. In paragraph 11A:
     In the first sentence, the reference to ``Paragraph 71.g.
of Auditing Standard No. 12'' is replaced with ``AS 2110.71g.''
     In the second sentence, the reference to ``AU sec.
316.66-.67A'' is replaced with ``AS 2401.66-.67A.''
     In the last sentence, the reference to ``AU sec.
316.66-.67A'' is replaced with ``AS 2401.66-.67A.''
    p. In paragraph 12:
     In the second note, the reference to ``Auditing Standard
No. 5'' is replaced with ``AS 2201.''
     In footnote 11 to the second note, the reference to
``Paragraphs 14-15 of Auditing Standard No. 5'' is replaced with ``AS
2201.14-.15.''
    q. In the last sentence of paragraph 13, the reference to
``paragraphs 16-17'' is replaced with ``paragraphs .16-.17.''
    r. In the note to paragraph 14, the reference to ``AU secs.
316.54-.67'' is replaced with ``AS 2401.54-.67.''
    s. In paragraph 15, the reference to ``AU sec. 316'' is replaced
with ``AS 2401.''
    t. In paragraph 15a, the parenthetic reference to ``AU secs.
316.58-.62'' is replaced with ``AS 2401.58-.62.''
    u. In paragraph 15b, the parenthetic reference to ``AU secs.
316.63-.65'' is replaced with ``AS 2401.63-.65.''
    v. In paragraph 15c, the parenthetic reference to ``AU secs.
316.66-.67A'' is replaced with ``AS 2401.66-.67A.''
    w. In footnote 14 to paragraph 17:
     The reference to ``Paragraph 10 of Auditing Standard No.
15'' is replaced with ``Paragraph .10 of AS 1105.''
     The reference to ``AU sec. 329'' is replaced with ``AS
2305.''
    x. In footnote 15 to paragraph 20, the reference to ``Paragraphs
37-38 of Auditing Standard No. 12'' is replaced with ``AS
2110.37-.38.''
    y. In the note to paragraph 27, the reference to ``AU sec. 350'' is
replaced with ``AS 2315.''
    z. In the last sentence of paragraph 28, the reference to
``Paragraph 16'' is replaced with ``Paragraph .16.''
    aa. In the last sentence of footnote 16 to the ninth bullet of
paragraph 31, the reference to ``paragraph B28 of Auditing Standard No.
5'' is replaced with ``AS 2201.B28.''
    bb. In the note to paragraph 34:
     In the first sentence, the reference to ``Auditing
Standard No. 5'' is replaced with ``AS 2201.''
     In the last sentence, the reference to ``AU sec. 325'' is
replaced with ``AS 1305.''
    cc. In paragraph 35:
     Each reference to ``Auditing Standard No. 5'' is replaced
with ``AS 2201.''
     In footnote 17, the reference to ``Paragraph B1 of
Auditing Standard No. 5'' is replaced with ``AS 2201.B1.''
    dd. In paragraph 38:
     In footnote 18, the reference to ``Paragraph A5 of
Auditing Standard No. 5'' is replaced with ``AS 2201.A5.''
     In footnote 19, the reference to ``AU sec. 328'' is
replaced with ``AS 2502.''
    ee. In the note to paragraph 39, the reference to ``Auditing
Standard No. 15'' is replaced with ``AS 1105.''
    ff. In paragraph 40, the reference to ``paragraph 9.b.'' is
replaced with ``paragraph .09b.''
    gg. In the note to paragraph 41b, the reference to ``AU secs.
316.58-.62'' is replaced with ``AS 2401.58-.62.''

    hh. In item (1) of paragraph 44a, the reference to ``paragraphs 32-
34'' is replaced with ``paragraphs .32-.34.''
    ii. In footnote 20 to paragraph 47, the reference to ``Paragraph
.44 of AU sec. 350'' is replaced with ``AS 2315.44.''
    jj. In Appendix A, paragraph numbers A1 through A3 are replaced
with .A1 through .A3.
Auditing Standard No. 14, Evaluating Audit Results
    Auditing Standard No. 14, Evaluating Audit Results, is amended as
follows:
    a. The section number ``Auditing Standard No. 14'' is replaced with
``AS 2810.''
    b. Paragraph numbers 1 through 37 are replaced with .01 through
.37.
    c. In footnote 3 to paragraph 6b:
     The reference to ``Paragraphs 46-48 of Auditing Standard
No. 12'' is replaced with ``Paragraphs .46-.48 of AS 2110.''
     The reference to ``AU sec. 329'' is replaced with ``AS
2305.''
    d. In the note to paragraph 6, the reference to ``paragraph 36'' is
replaced with ``paragraph .36.''
    e. In footnote 4 to paragraph 7, the reference to ``Paragraph 47 of
Auditing Standard No. 12'' is replaced with ``AS 2110.47.''
    f. In the first sentence of paragraph 9, the reference to
``paragraph 6.b.'' is replaced with ``paragraph .06b.''
    g. In the second sentence of the note to paragraph 10, the
reference to ``Auditing Standard No. 11'' is replaced with ``AS 2105.''
    h. In paragraph 12:
     In the last sentence:
     The reference to ``paragraph 13'' is replaced with
``paragraph .13.''
     The reference to ``AU sec. 350'' is replaced with ``AS
2315.''
     In footnote 5, the reference to ``AU sec. 350.26'' is
replaced with ``AS 2315.26.''
    i. In the last sentence of the note to paragraph 13, the reference
to ``Paragraph 27'' is replaced with ``Paragraph .27.''
    j. In footnote 6 to paragraph 14b, the reference to ``Auditing
Standard No. 11'' is replaced with ``AS 2105.''
    k. In paragraph 17:
     In footnote 7:
     In the first sentence, the reference to ``AU sec. 508'' is
replaced with ``AS 3101.''
     In the last sentence, the reference to ``AU sec. 508.35''
is replaced with ``AS 3101.35.''
     In footnote 11 to the second note, the reference to ``AU
sec. 317'' is replaced with ``AS 2405.''
     In the third note, the reference to ``Auditing Standard
No. 11'' is replaced with ``AS 2105.''
     In footnote 12 to the third note, the reference to
``Paragraphs 11-12 of Auditing Standard No. 11'' is replaced with ``AS
2105.11-.12.''
    l. In paragraph 18, the reference to ``paragraph 17'' is replaced
with ``paragraph .17.''
    m. In the last sentence of paragraph 19, the reference to
``paragraph 36'' is replaced with ``paragraph .36.''
    n. In the last sentence of paragraph 20, the reference to ``AU sec.
316'' is replaced with ``AS 2401.''
    o. In footnote 14 to paragraph 20, the reference to ``AU sec.
316.05'' is replaced with ``AS 2401.05.''
    p. In paragraph 23, the reference to ``AU secs. 316.79-.82A, AU
sec. 317'' is replaced with ``AS 2401.79-.82A, AS 2405.''
    q. In the note to paragraph 25a, the reference to ``paragraph 15''
is replaced with ``paragraph .15.''
    r. In footnote 15 to paragraph 25c, the reference to ``Paragraph
5.d. of Auditing Standard No. 13'' is replaced with ``Paragraph .05d of
AS 2301.''
    s. In footnote 16 to paragraph 25d, the reference to ``Paragraph
27'' is replaced with ``Paragraph .27.''
    t. In the note to paragraph 27, the reference to ``AU secs.
316.64-.65'' is replaced with ``AS 2401.64-.65.''
    u. In footnote 17 to paragraph 28:
     The first parenthetic reference to ``paragraph 9'' is
replaced with ``paragraph .09.''
     The second parenthetic reference to ``paragraphs 20-23''
is replaced with ``paragraphs .20-.23.''
     The third parenthetic reference to ``paragraphs 24-27'' is
replaced with ``paragraphs .24-.27.''
    v. In the note to paragraph 29, the parenthetic reference to
``paragraphs 49-51 of Auditing Standard No. 12'' is replaced with ``AS
2110.49-.51.''
    w. In the first note to paragraph 30:
     In the first sentence, the reference to ``AU sec. 411, The
Meaning of Present Fairly in Conformity With Generally Accepted
Accounting Principles'' is replaced with ``AS 2815, The Meaning of
'Present Fairly in Conformity with Generally Accepted Accounting
Principles.' ''
     In the last sentence, the reference to ``Auditing Standard
No. 6'' is replaced with ``AS 2820.''
    x. In paragraph 31:
     In the note, the reference to ``AU sec. 508'' is replaced
with ``AS 3101.''
     In footnote 18 to the note, the reference to ``AU secs.
508.41-.44'' is replaced with ``AS 3101.41-.44.''
    y. In paragraph 32:
     The reference to ``Auditing Standard No. 8'' is replaced
with ``AS 1101.''
     In footnote 19, the reference to ``Paragraph 3 of Auditing
Standard No. 8'' is replaced with ``AS 1101.03.''
    z. In paragraph 34a, the parenthetic reference to ``paragraphs 14
and 17-19'' is replaced with ``paragraphs .14 and .17-.19.''
    aa. In paragraph 34b, the parenthetic reference to ``paragraphs 20-
23 and 28-29'' is replaced with ``paragraphs .20-.23 and .28-.29.''
    bb. In paragraph 34c, the parenthetic reference to ``paragraph 36''
is replaced with ``paragraph .36.''
    cc. In footnote 20 to paragraph 34e, the reference to ``Paragraphs
7-9 of Auditing Standard No. 15'' is replaced with ``Paragraphs .07-.09
of AS 1105.''
    dd. In paragraph 35:
     In the last sentence, the reference to ``AU sec. 508'' is
replaced with ``AS 3101.''
