Ohio Admin. Code 4701-9-03 - Generally accepted auditing standards
(A) An Ohio permit holder shall be associated
with audited financial statements only if the Ohio permit holder has complied
with the applicable generally accepted auditing standards defined in paragraph
(B), (C), or (D) of this rule, as
applicable.
(B) Generally
accepted auditing standards applicable to audits of public companies required
to register with the "Securities and Exchange Commission" are defined as
"Auditing and Related Professional Practice Standards" issued by the "Public
Company Accounting Oversight Board" and published on its website (www.pcaobus.org).
(C) Generally accepted auditing standards for
federal agencies or entities receiving significant federal financial assistance
are defined as "Government Auditing Standards" issued by the "Comptroller
General of the United States" and published on the "Government Accountability
Office" website (www.gao.gov).
(D) Generally accepted auditing standards for
all entities except those specified in paragraph (B) or (C) of this rule are
defined as "Statements on Auditing Standards" issued by the "American Institute
of Certified Public Accountants" and published on its website (www.aicpa.org).
(E) An Ohio permit holder may comply with one
or more of the "International Standards on Auditing" issued by the
"International Auditing and Assurance Standards Board" and published on the
"International Federation of Accountants" website (www.ifac.org) in the following cases:
(1) The standards in paragraph (B) or (C) of
this rule, as applicable to the specific audit engagement, do not prohibit the
use of those standards.
(2) The
parent company of the entity being audited is located in a foreign country and
requires the use of those standards.
Notes
Promulgated Under: 119.03
Statutory Authority: 4701.03
Rule Amplifies: 4701.03
Prior Effective Dates: 01/17/1975, 09/01/1978, 01/01/1999, 08/05/1999, 10/22/2004, 08/25/2005, 04/28/2011, 12/12/2016
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