The Meaning of Present Fairly in Conformity With GAAP 2111
AU Section 411
The Meaning of Present Fairly in Conformity
With Generally Accepted Accounting
Principles
(Supersedes SAS No. 5.)
Source: SAS No. 69; SAS No. 91; SAS No. 93.
See section 9411 for interpretations of this section.
Effective for audits of financial statements for periods ending after March 15, 1992,
unless otherwise indicated.
Notice of Withdrawal of Statement on Auditing Standards (SAS)
No. 69, The Meaning of Present Fairly in Conformity With Gen-
erally Accepted Accounting Principles, and Interpretation No.
3, “The Auditor’s Consideration of Management’s Adoption of
Accounting Principles for New Transactions or Events”
The hierarchies of generally accepted accounting principles (GAAP hi-
erarchies) of nongovernmental, state and local, and federal reporting
entities have resided in SAS No. 69 in the auditing literature. The
Financial Accounting Standards Board (FASB), the Governmental
Accounting Standards Board (GASB), and the Federal Accounting
Standards Advisory Board (FASAB) have issued the following pro-
nouncements that incorporate their respective GAAP hierarchy into
their respective authoritative literature:
•FASB Statement No. 162, The Hierarchy of Generally Accepted
Accounting Principles, as superseded by FASB Statement No. 168,
The FASB Accounting Standards CodificationTM and the Hier-
archy of Generally Accepted Accounting Principles—a replacement
of FASB Statement No. 162
•GASB Statement No. 55, The Hierarchy of Generally Accepted Ac-
counting Principles for State and Local Governments
•Statement of Federal Financial Accounting Standards No. 34, The
Hierarchy of Generally Accepted Accounting Principles, Including
the Application of Standards Issued by the Financial Accounting
Standards Board
Therefore, the Auditing Standards Board (ASB) has withdrawn SAS
No. 69, The Meaning of Present Fairly in Conformity With Generally
Accepted Accounting Principles, and its interpretation.
AU §411