     In footnote 21, the reference to ``AU sec 508.22-.34'' is
replaced with ``AS 3101.22-.34.''
    ee. In the note to paragraph 36:
     In the first sentence, the reference to ``Auditing
Standard No. 12'' is replaced with ``AS 2110.''
     In footnote 22, the reference to ``Paragraph 74 of
Auditing Standard No.12'' is replaced with ``AS 2110.74.''
     In the last sentence, the reference to ``Auditing Standard
No. 13'' is replaced with ``AS 2301.''
     In footnote 23, the reference to ``Paragraphs 32-34 of
Auditing Standard No. 13'' is replaced with ``AS 2301.32-.34.''
    ff. In paragraph 37:
     Each reference to ``Auditing Standard No. 5'' is replaced
with ``AS 2201.''
     In footnote 24:
     The reference to ``Paragraphs 62-70 of Auditing Standard
No. 5'' is replaced with ``AS 2201.62-.70.''
     The reference to ``paragraphs 71-73 of Auditing Standard
No. 5'' is replaced with ``AS 2201.71-.73.''
    gg. In Appendix A, paragraph numbers A1 through A3 are replaced
with .A1 through .A3.
    hh. In footnote 2 to paragraph A2, the reference to ``AU sec. 316''
is replaced with ``AS 2401.''
    ii. In footnote 3 to paragraph A3, the reference to ``Paragraph
10'' is replaced with ``Paragraph .10.''
    jj. In Appendix B, paragraph numbers B1 through B2 are replaced
with .B1 through .B2.
    kk. In paragraph B1:
     The reference to ``Paragraph 17'' is replaced with
``Paragraph .17.''
     In footnote 1:
     In the first sentence, the reference to ``AU sec. 508'' is
replaced with ``AS 3101.''

     In the last sentence, the reference to ``AU sec. 508.35''
is replaced with ``AS 3101.35.''
     In footnote 5 to the second note, the reference to ``AU
sec. 317'' is replaced with ``AS 2405.''
    ll. In the last sentence of paragraph B2.o, the reference to
``paragraph B2.l'' is replaced with ``paragraph .B2l.''
    mm. In Appendix C, paragraph number C1 is replaced with .C1.
    nn. In paragraph C1, the reference to ``paragraph 28'' is replaced
with ``paragraph .28.''
    oo. In footnote 1 to item (2) of paragraph C1b, the reference to
``Paragraph 9 of Auditing Standard No. 15'' is replaced with
``Paragraph .09 of AS 1105.''
    pp. In the parenthetic reference of footnote 2 to item (1) of
paragraph C1c:
     The reference to ``Auditing Standard No. 5'' is replaced
with ``AS 2201.''
     The reference to ``AU sec. 508'' is replaced with ``AS
3101.''
Auditing Standard No. 15, Audit Evidence
    Auditing Standard No. 15, Audit Evidence, is amended as follows:
    a. The section number ``Auditing Standard No. 15'' is replaced with
``AS 1105.''
    b. Paragraph numbers 1 through 29 are replaced with .01 through
.29.
    c. In footnote 1 to paragraph 3:
     In the first sentence, the reference to ``Auditing
Standard No. 14'' is replaced with ``AS 2810.''
     In the second sentence, the reference to ``Auditing
Standard No. 3'' is replaced with ``AS 1215.''
    d. In footnote 2 to the first bullet of paragraph 5, the reference
to ``Paragraph A5 of Auditing Standard No. 12'' is replaced with
``Paragraph .A5 of AS 2110.''
    e. In footnote 3 to paragraph 10:
     In the first sentence, the reference to ``AU sec. 336'' is
replaced with ``AS 1210.''
     In the last sentence:
     The reference to ``AU sec. 324, Service Organizations'' is
replaced with ``AS 2601, Consideration of an Entity's Use of a Service
Organization.''
     The reference to ``Auditing Standard No. 5'' is replaced
with ``AS 2201.''
    f. In footnote 5 to paragraph 12, the reference to ``paragraph 28
of Auditing Standard No. 5'' is replaced with ``AS 2201.28.''
    g. In footnote 6 to paragraph 13a, the reference to ``Auditing
Standard No.12'' is replaced with ``AS 2110.''
    h. In footnote 7 to paragraph 13b, the reference to ``Auditing
Standard No. 13'' is replaced with ``AS 2301.''
    i. In the first sentence of paragraph 14, the reference to
``Paragraphs 15-21'' is replaced with ``Paragraphs .15-.21.''
    j. In footnote 8 to paragraph 16, the reference to ``AU sec. 331,
Inventories'' is replaced with ``AS 2510, Auditing Inventories.''
    k. In footnote 9 to paragraph 17, the reference to ``AU sec. 333''
is replaced with ``AS 2805.''
    l. In footnote 10 to paragraph 18, the reference to ``AU sec. 330''
is replaced with ``AS 2310.''
    m. In footnote 11 to paragraph 21, the reference to ``AU sec. 329''
is replaced with ``AS 2305.''
    n. In paragraph 27, the reference to ``paragraphs 25-26'' is
replaced with ``paragraphs .25-.26.''
    o. In footnote 12 to paragraph 27, the reference to ``paragraphs
12-13 and paragraphs 17-19 of Auditing Standard No. 14'' is replaced
with ``AS 2810.12-.13 and AS 2810.17-.19.''
    p. In footnote 13 to paragraph 28, the reference to ``AU sec. 350''
is replaced with ``AS 2315.''
Auditing Standard No. 16, Communications with Audit Committees
    Auditing Standard No. 16, Communications with Audit Committees, is
amended as follows:
    a. The section number ``Auditing Standard No. 16'' is replaced with
``AS 1301.''
    b. Paragraph numbers 1 through 26 are replaced with .01 through
.26.
    c. In the first sentence of footnote 5 to paragraph 8, the
reference to ``paragraphs 5.f. and 54-57 of Auditing Standard No. 12''
is replaced with ``paragraphs .05f and .54-.57 of AS 2110.''
    d. In the first sentence of footnote 6 to paragraph 8, the
reference to ``AU sec. 317'' is replaced with ``AS 2405.''
    e. In paragraph 9:
     In footnote 7, the reference to ``paragraphs 8-9 of
Auditing Standard No. 9'' is replaced with ``paragraphs .08-.09 of AS
2101.''
     In the first sentence of footnote 8, the reference to
``Auditing Standard No. 12'' is replaced with ``AS 2110.''
    f. In footnote 9 to paragraph 10a, the reference to ``paragraph 16
of Auditing Standard No. 9'' is replaced with ``AS 2101.16.''
    g. In footnote 10 to paragraph 10b, the reference to ``AU sec. 322,
The Auditor's Consideration of the Internal Audit Function in an Audit
of Financial Statements'' is replaced with ``AS 2605, Consideration of
the Internal Audit Function.''
    h. In footnote 11 to paragraph 10c, the reference to ``paragraphs
16-19 of Auditing Standard No. 5'' is replaced with ``paragraphs
.16-.19 of AS 2201.''
    i. In footnote 12 to paragraph 10d, the reference to ``paragraphs
8-14 of Auditing Standard No. 9'' is replaced with ``AS 2101.08-.14.''
    j. In footnote 13 to paragraph 10e, the reference to ``AU sec. 543,
Part of Audit Performed by Other Independent Auditors'' is replaced
with ``AS 1205, Part of the Audit Performed by Other Independent
Auditors.''
    k. In footnote 14 to paragraph 11, the reference to ``paragraph 15
of Auditing Standard No. 9'' is replaced with ``AS 2101.15.''
    l. In footnote 17 to item (1) of paragraph 12c, the reference to
``AU sec. 342'' is replaced with ``AS 2501.''
    m. In footnote 20 to item (1) of paragraph 12d, the reference to
``paragraph 71.g. of Auditing Standard No. 12'' is replaced with ``AS
2110.71g.''
    n. In the first sentence of the note to paragraph 12, the reference
to ``paragraph 12'' is replaced with ``paragraph .12.''
    o. In footnote 21 to item (1) of paragraph 13a, the reference to
``paragraphs 24-27 of Auditing Standard No. 14'' is replaced with
``paragraphs .24-.27 of AS 2810.''
    p. In footnote 22 to item (2) of paragraph 13a, the reference to
``paragraph 27 of Auditing Standard No. 14'' is replaced with ``AS
2810.27.''
    q. In footnote 23 to paragraph 13c, the reference to ``AU sec.
342'' is replaced with ``AS 2501.''
    r. In footnote 24 to paragraph 13d, the reference to ``AU sec.
316'' is replaced with ``AS 2401.''
    s. In footnote 25 to paragraph 13e:
     In the first sentence, the reference to ``paragraphs 30-31
of Auditing Standard No. 14'' is replaced with ``AS 2810.30-.31.''
     In the last sentence:
     The reference to ``Auditing Standard No. 18'' is replaced
with ``AS 2410.''
     The reference to ``AU sec. 341, The Auditor's
Consideration of an Entity's Ability to Continue as a Going Concern''
is replaced with ``AS 2415, Consideration of an Entity's Ability to
Continue as a Going Concern.''
    t. In footnote 27 to paragraph 14:
     In the first sentence, the reference to ``AU sec. 550'' is
replaced with ``AS 2710.''
     In the last sentence:
     The reference to ``AU sec. 550'' is replaced with ``AS
2710.''
     The reference to ``Auditing Standard No. 17'' is replaced
with ``AS 2701.''
     The reference to ``AU sec. 558'' is replaced with ``AS
2705.''

