<html> <head> <title>Rule 20:75:05:05 Auditing, accounting, and review standards.</title> <META NAME="Keywords" Content="Administrative Rules 20:75:05:05"> <META NAME="Description" Content="Administrative Rules 20:75:05:05 Auditing, accounting, and review standards."> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Generator content="Microsoft Word 15 (filtered)"> <style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {margin:0in; margin-bottom:.0001pt; text-align:justify; font-size:12.0pt; font-family:"Times New Roman",serif;} a:link, span.MsoHyperlink {color:blue; text-decoration:underline;} a:visited, span.MsoHyperlinkFollowed {color:purple; text-decoration:underline;} .MsoChpDefault {font-size:10.0pt;} @page WordSection1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in;} div.WordSection1 {page:WordSection1;} --> </style> </head> <body lang=EN-US link=blue vlink=purple> <div class=WordSection1> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:75:05:05.&nbsp;&nbsp;Auditing, accounting, and review standards.</b> A licensee may not permit the licensee's name to be associated with a report on financial statements as defined by SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-20B-3">36-20B-3</A> unless the licensee complied with generally accepted auditing standards or accounting and review standards as applicable. Generally accepted auditing standards and accounting and review <b>standards are the standards set forth in the AICPA Professional Standards, Volume 1, AU</b> Sections 100 through 901, as of July 1, 2019; <b>AICPA Professional Standards, Volume 2</b>, AR Sections 20 through 9600, as of July 1, 2019; <b>AICPA</b> <b>Professional Standards, Volume 1</b>, AT Sections 20 through 801, as of July 1, 2019; and <b>AICPA Professional Standards, Volume 2</b>, ET Sections 0.300 through 3.400, as of July 1, 2019; by the American Institute of Certified Public Accountants. <b>Government Auditing Standards</b> <b>by the United States Government Accountability Office</b>, December 2011 Revision, or July 2018 Revision, as applicable. Licensees must justify departures from these standards.</p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 29 SDR 16, effective August 14, 2002; 30 SDR 119, effective February 9, 2004; 33 SDR 107, effective December 26, 2006; 35 SDR 165, effective December 22, 2008; 35 SDR 305, effective July 1, 2009; 36 SDR 216, effective July 6, 2010; 39 SDR 33, effective September 5, 2012; 39 SDR 219, effective June 24, 2013; 41 SDR 111, effective January 19, 2015; 45 SDR 84, effective December 20, 2018; 46 SDR 153, effective July 9, 2020.</p> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-20B-12">36-20B-12(4).</A></p> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-20B-40">36-20B-40</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-20B-41">36-20B-41.</A></p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>References:</b> <b>AICPA Professional Standards, Volume 1</b>, AU Sections 100 through 901, as of July1, 2019; <b>AICPA Professional Standards, Volume 2</b>, AR Sections 20 through 9600, as of July 1, 2019; <b>AICPA Professional Standards, Volume 1</b>, AT Sections 20 through 801, as of July 1, 2019; and <b>AICPA Professional Standards, Volume 2</b>, 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: <b>AICPA Professional Standards</b>, Annual Online Subscription. Member $199/Non-Member $249.</p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Auditing Standards by the United States Government Accountability Office</b>, 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 <a href="http://www.gao.gov/yellowbook">www.gao.gov/yellowbook</a>. Cost: <b>Government Auditing Standards</b>, first document free, each additional copy $2.</p> <p class=MsoNormal>&nbsp;</p> </div> </body> </html>