10-01(a) - Condensed statements

10-01(b) - Other instructions as to content

10-01(c) - Periods to be covered

10-01(d) - Interim review by auditor

10-01(e) - SEC waiver

Requires that interim financials be reviewed by auditor prior to a company's filing a Form 10-Q or Form 10-QSB

Auditor to follow the procedures of SAS 100

• Which replaced SAS 71 in 2002

10-Q / 10-QSB need not state that the interim financial statements have been reviewed by the auditor

• If this statement is made, however, auditor's report must be included in the filing

Failure to obtain the auditor review makes the filing deficient

• The issuer thus deemed not to be current or timely in its Exchange Act filings
• Triggering disclosure obligations for issuer and auditor
• Subsequent completion of the review will make the filing current, but not timely

SAS 100

Replaced SAS 71

• Summary of changes made by SAS 100

Puts restrictions on when auditors can review interim financials

• Including by limiting to public or nearly public clients

Affects use of comfort letters

Client mailing

SAB 103

• Topic 6.G        Amendments re: interim financial reporting
• Topic 6.G.1.b   Financial statements - other than quarterly
• Topic 6.G.2.a   Form of condensed financial statements
• Topic 6.G.2.b   Reporting requirements for accounting 
                       changes
• Topic 11.M      Impact of recently issued accounting        
                       standards

Current accounting issues Aug. 2001

• Topic II.D.4     FASB 133 - Derivatives
• Topic II.S       Auditor association with interim financial      

                            statements

Accounting Issues

Comfort Letters

Form 10-Q