     The reference to ``AU sec. 711, Filings Under Federal
Securities Statutes'' is replaced with ``AS 4101, Responsibilities
Regarding Filings Under Federal Securities Statutes.''
    u. In footnote 28 to paragraph 17:
     In the first sentence, the reference to ``AU sec. 341'' is
replaced with ``AS 2415.''
     In the last sentence, the reference to ``AU secs. 341.03a-
c'' is replaced with ``AS 2415.03a-c.''
    v. In footnote 29 of paragraph 17a:
     The reference to ``AU sec. 341.06'' is replaced with ``AS
2415.06.''
     The reference to ``AU sec 341.07'' is replaced with ``AS
2415.07.''
    w. In footnote 30 to paragraph 17b, the reference to ``AU sec.
341.08'' is replaced with ``AS 2415.08.''
    x. In footnote 31 to paragraph 17c:
     In the first sentence, the reference to ``AU sec. 341.12''
is replaced with ``AS 2415.12.''
     In the last sentence, the reference to ``AU sec. 341.03c''
is replaced with ``AS 2415.03c.''
    y. In footnote 32 to item (1) of paragraph 17c, the reference to
``AU sec. 341.10'' is replaced with ``AS 2415.10.''
    z. In footnote 33 to item (2) of paragraph 17c, the reference to
``AU sec. 341.12-.16'' is replaced with ``AS 2415.12-.16.''
    aa. In footnote 34 to paragraph 18, the reference to ``paragraph 20
of Auditing Standard No. 14'' is replaced with ``paragraph .20 of AS
2810.''
    bb. In footnote 36 to paragraph 18, the reference to ``Auditing
Standard No. 14'' is replaced with ``AS 2810.''
    cc. In footnote 37 to paragraph 19, the reference to ``paragraph 10
of Auditing Standard No. 14'' is replaced with ``AS 2810.10.''
    dd. In footnote 39 to the note to paragraph 23, the reference to
``AU sec. 508'' is replaced with ``AS 3101.''
    ee. In footnote 40 to paragraph 24:
     The reference to ``AU sec. 316.79-.81'' is replaced with
``AS 2401.79-.81.''
     The reference to ``AU sec. 317.17'' is replaced with ``AS
2405.17.''
    ff. In paragraph 25:
     Footnote 41 is deleted.
     In footnote 42, the reference to ``Auditing Standard No.
3'' is replaced with ``AS 1215.''
     In the note, the reference to ``paragraphs 12 or 18'' is
replaced with ``paragraphs .12 or .18.''
    gg. In Appendix A, paragraph numbers A1 through A4 are replaced
with .A1 through .A4.
    hh. Appendix B of Auditing Standard No. 16 is replaced with the
following: This appendix identifies other PCAOB rules and standards
related to the audit that require communication of specific matters
between the auditor and the audit committee.
     AS 6115, Reporting on Whether a Previously Reported
Material Weakness Continues to Exist, paragraphs .60, .62, and .64
     AS 2201, An Audit of Internal Control Over Financial
Reporting That Is Integrated with An Audit of Financial Statements,
paragraphs .78-.81, .91, .C7, and .C14
     AS 2110, Identifying and Assessing Risks of Material
Misstatement, paragraphs .05f and .54-.57
     AS 2410, Related Parties, paragraphs .07 and .19
     Attestation Standard No. 1, Examination Engagements
Regarding Compliance Reports of Brokers and Dealers, paragraphs 34 and
35
     Attestation Standard No. 2, Review Engagements Regarding
Exemption Reports of Brokers and Dealers, paragraph 15
     PCAOB Rule 3524, Audit Committee Pre-approval of Certain
Tax Services
     PCAOB Rule 3525, Audit Committee Pre-approval of Non-audit
Services Related to Internal Control Over Financial Reporting
     PCAOB Rule 3526, Communication with Audit Committees
Concerning Independence
     AS 2401, Consideration of Fraud in a Financial Statement
Audit, paragraphs .79-.81
     AS 2405, Illegal Acts by Clients, paragraphs .08, .17, and
.20
     AS 1305, Communications About Control Deficiencies in an
Audit of Financial Statements, paragraphs .04-.07 and .09
     AS 2502, Auditing Fair Value Measurements and Disclosures,
paragraph .50
     AS 2805, Management Representations, paragraph .05
     AS 2710, Other Information in Documents Containing Audited
Financial Statements, paragraphs .04 and .06
     AS 4101, Responsibilities Regarding Filings Under Federal
Securities Statutes, paragraph .13
     AS 4105, Reviews of Interim Financial Information,
paragraphs .08-.09, .30-.31, and .33-.36
    ii. In Appendix C, paragraph numbers C1 through C2 are replaced
with .C1 through .C2.
    jj. In footnote 2 to item 2b of paragraph C1b, the reference to
``AU sec. 325'' is replaced with ``AS 1305.''
    kk. In footnote 3 to item (b) of paragraph C2, the reference to
``AU sec. 722, Interim Financial Information'' is replaced with ``AS
4105, Reviews of Interim Financial Information.''
Auditing Standard No. 17, Auditing Supplemental Information
Accompanying Audited Financial Statements
    Auditing Standard No. 17, Auditing Supplemental Information
Accompanying Audited Financial Statements, is amended as follows:
    a. The section number ``Auditing Standard No. 17'' is replaced with
``AS 2701.''
    b. Paragraph numbers 1 through 15 are replaced with .01 through
.15.
    c. In footnote 3 to the note to paragraph 3b, the reference to
``Auditing Standard No. 11'' is replaced with ``AS 2105.''
    d. In footnote 6 to paragraph 7, the reference to ``paragraph 10 of
Auditing Standard No. 14'' is replaced with ``paragraph .10 of AS
2810.''
    e. In footnote 7 to the note to paragraph 8, the reference to
``paragraph 17 of Auditing Standard No. 14'' is replaced with ``AS
2810.17.''
    f. In footnote 8 to paragraph 12b:
     In the first sentence, the reference to ``AU sec. 561'' is
replaced with ``AS 2905.''
     In the second sentence, the reference to ``AU sec. 561''
is replaced with ``AS 2905.''
    g. In Appendix A, paragraph numbers A1 and A2 are replaced with .A1
and .A2.
Auditing Standard No. 18, Related Parties
    Auditing Standard No. 18, Related Parties, is amended as follows:
    a. The section number ``Auditing Standard No. 18'' is replaced with
``AS 2410.''
    b. Paragraph numbers 1 through 19 are replaced with .01 through
.19.
    c. In footnote 2 to paragraph 2:
     In the first sentence, the reference to ``paragraphs 30-31
of Auditing Standard No. 14'' is replaced with ``paragraphs .30-.31 of
AS 2810.''
     In the last sentence, the reference to ``AU sec. 411, The
Meaning of Present Fairly in Conformity With Generally Accepted
Accounting Principles'' is replaced with ``AS 2815, The Meaning of
`Present Fairly in Conformity with Generally Accepted Accounting
Principles.' ''
    d. In paragraph 3:
     In the first sentence, the reference to ``Auditing
Standard No. 12'' is replaced with ``AS 2110.''
     In item a, the parenthetic reference to ``paragraph 4'' is
replaced with ``paragraph .04.''
     In item b, the parenthetic reference to ``paragraphs 5-7''
is replaced with ``paragraphs .05-.07.''

     In item c, the parenthetic reference to ``paragraphs 8-9''
is replaced with ``paragraphs .08-.09.''
     In the second note:
     The reference to ``paragraphs 4-9'' is replaced with
``paragraphs .04-.09.''
     The reference to ``Auditing Standard No. 12'' is replaced
with ``AS 2110.''
    e. In footnote 3 to paragraph 4:
     In the first sentence, the reference to ``paragraph 18 of
Auditing Standard No. 12'' is replaced with ``AS 2110.18.''
     In the last sentence, the reference to ``paragraph 20 of
Auditing Standard No. 12'' is replaced with ``AS 2110.20.''
    f. In footnote 4 to paragraph 5:
     In the first sentence, the reference to ``AU sec. 333'' is
replaced with ``AS 2805.''
     In the last sentence, the reference to ``paragraph 5'' is
replaced with ``paragraph .05.''
    g. In paragraph 6, the reference to ``paragraph 5'' is replaced
with ``paragraph .05.''
    h. In footnote 7 to paragraph 7, the reference to ``Auditing
Standard No. 16'' is replaced with ``AS 1301.''
    i. In footnote 8 to paragraph 8:
     In the first sentence, the reference to ``paragraph 49 of
Auditing Standard No. 12'' is replaced with ``AS 2110.49.''
     In the last sentence, the reference to ``paragraph 5 of
Auditing Standard No. 10'' is replaced with ``paragraph .05 of AS
1201.''
    j. In footnote 9 to paragraph 9, the reference to ``AU sec. 543,
Part of Audit Performed by Other Independent Auditors'' is replaced
with ``AS 1205, Part of the Audit Performed by Other Independent
Auditors.''
    k. In paragraph 10:
     In footnote 10, the reference to ``paragraph 59 of
Auditing Standard No. 12'' is replaced with ``AS 2110.59.''
     In the note:
     The reference to ``paragraphs 4-9'' is replaced with
``paragraphs .04-.09.''
     The reference to ``Auditing Standard No. 12'' is replaced
with ``AS 2110.''
    l. In paragraph 11:
     In footnote 11, the reference to ``paragraph 3 of Auditing
Standard No. 13'' is replaced with ``paragraph .03 of AS 2301.''
