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:

Terms Used In Arizona Laws 44-2122

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Issuer: means any person who issues or proposes to issue any security, except:

    (a) With respect to certificates of deposit, voting-trust certificates, collateral-trust certificates, certificates of interest or shares in an unincorporated investment trust, whether or not of the fixed, restricted management or unit type, issuer means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which such securities are issued. See Arizona Laws 44-1801

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.