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.

References: AICPA Professional Standards, Volume 1, AU Sections 100 through 901, as of July1, 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.

Source: 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.

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

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

Prior versions effective: 2018-12-20, 2015-01-19, 2013-06-24.