     In footnote 12:
     The reference to ``Auditing Standard No. 13'' is replaced
with ``AS 2301.''
     The reference to ``paragraph 17 of Auditing Standard No.
15'' is replaced with ``paragraph .17 of AS 1105.''
     In the note:
     In the first sentence, the reference to ``AU sec. 316'' is
replaced with ``AS 2401.''
     In the last sentence, the reference to ``AU sec. 316.67''
is replaced with ``AS 2401.67.''
    m. In the last sentence of the note to paragraph 12, the reference
to ``paragraph 12'' is replaced with ``paragraph .12.''
    n. In footnote 16 to paragraph 15, the reference to ``paragraph 29
of Auditing Standard No .15'' is replaced with ``AS 1105.29.''
    o. In paragraph 16:
     In footnote 17 to item b, the reference to ``AU sec.
333.04'' is replaced with ``AS 2805.04.''
     In item e, the reference to ``paragraph 12'' is replaced
with ``paragraph .12.''
     In item f:
     In footnote 18 to item ii, the reference to ``paragraph 74
of Auditing Standard No. 12'' is replaced with ``AS 2110.74.''
     In the last sentence of item iii:
     The reference to ``AU secs. 316.79-.82'' is replaced with
``AS 2401.79-.82.''
     The reference to ``AU sec. 317'' is replaced with ``AS
2405.''
    p. In footnote 19 to paragraph 17, the reference to ``paragraphs
30-31 of Auditing Standard No. 14'' is replaced with ``AS
2810.30-.31.''
    q. In footnote 20 to paragraph 18:
     In the first sentence, the reference to ``paragraph .06.l.
of AU sec. 333'' is replaced with ``AS 2805.06l.''
     In the last sentence, the reference to ``AU sec. 508'' is
replaced with ``AS 3101.''
    r. In footnote 21 to paragraph 19, the reference to ``Auditing
Standard No. 16'' is replaced with ``AS 1301.''
    s. In Appendix A, paragraph numbers A1 through A3 are replaced with
.A1 through .A3.
    t. In paragraph A1:
     In the second sentence, the reference to ``paragraph A2.''
is replaced with ``paragraph .A2.''
     In the third sentence, the reference to ``paragraph A3.''
is replaced with ``paragraph .A3.''
AU sec. 110, ``Responsibilities and Functions of the Independent
Auditor''
    SAS No. 1, ``Codification of Auditing Standards and Procedures,''
section 110, ``Responsibilities and Functions of the Independent
Auditor'' (AU sec. 110, ``Responsibilities and Functions of the
Independent Auditor''), as amended, is amended as follows:
    a. The section number ``AU Section 110'' is replaced with ``AS
1001.''
    b. In the third sentence of paragraph .01, the phrase ``generally
accepted auditing standards'' is replaced with ``the standards of the
PCAOB.''
    c. In paragraph 02:
     In footnote 1:
     In the first sentence, the reference to ``Auditing
Standard No. 11'' is replaced with ``AS 2105.''
     In the second sentence, the reference to ``section 317''
is replaced with ``AS 2405.''
     In footnote 2, the phrase ``section 230, Due Professional
Care in the Performance of Work, paragraphs .10 through .13'' is
replaced with ``paragraphs .10 through .13 of AS 1015, Due Professional
Care in the Performance of Work.''
    d. In the first sentence of paragraph .05, the phrase ``generally
accepted auditing standards'' is replaced with ``the standards of the
PCAOB.''
    e. Paragraph .10 is deleted.
    f. Paragraph .11 and its following note is added:
    The auditor should be aware of and consider auditing
interpretations applicable to his or her audit. If the auditor does not
apply the auditing guidance included in an applicable auditing
interpretation, the auditor should be prepared to explain how he or she
complied with the provisions of the auditing standard addressed by such
auditing guidance.
    Note: The term ``auditing interpretations,'' as used in this
paragraph, refers to the publications entitled ``Auditing
Interpretation'' issued by the American Institute of Certified Public
Accountants' Auditing Standards Board as in existence on April 16,
2003, and in effect.
AU sec. 150, ``Generally Accepted Auditing Standards''
    SAS No. 95, ``Generally Accepted Auditing Standards'' (AU sec. 150,
``Generally Accepted Auditing Standards''), as amended, is rescinded.
AU sec. 161, ``The Relationship of Generally Accepted Auditing
Standards to Quality Control Standards''
    SAS No. 25, ``The Relationship of Generally Accepted Auditing
Standards to Quality Control Standards,'' (AU sec. 161, ``The
Relationship of Generally Accepted Auditing Standards to Quality
Control Standards''), as amended, is amended as follows:
    a. The section number ``AU Section 161'' is replaced with ``AS
1110.''
    b. The title ``The Relationship of Generally Accepted Auditing
Standards to Quality Control Standards'' is replaced with
``Relationship of Auditing Standards to Quality Control Standards.''
    c. In the references before paragraph .01, the phrase ``(Supersedes
SAS No. 4)'' is deleted.
    d. In paragraph .01:

     In the first sentence, the phrase ``generally accepted
auditing standards'' is replaced with ``the standards of the PCAOB.''
     The last sentence is deleted.
    e. In the second sentence of paragraph .02, the phrase ``generally
accepted auditing standards'' is replaced with ``the standards of the
PCAOB.''
    f. In paragraph .03:
     In the first sentence, the phrase ``Generally accepted
auditing standards'' is replaced with ``Auditing standards.''
     In the second sentence, the phrase ``generally accepted
auditing standards'' is replaced with ``auditing standards.''
     In the last sentence, the phrase ``generally accepted
auditing standards'' is replaced with ``the auditing standards.''
AU sec. 201, ``Nature of the General Standards''
    SAS No. 1, ``Codification of Auditing Standards and Procedures''
(AU sec. 201, ``Nature of the General Standards''), is rescinded.
AU sec. 210, ``Training and Proficiency of the Independent Auditor''
    SAS No. 1, ``Codification of Auditing Standards and Procedures''
section 210 ``Training and Proficiency of the Independent Auditor'' (AU
sec. 210, ``Training and Proficiency of the Independent Auditor''), as
amended, is amended as follows:
    a. The section number ``AU Section 210'' is replaced with ``AS
1010.''
    b. In paragraph .01, the introductory phrase ``The first general
standard is:'' is deleted.
    c. In paragraph .02, the phrase ``This standard'' is replaced with
the phrase ``The statement in the preceding paragraph.''
AU sec. 220, ``Independence''
    SAS No. 1, ``Codification of Auditing Standards and Procedures''
section 220 ``Independence'' (AU sec. 220, ``Independence''), as
amended, is amended as follows:
    a. The section number ``AU Section 220'' is replaced with ``AS
1005.''
    b. In paragraph .01, the introductory phrase ``The second general
standard is:'' is deleted.
    c. In the first sentence of paragraph .02, the phrase ``This
standard'' is replaced with the phrase ``The statement in the preceding
paragraph.''
    d. In paragraph .05, the phrase ``that differ from the AICPA
requirements in certain respects'' is deleted.
AU sec. 230, ``Due Professional Care in the Performance of Work''
    SAS No. 1, ``Codification of Auditing Standards and Procedures''
section 230 ``Due Professional Care in the Performance of Work'' (AU
sec. 230, ``Due Professional Care in the Performance of Work''), as
amended, is amended as follows:
    a. The section number ``AU Section 230'' is replaced with ``AS
1015.''
    b. Footnote * to the title of the standard is deleted.
    c. In paragraph .01:
     The introductory phrase ``The third general standard is:''
is deleted.
     Footnote 1 is deleted.
    d. In the first sentence of paragraph .02, the phrase ``This
standard'' is replaced with ``The statement in the preceding
paragraph.''
    e. In footnote 4 to paragraph .06, the reference to ``Auditing
Standard No. 10'' is replaced with ``AS 1201.''
    f. In footnote 5 to paragraph .11, the reference to ``section 342''
is replaced with ``AS 2501.''
    g. In paragraph .12:
     In the fifth sentence, the phrase ``generally accepted
auditing standards'' is replaced with ``the standards of the PCAOB.''
     In the sixth sentence, the parenthetic reference to
``paragraph 9 of Auditing Standard No. 15'' is replaced with
``paragraph .09 of AS 1105.''
AU sec. 315, ``Communications Between Predecessor and Successor
Auditors''
    SAS No. 84, ``Communications Between Predecessor and Successor
Auditors'' (AU sec. 315, ``Communications Between Predecessor and
Successor Auditors''), as amended, is amended as follows:
    a. The section number ``AU Section 315'' is replaced with ``AS
2610.''
    b. The title ``Communications Between Predecessor and Successor
Auditors'' is replaced with ``Initial Audits--Communications Between
Predecessor and Successor Auditors.''
    c. In the references before paragraph .01, the phrase ``(Supersedes
SAS No. 7)'' is deleted.
    d. In last sentence of paragraph .01, the phrase ``generally
accepted auditing standards'' is replaced with ``the standards of the
PCAOB.''
    e. In paragraph .09:
     The sentence ``The successor auditor may wish to consider
other reasonable inquiries.'' is moved to the end of the paragraph,
after the fifth bullet.
     In footnote 5 to the third bullet:
     The reference to ``section 316'' is replaced with ``AS
2401.''
     The reference to ``section 317'' is replaced with ``AS
2405.''
     The reference to ``section 325'' is replaced with ``AS
1305.''
