S.D. Admin. R. 20:75:05:05

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:75:05:05 - Auditing, accounting, and review standards

A licensee may not permit the licensee's name to be associated with a report on financial statements as defined by SDCL 36-20B-3 unless the licensee complied with generally accepted auditing standards or accounting and review standards as applicable. Generally accepted auditing standards and accounting and review standards are the standards set forth in the AICPA Professional Standards, Volume 1, AU Sections 100 through 901, as of July 1, 2019; AICPA Professional Standards, Volume 2, AR Sections 20 through 9600, as of July 1, 2019; AICPA Professional Standards, Volume 1, AT Sections 20 through 801, as of July 1, 2019; and AICPA Professional Standards, Volume 2, ET Sections 0.300 through 3.400, as of July 1, 2019; by the American Institute of Certified Public Accountants.

Government Auditing Standards by the United States Government Accountability Office, December 2011 Revision, or July 2018 Revision, as applicable. Licensees must justify departures from these standards.

29 SDR 16, effective 8/14/2002; 30 SDR 119, effective 2/9/2004; 33 SDR 107, effective 12/26/2006; 35 SDR 165, effective 12/22/2008; 35 SDR 305, effective 7/1/2009; 36 SDR 216, effective 7/6/2010; 39 SDR 33, effective 9/5/2012; 39 SDR 219, effective 6/24/2013; 41 SDR 111, effective 1/19/2015; 45 SDR 084, effective 12/20/2018; 46 SDR 153, effective 7/9/2020

General Authority: SDCL 36-20B-12(4).

Law Implemented: SDCL 36-20B-40, 36-20B-41.

AICPA Professional Standards, Volume 1, AU Sections 100 through 901, as of July 1, 2019; AICPA Professional Standards, Volume 2, AR Sections 20 through 9600, as of July 1, 2019; AICPA Professional Standards, Volume 1, AT Sections 20 through 801, as of July 1, 2019; and AICPA Professional Standards, Volume 2, ET Sections 0.300 through 3.400, as of July 1, 2019, by the American Institute of Certified Public Accountants. Copies may be viewed at the board's office or obtained from the American Institute of Certified Public Accountants, 220 Leigh Farm Road, Durham, NC 27707. Cost: AICPA Professional Standards, Annual Online Subscription. Member $199/Non-Member $249. Government Auditing Standards by the United States Government Accountability Office, December 2011 Revision, or July 2018 Revision, as applicable. Copies may be viewed at the board's office or obtained from the United States Government Accountability Office, Washington, D.C. 20548; or from their website at www.gao.gov/yellowbook. Cost: Government Auditing Standards, first document free, each additional copy $2.