Arizona § 44-2122 Audit requirements

Arizona Statutes

§ 44-2122 — Audit requirements

Arizona·Title 44 Arizona Revised Statutes·Ch. 12 SALES OF SECURITIES·Art. 19 Audits

Unless exempted by the commission, an independent certified public accountant who audits the financial statements of an issuer in an audit required pursuant to this chapter shall include, in accordance with generally accepted auditing standards as modified or supplemented by the commission:

1.Procedures designed to provide reasonable assurance of detecting illegal acts that would have a direct and material effect on the determination of financial statement amounts.

2.Procedures designed to identify related party transactions that are material to the financial statements or otherwise require disclosure.

3.An evaluation of whether there is substantial doubt about the ability of the issuer to continue as a going concern during the next fiscal year.

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Unless exempted by the commission, an independent certified public accountant who audits the financial statements of an issuer in an audit required pursuant to this chapter shall include, in accordance with generally accepted auditing standards as modified or supplemented by the commission:

1. Procedures designed to provide reasonable assurance of detecting illegal acts that would have a direct and material effect on the determination of financial statement amounts.

2. Procedures designed to identify related party transactions that are material to the financial statements or otherwise require disclosure.

3. An evaluation of whether there is substantial doubt about the ability of the issuer to continue as a going concern during the next fiscal year.

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