     In footnote 5A to the last bullet, the reference to
``Paragraph .66 of AU sec. 316, Consideration of Fraud in a Financial
Statement Audit,'' is replaced with ``AS 2401.66.''
    f. In the last sentence of footnote 8 to paragraph .12, the
reference to ``section 543, Part of Audit Performed by Other
Independent Auditors, paragraph 10a'' is replaced with ``paragraph .10a
of AS 1205, Part of the Audit Performed by Other Independent
Auditors.''
    g. In paragraph .16:
     In the first sentence, the phrase ``generally accepted
auditing standards'' is replaced with ``the standards of the PCAOB.''
     In the second sentence, the reference to ``section 543,
Part of Audit Performed by Other Independent Auditors'' is replaced
with ``AS 1205.''
     In the last sentence:
     The reference to ``AU sec. 336'' is replaced with ``AS
1210.''
     The reference to ``AU sec. 322, The Auditor's
Consideration of the Internal Audit Function in an Audit of Financial
Statements,'' is replaced with ``AS 2605, Consideration of the Internal
Audit Function.''
     The reference to ``paragraphs 16-19 of PCAOB Auditing
Standard No. 5'' is replaced with ``paragraphs .16-.19 of AS 2201.''
    h. In the first sentence of paragraph .20, the reference to
``section 331, Inventories'' is replaced with ``AS 2510, Auditing
Inventories.''
    i. In paragraph .21:
     In the last sentence, the reference to ``section 561'' is
replaced with ``AS 2905.''
     In footnote 9, the reference to ``section 508, Reports on
Audited Financial Statements, paragraphs .70 through .74'' is replaced
with ``paragraphs .70 through .74 of AS 3101, Reports on Audited
Financial Statements.''
    j. Under item 1 of paragraph 25:
     In the first sentence of the illustrative letter's first
paragraph, the phrase ``auditing standards generally accepted in the
United States of America'' is replaced with ``the standards of the
Public Company Accounting Oversight Board (United States).''
     In the first bullet, the phrase ``generally accepted
auditing standards'' is replaced with ``the standards of the PCAOB.''
     In item (2) of the illustrative paragraph, the phrase
``generally accepted auditing standards'' is

replaced with ``the standards of the PCAOB.''
AU sec. 316, ``Consideration of Fraud in a Financial Statement Audit''
    SAS No. 99, ``Consideration of Fraud in a Financial Statement
Audit'' (AU sec. 316, ``Consideration of Fraud in a Financial Statement
Audit''), as amended, is amended as follows:
    a. The section number ``AU Section 316'' is replaced with ``AS
2401.''
    b. In the references before paragraph .01, the phrase ``(Supersedes
SAS No. 82)'' is deleted.
    c. In paragraph .01:
     In the first sentence, the reference to ``Section 110,
Responsibilities and Functions of the Independent Auditor, paragraph
.02'' is replaced with ``Paragraph .02 of AS 1001, Responsibilities and
Functions of the Independent Auditor,.''
     In the note, the reference to ``paragraphs 14-15 of PCAOB
Auditing Standard No. 5'' is replaced with ``paragraphs .14-.15 of AS
2201.''
     In the first sentence of footnote 1, the reference to
``section 317'' is replaced with ``AS 2405.''
    d. In paragraph .01A:
     In the first sentence, the reference to ``Auditing
Standard No. 12'' is replaced with ``AS 2110.''
     In the second sentence, the reference to ``Auditing
Standard No. 13'' is replaced with ``AS 2301.''
     In the last sentence, the reference to ``Auditing Standard
No. 14'' is replaced with ``AS 2810.''
    e. In the second sentence of paragraph .04, the reference to
``section 110.03'' is replaced with ``AS 1001.03.''
    f. In the fifth sentence of paragraph .09, the term ``GAAS'' is
replaced with ``the standards of the PCAOB.''
    g. In footnote 7 to paragraph .12, the reference to ``section 230,
Due Professional Care in the Performance of Work, paragraphs .10
through .13'' is replaced with ``paragraphs .10 through .13 of AS 1015,
Due Professional Care in the Performance of Work.''
    h. In the second sentence of paragraph .13, the phrase ``section
230, Due Professional Care in the Performance of Work, paragraphs .07
through .09'' is replaced with ``AS 1015.07 through .09.''
    i. In paragraph .52:
     In the first sentence, the reference to ``Paragraph 8 of
Auditing Standard No. 13, The Auditor's Responses to the Risks of
Material Misstatement,'' is replaced with ``AS 2301.08.''
     In the last sentence, the reference to ``Paragraph 12 of
Auditing Standard No. 13'' is replaced with ``AS 2301.12.''
     In the note, the reference to ``Paragraph 71.b. of
Auditing Standard No. 12, Identifying and Assessing Risks of Material
Misstatement,'' is replaced with ``AS 2110.71b.''
    j. In paragraph .53:
     In footnote 20 to the fourth bullet, the reference to ``AU
sec. 329'' is replaced with ``AS 2305.''
     In the fifth bullet, the parenthetic reference to
``paragraph 54 of Auditing Standard No. 12, Identifying and Assessing
Risks of Material Misstatement'' is replaced with ``AS 2110.54.''
    k. In paragraph .54:
     In footnote 21 to the second sub-bullet of the first
bullet, the reference to ``AU sec. 330'' is replaced with ``AS 2310.''
     In footnote 22 to the second bullet, the reference to ``AU
sec. 336'' is replaced with ``AS 1210.''
     In the third bullet:
     In the fourth sentence, the reference to ``section 342''
replaced with ``AS 2501.''
     In the fifth sentence, the parenthetic reference to
``section 342.09 through .14'' is replaced with ``AS 2501.09 through
.14.''
    l. In the second sentence of paragraph .56, the reference to
``paragraphs 8 through 15 of Auditing Standard No. 13, The Auditor's
Responses to the Risks of Material Misstatement,'' is replaced with
``AS 2301.08 through .15.''
    m. In footnote 23 to item 1 of paragraph .58, the reference to
``paragraphs 28 through 32 of Auditing Standard No. 12, Identifying and
Assessing Risks of Material Misstatement'' is replaced with ``AS
2110.28 through .32.''
    n. In the last sentence of the fifth bullet of paragraph .61, the
reference to ``paragraphs 11 through 14 of Auditing Standard No. 9'' is
replaced with ``paragraphs .11 through .14 of AS 2101.''
    o. In the last sentence of paragraph .63, the reference to
``Paragraphs 24 through 27 of Auditing Standard No. 14, Evaluating
Audit Results'' is replaced with ``AS 2810.24 through .27.''
    p. In footnote 24 to paragraph .63, the reference to ``section 342,
Auditing Accounting Estimates, paragraphs .02 and .16,'' is replaced
with ``AS 2501.02 and .16.''
    q. In paragraph .66:
     In the first note, the reference to ``Auditing Standard
No. 12, Identifying and Assessing Risks of Material Misstatement'' is
replaced with ``AS 2110.''
     In the second note:
     In the second sentence, the reference to ``paragraphs 14-
16 of Auditing Standard No. 18'' is replaced with ``paragraphs .14-.16
of AS 2410.''
     In the last sentence, the reference to ``Auditing Standard
No. 18, Related Parties,'' is replaced with ``AS 2410.''
    r. In the note to paragraph .66A, the reference to ``Paragraph 11A
of Auditing Standard No. 13'' is replaced with ``AS 2301.11A.''
    s. In paragraph 67:
     In the note, the reference to ``Paragraphs 20-23 of
Auditing Standard No. 14, Evaluating Audit Results,'' is replaced with
``AS 2810.20-.23.''
     In the second sentence of footnote 25A to the third
bullet, the reference to ``Auditing Standard No. 18, Related Parties,''
is replaced with ``AS 2410.''
    t. In paragraph 67A:
     In the note, the reference to ``AU sec. 550'' is replaced
with ``AS 2710.''
     In footnote 25B, the reference to ``paragraphs 30-31 of
Auditing Standard No. 14'' is replaced with ``AS 2810.30-.31.''
    u. In paragraph .80:
     In the second sentence, the parenthetic reference to
``section 325, `Communications About Control Deficiencies in An Audit
of Financial Statements,' paragraph 4'' is replaced with ``paragraph
.04 of AS 1305, Communications About Control Deficiencies in an Audit
of Financial Statements.''
     In the third sentence, the parenthetic reference to
``paragraphs 72-73 of Auditing Standard No. 12, Identifying and
Assessing Risks of Material Misstatement'' is replaced with ``AS
2110.72-.73.''
    v. In the second sentence of paragraph .81, the parenthetic
reference to ``paragraphs 12-13 of Auditing Standard No. 16'' is
replaced with ``paragraphs .12-.13 of AS 1301.''
    w. In paragraph .82:
     In item a, the reference to ``AU sec. 315, Communications
Between Predecessor and Successor Auditors'' is replaced with ``AS
2610, Initial Audits--Communications Between Predecessor and Successor
Auditors.''
     In footnote 40, the reference to ``Section 315'' is
replaced with ``AS 2610.''
    x. In paragraph .83:
     In the first bullet, the parenthetic reference to
``paragraphs 52 and 53 of Auditing Standard No. 12, Identifying and
Assessing Risks of Material Misstatement'' is replaced with ``AS
2110.52 and .53.''
     In the second bullet, the parenthetic reference to
``paragraph 47, paragraphs 56 through 58, and paragraphs 65 through 69
of Auditing Standard No. 12, Identifying and Assessing Risks of
Material Misstatement'' is replaced with ``AS 2110.47, AS 2110.56
through .58, and AS 2110.65 through .69.''

     In the third bullet:
     The first parenthetic reference to ``(paragraphs 59
through 69 of Auditing Standard No. 12, Identifying and Assessing Risks
of Material Misstatement)'' is replaced with ``(AS 2110.59 through
.69.).''
     The second parenthetic reference to ``(paragraphs 5
through 15 of Auditing Standard No. 13, The Auditor's Response to the
Risks of Material Misstatement)'' is replaced with ``(AS 2301.05
through .15.).''
     In the fourth bullet, the parenthetic reference to
``paragraph 68 of Auditing Standard No. 12, Identifying and Assessing
Risks of Material Misstatement'' is replaced with ``AS 2110.68.''
     In the fifth bullet, the parenthetic reference to
``paragraph 15 of Auditing Standard No. 13, The Auditor's Responses to
the Risks of Material Misstatements'' is replaced with ``AS 2301.15.''
     In the sixth bullet, the parenthetic reference to
``paragraphs 5 through 9 of Auditing Standard No. 14, Evaluating Audit
Results'' is replaced with ``AS 2810.05 through .09.''
    y. In the first sentence of item A.1 of paragraph .85, the
reference to ``paragraphs 65 through 69 of Auditing Standard No. 12,
Identifying and Assessing Risks of Material Misstatement'' is replaced
with ``AS 2110.65 through .69.''
    z. Paragraphs .86 through .88 are deleted.
    aa. Footnotes 5 and 6 to paragraph .86 are deleted.
    bb. Footnote 8 to paragraph .87 is deleted.
    cc. Footnotes 1 through 11 to paragraph .88 are deleted.
AU sec. 317, ``Illegal Acts by Clients''
    SAS No. 54, ``Illegal Acts by Clients'' (AU sec. 317, ``Illegal
Acts by Clients''), as amended, is amended as follows:
    a. The section number ``AU Section 317'' is replaced with ``AS
2405.''
    b. In the references before paragraph .01, the phrase ``(Supersedes
section 328)'' is deleted.
    c. In the first sentence of paragraph .01, the phrase ``generally
accepted auditing standards'' is replaced with ``the standards of the
PCAOB.''
    d. In the last sentence of paragraph .05, the reference to
``section 110'' is replaced with ``AS 1001.''
    e. In the last sentence of paragraph .07, the phrase ``generally
accepted auditing standards'' is replaced with ``PCAOB auditing
standards.''
    f. In paragraph .08:
     In the first sentence, the phrase ``generally accepted
auditing standards'' is replaced with ``PCAOB auditing standards.''
     The parenthetic reference to ``section 333'' is replaced
with ``AS 2805.''
    g. In footnote 2 to paragraph .21, the reference to ``section 508''
is replaced with ``AS 3101.''
    h. In the subtitle before paragraph .22, the phrase ``in Accordance
With Generally Accepted Auditing Standards'' is deleted.
    i. In paragraph .23b:
     The reference to ``section 315, Communications Between
Predecessor and Successor Auditors'' is replaced with ``AS 2610,
Initial Audits--Communications Between Predecessor and Successor
Auditors.''
     In footnote 5, the reference to ``section 315'' is
replaced with ``AS 2610.''
AU sec. 9317, ``Illegal Acts by Clients: Auditing Interpretations of
Section 317''
    AU sec. 9317, ``Illegal Acts by Clients: Auditing Interpretations
of Section 317,'' is amended as follows:
    a. The section number ``AU Section 9317'' is replaced with ``AI
13.''
    b. The title ``Illegal Acts by Clients: Auditing Interpretations of
Section 317'' is replaced with ``Illegal Acts by Clients: Auditing
Interpretations of AS 2405.''
    c. In paragraph .01:
     In the first sentence, the phrase ``The second standard of
field work requires'' is replaced with ``The auditing standards
require.''
     In the last sentence:
     The reference to ``section 317'' is replaced with ``AS
2405, Illegal Acts by Clients.''
     The phrase ``the second standard of field work'' is
replaced with ``AS 2110, Identifying and Assessing Risks of Material
Misstatement.''
    d. In paragraph .03, the reference to ``section 317'' is replaced
with ``AS 2405.''
    e. In paragraph .05, the parenthetic reference to ``section
317.22'' is replaced with ``AS 2405.22.''
AU sec. 322, ``The Auditor's Consideration of the Internal Audit
Function in an Audit of Financial Statements''
    SAS No. 54, ``The Auditor's Consideration of the Internal Audit
Function in an Audit of Financial Statements'' (AU sec. 322, ``The
Auditor's Consideration of the Internal Audit Function in an Audit of
Financial Statements''), as amended, is amended as follows:
    a. The section number ``AU Section 322'' is replaced with ``AS
2605.''
    b. The title ``The Auditor's Consideration of the Internal Audit
Function in an Audit of Financial Statements'' is replaced with
``Consideration of the Internal Audit Function.''
    c. In the references before paragraph .01, the phrase ``(Supersedes
SAS No. 9)'' is deleted.
    d. In the last sentence of paragraph .01, the phrase ``generally
accepted auditing standards'' is replaced with ``the standards of the
PCAOB.''
    e. In the note to paragraph .01, the reference to ``paragraphs 16-
19 of PCAOB Auditing Standard No. 5'' is replaced with ``paragraphs
.16-.19 of AS 2201.''
    f. In paragraph .02:
     In the first sentence, the phrase ``generally accepted
auditing standards'' is replaced with ``the standards of the PCAOB.''
     In footnote 2, the phrase ``the AICPA Code of Professional
Conduct'' is replaced with ``PCAOB Rule 3520, Auditor Independence.''
    g. In footnote 3 to paragraph .04, the reference to ``Auditing
Standard No. 12'' is replaced with ``AS 2110.''
    h. In footnote 5 to paragraph .18, the reference to ``paragraph 8
of Auditing Standard No. 15'' is replaced with ``paragraph .08 of AS
1105.''
    i. In footnote 6 to paragraph .19, the reference to ``section 543,
Part of Audit Performed by Other Independent Auditors'' is replaced
with ``AS 1205, Part of the Audit Performed by Other Independent
Auditors.''
    j. In the note to paragraph .22, the reference to ``paragraphs 18-
19 of PCAOB Auditing Standard No. 5, An Audit of Internal Control Over
Financial Reporting That Is Integrated with An Audit of Financial
Statements'' is replaced with ``AS 2201.18-.19.''
    k. In footnote 8 to paragraph .27, the reference to ``Auditing
Standard No. 10'' is replaced with ``AS 1201.''
    l. In the appendix, the title ``The Auditor's Consideration of the
Internal Audit Function in an Audit of Financial Statements'' is
replaced with ``Consideration of the Internal Audit Function.''
AU sec. 324, ``Service Organizations''
    SAS No. 70, ``Service Organizations'' (AU sec. 324, ``Service
Organizations''), as amended, is amended as follows:
    a. The section number ``AU Section 324'' is replaced with ``AS
2601.''
    b. The title ``Service Organizations'' is replaced with
``Consideration of an Entity's Use of a Service Organization.''
    c. Footnote * to the title of the standard is deleted.
    d. In the references before paragraph .01, the phrase ``(Supersedes
SAS No. 44)'' is deleted.

    e. In the note to paragraph .01, the reference to ``paragraphs B17-
B27 of Appendix B, Special Topics, of PCAOB Auditing Standard No. 5''
is replaced with ``paragraphs .B17-.B27 of Appendix B, Special Topics,
of AS 2201.''
    f. In paragraph .07:
     In the first sentence, the reference to ``Auditing
Standard No. 12'' is replaced with ``AS 2110.''
     In the third bullet, the second sentence is deleted.
    g. In the first sentence of paragraph .16, the reference to
``paragraph 18 and paragraphs 29 through 31 of Auditing Standard No.
13'' is replaced with ``paragraph .18 and paragraphs .29 through .31 of
AS 2301.''
    h. In the last sentence of paragraph .18, the reference to
``section 543, Part of Audit Performed by Other Independent Auditors,
paragraph .10a'' is replaced with ``paragraph .10a of AS 1205, Part of
the Audit Performed by Other Independent Auditors.''
    i. In the first sentence of paragraph 19, the reference to
``section 543.12'' is replaced with ``AS 1205.12.''
    j. In the last sentence of paragraph .20, the reference to
``section 325'' is replaced with ``AS 1305.''
    k. In the second sentence of paragraph .22:
     The phrase ``generally accepted auditing standards'' is
replaced with ``the standards of the PCAOB.''
     The phrase ``general standards and with the relevant
fieldwork and reporting standards'' is replaced with ``relevant PCAOB
auditing standards.''
    l. In the second sentence of paragraph .23:
     The reference to ``Auditing Standard No. 14'' is replaced
with ``AS 2810.''
     The reference to ``section 317'' is replaced with ``AS
2405.''
    m. In paragraph .38, in the last sentence of the first paragraph of
the sample report on controls placed in operation at a service
organization, the phrase ``standards established by the American
Institute of Certified Public Accountants'' is replaced with ``the
standards of the Public Company Accounting Oversight Board (United
States).''
    n. In the last sentence of paragraph .41, the reference to
``Section 350'' is replaced with ``AS 2315.''
    o. In paragraph .54, in the last sentence of the first paragraph of
the sample report on controls placed in operation at a service
organization and tests of operating effectiveness, the phrase
``standards established by the American Institute of Certified Public
Accountants'' is replaced with ``the standards of the Public Company
Accounting Oversight Board (United States).''
AU sec. 9324, ``Service Organizations: Auditing Interpretations of
Section 324''
    AU sec. 9324, ``Service Organizations: Auditing Interpretations of
Section 324,'' as amended, is amended as follows:
    a. The section number ``AU Section 9324'' is replaced with ``AI
18.''
    b. The title ``Service Organizations: Auditing Interpretations of
Section 324'' is replaced with ``Consideration of an Entity's Use of a
Service Organization: Auditing Interpretations of AS 2601.''
    c. In paragraph .01:
     In the first sentence, the reference to ``section 324,
Service Organizations'' is replaced with ``AS 2601, Consideration of an
Entity's Use of a Service Organization.''
     In the second sentence, the reference to ``Section
324.44f'' is replaced with ``AS 2601.44f.''
    d. In the first sentence of paragraph .02, the reference to
``section 324.44f'' is replaced with ``AS 2601.44f.''
    e. In paragraph .05:
     In the third sentence, the reference to ``Paragraphs .06
through .17 of section 324, Service Organizations,'' is replaced with
``AS 2601.06 through .17.''
     In the fourth sentence, the reference to ``section
324.06-.17'' is replaced with ``AS 2601.06-.17.''
     In the last sentence, the reference to ``section 324.06''
is replaced with ``AS 2601.06.''
    f. In the second sentence of paragraph .07, the reference to
``Section 324.11-.16'' is replaced with ``AS 2601.11-.16.''
    g. Following paragraph .16, in the Sample Scope Paragraph of a
Service Auditor's Report Using the Carve-Out Method:
     The heading ``Independent Service Auditor's Report'' above
the example report is replaced with ``Service Auditor's Report of
Independent Registered Public Accounting Firm.''
     In the last sentence of the report, the phrase ``standards
established by the American Institute of Certified Public Accountants''
is replaced with ``the standards of the Public Company Accounting
Oversight Board (United States).''
     In the bracketed sentence, the reference to ``section
324.38 and .54'' is replaced with ``AS 2601.38 and .54.''
    h. In the first sentence of paragraph .17, the reference to
``section 324.12'' is replaced with ``AS 2601.12.''
    i. Following paragraph .18, in the Sample Service Auditor's Report
Using the Inclusive Method:
     The heading ``Independent Service Auditor's Report'' above
the example report is replaced with ``Service Auditor's Report of
Independent Registered Public Accounting Firm.''
     In the last sentence of the first paragraph of the report,
the phrase ``standards established by the American Institute of
Certified Public Accountants'' is replaced with ``the standards of the
Public Company Accounting Oversight Board (United States).''
    j. In paragraph .35, each reference to ``Section 324.32'' or
``section 324.32'' is replaced with ``AS 2601.32.''
    k. In paragraph .36:
     Each reference to ``Section 324.32'' or ``section 324.32''
is replaced with ``AS 2601.32.''
     Footnote 2 is deleted.
    l. In the first sentence of paragraph .37, the reference to
``section 550'' is replaced with ``AS 2710.''
    m. In paragraph .38:
     In the first sentence, the reference to ``Section 324.29g
and .44l'' is replaced with ``AS 2601.29g and .44l.''
     In the second sentence, the reference to ``Section
324.44l'' is replaced with ``AS 2601.44l.''
     In the third sentence, the reference to ``section 324.38
and .54'' is replaced with ``AS 2601.38 and .54.''
     In the fourth sentence, the reference to ``section
324.54'' is replaced with ``AS 2601.54.''
    n. In the first sentence of paragraph .39, the reference to
``section 324.38 and .54'' is replaced with ``AS 2601.38 and .54.''
    o. In the first sentence of paragraph .40, the reference to
``section 324.38 and .54'' is replaced with ``AS 2601.38 and .54.''
AU sec. 325, ``Communications About Control Deficiencies in an Audit of
Financial Statements''
    AU sec. 325, ``Communications About Control Deficiencies in an
Audit of Financial Statements,'' as amended, is amended as follows:
    a. The section number ``AU Section 325'' is replaced with ``AS
1305.''
    b. Paragraph numbers 1 through 9 are replaced with .01 through .09.
    c. The directions before paragraph 1 are replaced with the
following:
    Note: For an integrated audit of financial statements and internal
control over financial reporting, see paragraphs .78-.84 of AS 2201, An
Audit of Internal Control Over Financial Reporting That Is Integrated
with An Audit of Financial Statements.
    Note: The following paragraphs apply in an audit of financial
statements only:
    d. In the second note to paragraph 3, the reference to ``paragraphs
62-70 of

PCAOB Auditing Standard No. 5, An Audit of Internal Control Over
Financial Reporting That Is Integrated with An Audit of Financial
Statements'' is replaced with ``AS 2201.62-.70.''
    e. In the last sentence of paragraph 4, the reference to
``paragraphs 2 and 3'' is replaced with ``paragraphs .02 and .03.''
    f. In the last sentence of paragraph 9:
     The reference to ``AU sec. 325'' is replaced with ``AS
1305.''
     The reference to ``paragraph 2'' is replaced with
``paragraph .02.''
AU sec. 9325, ``Communication of Internal Control Related Matters Noted
in an Audit: Auditing Interpretations of Section 325''
    AU sec. 9325, ``Communication of Internal Control Related Matters
Noted in an Audit: Auditing Interpretations of Section 325,'' as
amended, is amended as follows:
    a. The section number ``AU Section 9325'' is replaced with ``AI
12.''
    b. The title ``Communication of Internal Control Related Matters
Noted in an Audit: Auditing Interpretations of Section 325'' is
replaced with ``Communications About Control Deficiencies in an Audit
of Financial Statements: Auditing Interpretations of AS 1305.''
    c. In the note before paragraph .01:
     In the first sentence:
     The reference to ``AU sec. 325'' is replaced with ``AS
1305, Communications About Control Deficiencies in an Audit of
Financial Statements.''
     The reference to ``paragraph 2'' is replaced with
``paragraph .02.''
     In the last sentence, the reference to ``paragraph A7 of
Appendix A, Definitions, of PCAOB Auditing Standard No. 5'' is replaced
with ``paragraph .A7 of Appendix A, Definitions, of AS 2201.''
    d. In the first sentence of paragraph .01, the reference to
``Section 325'' is replaced with ``AS 1305.''
    e. In the second sentence of paragraph .02, the reference to
``Section 325'' is replaced with ``AS 1305.''
    f. In the first sentence of paragraph .03, the reference to
``Section 325'' is replaced with ``AS 1305.''
    g. In the example report below paragraph .04, in the second
sentence, the phrase ``standards established by the American Institute
of Certified Public Accountants'' is replaced with ``the standards of
the Public Company Accounting Oversight Board (United States).''
AU sec. 9326, ``Evidential Matter: Auditing Interpretations of Section
326''
    AU sec. 9326, ``Evidential Matter: Auditing Interpretations of
Section 326,'' as amended, is amended as follows:
    a. The section number ``AU Section 9326'' is replaced with ``AI
28.''
    b. The title ``Evidential Matter: Auditing Interpretations of
Section 326'' is replaced with ``Evidential Matter Relating to Income
Tax Accruals: Auditing Interpretations.''
    c. In paragraph .10:
     In the first sentence, the phrase ``third standard of
field work requires'' is replaced with ``auditing standards require.''
     In the second sentence, the reference to ``Paragraph 35 of
Auditing Standard No. 14'' is replaced with ``Paragraph .35 of AS
2810.''
     In the third sentence, the reference to ``Section 508,
Reports on Audited Financial Statements, paragraph .24'' is replaced
with ``Paragraph .24 of AS 3101, Reports on Audited Financial
Statements.''
     In the fourth sentence, the reference to ``section 333 on
Management Representations'' is replaced with ``AS 2805, Management
Representations.''
     In the fifth sentence:
     The reference to ``Section 333.06'' is replaced with ``AS
2805.06.''
     The reference to ``section 333.08'' is replaced with ``AS
2805.08.''
     In the last sentence, the reference to ``section 333.13''
is replaced with ``AS 2805.13.''
    d. In the first sentence of paragraph .12, the phrase ``Section
339, Audit Documentation, states that audit documentation is the
principal record'' is replaced with ``Audit documentation is the
written record.''
    e. In paragraph .16, the reference to ``section 336'' is replaced
with ``AS 1210.''
    f. In the first sentence of paragraph .18, the reference to
``Section 336.01'' is replaced with ``AS 1210.01.''
    g. In the first sentence of paragraph .19, the reference to
``section 337'' is replaced with ``AS 2505.''
AU sec. 328, ``Auditing Fair Value Measurements and Disclosures''
    SAS No. No. 101, ``Auditing Fair Value Measurements and
Disclosures'' (AU sec. 328, ``Auditing Fair Value Measurements and
Disclosures''), as amended, is amended as follows:
    a. The section number ``AU Section 328'' is replaced with ``AS
2502.''
    b. In paragraph .06 each reference to ``Section 342'' or ``section
342'' is replaced with ``AS 2501.''
    c. In footnote 3 to paragraph .07, the reference to ``section 332''
is replaced with ``AS 2503.''
    d. In the first sentence of paragraph .11, the reference to
``Auditing Standard No. 12'' is replaced with ``AS 2110.''
    e. In the last sentence of the fifth bullet of paragraph .12, the
reference to ``section 324, Service Organizations'' is replaced with
``AS 2601, Consideration of an Entity's Use of a Service
Organization.''
    f. In the first sentence of paragraph .14, the reference to
``Paragraph A5, second note of Auditing Standard No. 5'' is replaced
with ``Paragraph .A5, second note of AS 2201.''
    g. In the last sentence of paragraph .20, the reference to
``section 336'' is replaced with ``AS 1210.''
    h. In paragraph .22, the reference to ``Section 336'' or ``section
336'' is replaced with ``AS 1210.''
    i. In footnote 6 to paragraph .40, the reference to ``section 329,
Analytical Procedures'' is replaced with ``AS 2305, Substantive
Analytical Procedures.''
    j. In footnote 7 to paragraph .41, the reference to ``section 560''
is replaced with ``AS 2801.''
    k. In footnote 8 to paragraph .43, the reference to ``paragraph 31
of Auditing Standard No. 14'' is replaced with ``paragraph .31 of AS
2810.''
    l. In the last sentence of paragraph .47, the parenthetic reference
to ``paragraphs 12 through 18 and 24 through 27 of Auditing Standard
No. 14, Evaluating Audit Results'' is replaced with ``AS 2810.12
through .18 and AS 2810.24 through .27.''
    m. In the first sentence of paragraph .48:
     The reference to ``Section 333'' is replaced with ``AS
2805.''
     The reference to ``generally accepted auditing standards''
is replaced with ``the standards of the PCAOB.''
    n. In paragraph .50, the reference to ``Paragraphs 12-13 of
Auditing Standard No. 16'' is replaced with ``Paragraphs .12-.13 of AS
1301.''
AU sec. 329, ``Substantive Analytical Procedures''
    SAS No. 56, ``Analytical Procedures'' (AU sec. 329, ``Substantive
Analytical Procedures''), as amended, is amended as follows:
    a. The section number ``AU Section 329'' is replaced with ``AS
2305.''
    b. In the references before paragraph .01, the phrase ``(Supersedes
section 318)'' is deleted.
    c. In paragraph .01:
     In the first note, the reference to ``Auditing Standard
No. 12'' is replaced with ``AS 2110.''
     In the second note, the reference to ``Auditing Standard
No. 14'' is replaced with ``AS 2810.''
    d. In the last sentence of paragraph .09, the parenthetic reference
to ``paragraph 11 of Auditing Standard No.

13'' is replaced with ``paragraph .11 of AS 2301.''
    e. In footnote 1 to paragraph .09, the reference to ``Auditing
Standard No. 15'' is replaced with ``AS 1105.''
    f. In the last sentence of paragraph .21, the parenthetic reference
to ``Auditing Standard No. 14, Evaluating Audit Results'' is replaced
with ``AS 2810.''
AU sec. 330, ``The Confirmation Process''
    SAS No. 67, ``The Confirmation Process'' (AU sec. 330, ``The
Confirmation Process''), as amended, is amended as follows:
    a. The section number ``AU Section 330'' is replaced with ``AS
2310.''
    b. In the references before paragraph .01, the phrase ``(Supersedes
section 331.03-.08)'' is deleted.
    c. In paragraph .01:
     In the first sentence, the phrase ``generally accepted
auditing standards'' is replaced with ``the standards of the PCAOB.''
     In the last bullet:
     In the first sentence, the reference to ``section 331,
Inventories, paragraphs .03-.08'' is replaced with ``paragraphs .03-.08
of AS 2510, Auditing Inventories.''
     Each reference to ``section 331.01'' is replaced with ``AS
2510.01.''
    d. In paragraph .02:
     In the second sentence:
     The reference to ``section 350'' is replaced with ``AS
2315.''
     The reference to ``Auditing Standard No. 13'' is replaced
with ``AS 2301.''
     In the last sentence, the reference to ``Auditing Standard
No. 13, The Auditor's Responses to the Risks of Material Misstatement''
is replaced with ``AS 2301.''
    e. In paragraph .03:
     The reference to ``section 336'' is replaced with ``AS
1210.''
     The reference to ``section 337'' is replaced with ``AS
2505.''
    f. In the first sentence of paragraph .05, the reference to
``Auditing Standard No. 8'' is replaced with ``AS 1101.''
    g. In the last sentence of paragraph .06, the reference to
``paragraph 8 of Auditing Standard No. 15'' is replaced with
``paragraph .08 of AS 1105.''
    h. In the last sentence of paragraph .11, the reference to
``Auditing Standard No. 15, Audit Evidence,'' is replaced with ``AS
1105.''
    i. In paragraph .15, the parenthetic reference to ``section 230''
is replaced with ``AS 1015.''
    j. In footnote 2 to paragraph .27, the reference to ``Auditing
Standard No. 18'' is replaced with ``AS 2410.''
    k. In the last sentence of footnote 3 to paragraph .28, the
reference to ``Section 322, The Auditor's Consideration of the Internal
Audit Function in an Audit of Financial Statements'' is replaced with
``AS 2605, Consideration of the Internal Audit Function.''
AU sec. 331, ``Inventories''
    SAS No. 1, ``Codification of Auditing Standards and Procedures''
section 331 ``Inventories'' (AU sec. 331, ``Inventories''), as amended,
is amended as follows:
    a. The section number ``AU Section 331'' is replaced with ``AS
2510.''
    b. The title ``Inventories'' is replaced with ``Auditing
Inventories.''
    c. Footnote * to the title of the standard is deleted.
    d. Footnote 3 to the subtitle before paragraph .14, ``Inventories
Held in Public Warehouses,'' is deleted.
    e. In paragraph .15, the reference to ``sections 508.24 and
508.67'' is replaced with ``paragraphs .24 and .67 of AS 3101, Reports
on Audited Financial Statements.''
AU sec. 332, ``Auditing Derivative Instruments, Hedging Activities, and
Investments in Securities''
    SAS No. 92, ``Auditing Derivative Instruments, Hedging Activities,
and Investments in Securities'' (AU sec. 332, ``Auditing Derivative
Instruments, Hedging Activities, and Investments in Securities''), as
amended, is amended as follows:
    a. The section number ``AU Section 332'' is replaced with ``AS
2503.''
    b. Footnote 1 to the title of the standard is deleted.
    c. In the references before paragraph .01, the phrase ``(Supersedes
SAS No. 81)'' is deleted.
    d. In paragraph .01:
     In the last sentence, the reference to ``paragraphs 11 and
12 of Auditing Standard No. 15'' is replaced with ``paragraphs .11 and
.12 of AS 1105.''
     In footnote 3, the reference to ``section 623, Special
Reports, paragraph .04'' is replaced with ``paragraph .04 of AS 3305,
Special Reports.''
    e. In paragraph .06:
     In the first sentence, the reference to ``Auditing
Standard No. 9'' is replaced with ``AS 2101.''
     In the second sentence, the reference to ``Auditing
Standard No. 10'' is replaced with ``AS 1201.''
     In the last sentence, the reference to ``AU sec. 336'' is
replaced with ``AS 1210.''
    f. In the last sentence of paragraph .07, the reference to
``section 322, The Auditor's Consideration of the Internal Audit
Function in an Audit of Financial Statements'' is replaced with ``AS
2605, Consideration of the Internal Audit Function.''
    g. In the first sentence of paragraph .09, the reference to
``Auditing Standard No. 12'' is replaced with ``AS 2110.''
    h. Footnote 6 to paragraph .10 is deleted.
    i. In paragraph .11:
     In the fourth sentence, the reference to ``Paragraphs 28
through 32 and B1 through B6 of Auditing Standard No. 12, Identifying
and Assessing Risks of Material Misstatement'' is replaced with ``AS
2110.28 through .32 and AS 2110.B1 through .B6.''
     In the last sentence, the reference to ``section 324,
Service Organizations'' is replaced with ``AS 2601, Consideration of an
Entity's Use of a Service Organization.''
     In the note, the reference to ``paragraph 39 of PCAOB
Auditing Standard No. 5'' is replaced with ``paragraph .39 of AS
2201.''
    j. In footnote 8 to the fifth bullet of paragraph .14, the
reference to ``Section 324'' is replaced with ``AS 2601.''
    k. In the last sentence of paragraph .15, the reference to
``Auditing Standard No. 12, Identifying and Assessing Risks of Material
Misstatement'' is replaced with ``AS 2110.''
    l. In paragraph .16a, the reference to ``section 324'' is replaced
with ``AS 2601.''
    m. Footnote 10 to paragraph .18 is deleted.
    n. In paragraph .21:
     In the first sentence of footnote 11 to the second bullet,
the reference to ``Section 330'' is replaced with ``AS 2310, The
Confirmation Process.''
     In footnote 12 to the last bullet, the reference to
``Section 329'' is replaced with ``AS 2305, Substantive Analytical
Procedures.''
    o. In footnote 13 to the second bullet of paragraph .22, the
reference to ``Section 330.17'' is replaced with ``AS 2310.17.''
    p. In footnote 15 to paragraph .32, the reference to ``section 508,
Reports on Audited Financial Statements, paragraphs .16-.18'' is
replaced with ``paragraphs .16-.18 of AS 3101, Reports on Audited
Financial Statements.''
    q. In paragraph .33:
     In the third sentence, the reference to ``section 560,
Subsequent Events, paragraphs .05-.06)'' is replaced with ``paragraphs
.05-.06 of AS 2801, Subsequent Events.''
     In the last sentence, the reference to ``section 560.03''
is replaced with ``AS 2801.03.''
    r. In paragraph .35:
     In the sixth sentence, the reference to ``section 342'' is
replaced with ``AS 2501.''

     In the last sentence, the reference to ``paragraphs 24
through 27 of Auditing Standard No. 14'' is replaced with ``paragraphs
.24 through .27 of AS 2810.''
    s. In paragraph .39:
     Each reference to ``Section 336'' is replaced with ``AS
1210.''
     Each reference to ``Section 324'' is replaced with ``AS
2601.''
    t. In paragraph .43a, the reference to ``section 342'' is replaced
with ``AS 2501.''