Wiley The Complete Guide to Auditing Standards, and Other Professional Standards for Accountants 2009

by Dauber, Nick A.

• ISBN13: 9780470411520
• ISBN10: 047041152X
• Edition: 5th
• Format: Paperback
• Copyright: 2009-04-06
• Publisher: Wiley

Summary

This practical and effective step-by-step guide helps auditors and CPAs apply and comply with authoritative auditing standards. It explains the standards and their requirements fully, using technical terminology only when necessary. It represents a comprehensive, up-to-date compendium of current auditing standards and emphasizes practical applications to implement audit standards and requirements.Nick A. Dauber, MS, CPA (Queens, NY), is author of several CPA books and an accounting practitioner and an instructor of auditing and tax at Queens College of the City University of New York. Anique Ahmed Qureshi PhD, CPA, CIA, has written and published ten books and is professor of accounting and information systems at Queens College of the City University of New York. Marc H. Levine, PhD, CPA, has written five books on auditing and financial accounting topics. Joel G. Siegel, PhD, CPA, is the author of over 50 books and has written hundreds of articles for accounting and financial journals.

Author Biography

NICK DAUBER, MS, CPA,is author of The Vest Pocket CPA (Wiley), Corporate Controller's Handbook of Financial Management, and Barron's How to Prepare for the CPA Exam. He is an accounting practitioner and instructor of auditing and tax at Queens College of the City University of New York.

ANIQUE AHMED QURESHI, PhD, CPA, CIA, has written and published ten books and is professor of accounting and information systems at Queens College of the City University of New York.

MARC H. LEVINE, PhD, CPA, has written five books on auditing and financial accounting topics.

JOEL G. SIEGEL, PhD, CPA, is the author of over fifty books and has written hundreds of articles for accounting and financial journals. Dr. Siegel has acted as consultant in accounting issues to many organizations, including IT&T, Citicorp, and Person-Wolinsky CPA Review.

Table of Contents

Auditing Standards of the PCAOB	p. 1
References in Auditor's Reports to the Standards of the Public Company Accounting Oversight Board	p. 3
Audit Documentation	p. 5
Reporting on Whether a Previously Reported Material Weakness Continues to Exist	p. 7
An Audit of Internal Control over Financial Reporting That Is Integrated with an Audit of Financial Statements	p. 15
Evaluating Consistency of Financial Statements	p. 27
Auditing	p. 29
Responsibilities and Functions of the Independent Auditor	p. 31
Defining Professional Requirements in Statements on Auditing Standards	p. 33
Generally Accepted Auditing Standards	p. 35
The Relationship of Generally Accepted Auditing Standards to Quality Control Standards	p. 37
Nature of the General Standards	p. 39
Training and Proficiency of the Independent Auditor	p. 39
Independence	p. 39
Due Professional Care in the Performance of Work	p. 39
Planning and Supervision	p. 41
Audit Risk and Materiality	p. 53
Consideration of Internal Control in a Financial Statement Audit	p. 63
Communications between Predecessor and Successor Auditors	p. 81
Consideration of Fraud in a Financial Statement Audit	p. 87
Illegal Acts by Clients	p. 97
Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained	p. 101
The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements	p. 109
Service Organizations	p. 115
Communication of Internal Control Related Matters Identified in an Audit	p. 119
Evidential Matter	p. 125
Auditing Fair Value Measurements and Disclosures	p. 131
Analytical Procedures	p. 143
The Confirmation Process	p. 147
Inventories	p. 167
Auditing Derivative Instruments, Hedging Activities, and Investments in Securities	p. 175
Management Representation	p. 183
Related Parties	p. 191
Using the Work of a Specialist	p. 201
Inquiry of Client's Lawyer Concerning Litigation, Claims, and Assessments	p. 211
Audit Documentation	p. 215
Ability of the Entity to Continue as a Going Concern	p. 219
Auditing Accounting Estimates	p. 225
Audit Sampling	p. 233
Communication with Audit Committees	p. 237
Consideration of Omitted Procedures After the Report Date	p. 251
The Meaning of "Present Fairly in Conformity with Generally Accepted Accounting Principles"	p. 253
Consistency of Application of Generally Accepted Accounting Principles	p. 257
Adequacy of Disclosure in Financial Statements	p. 261
Association with Financial Statements	p. 263
Reports on Audited Financial Statements	p. 267
Dating of the Independent Auditor's Report	p. 281
Restricting the Use of an Auditor's Report	p. 283
Reporting on Financial Statements Prepared for Use in Other Countries	p. 285
Part of Audit Performed by Other Independent Auditors	p. 289
Lack of Conformity with Generally Accepted Accounting Principles	p. 293
Other Information in Documents Containing Audited Financial Statements	p. 295
Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents	p. 297
Reporting on Condensed Financial Statements and Selected Financial Data	p. 301
Required Supplementary Information	p. 303
Subsequent Events	p. 307
Subsequent Discovery of Facts Existing at the Date of the Auditor's Report	p. 309
Special Reports	p. 311
Reports on the Application of Accounting Principles	p. 323
Letters for Underwriters and Certain Other Requesting Parties	p. 327
Filings under Federal Securities Statutes	p. 333
Interim Financial Information	p. 335
Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance	p. 339
Public Warehouses: Controls and Auditing Procedures for Goods Held	p. 343
Attestation	p. 349
Defining Professional Requirements in Statements on Standards for Attestation Engagements	p. 351
SSAE Hierarchy	p. 353
Attestation Engagements	p. 355
Agreed-Upon Procedures Engagements	p. 363
Financial Forecasts and Projections	p. 367
Reporting on Pro Forma Financial Information	p. 379
Reporting on an Entity's Internal Control over Financial Reporting	p. 385
Compliance Attestation	p. 407
Management's Discussion and Analysis	p. 417
Accounting and Review Services	p. 425
Defining Professional Requirements in Statements on Standards for Accounting and Review Services	p. 427
Standards for Accounting and Review Services	p. 429
Compilation and Review of Financial Statements	p. 431
Compilations of Specified Elements, Accounts, or Items of a Financial Statement	p. 449
Compilation of Pro Forma Financial Information	p. 453
Reporting on Comparative Financial Statements	p. 457
Compilation Reports on Financial Statements Included in Certain Prescribed Forms	p. 463
Communications between Predecessor and Successor Accountants	p. 465
Reporting on Personal Financial Statements Included in Written Personal Financial Plans	p. 467
Consulting Services	p. 469
Consulting Services: Definitions and Standards	p. 471
Quality Control	p. 473
A Firm's System of Quality Control	p. 475
Tax Services	p. 483
Preface	p. 485
Tax Return Positions	p. 487
Answers to Questions on Tax Returns	p. 489
Certain Procedural Aspects of Preparing Returns	p. 491
Use of Estimates	p. 493
Departure from a Position Previously Concluded in an Administrative Proceeding or Court Decision	p. 495
Knowledge of Error: Return Preparation	p. 497
Knowledge of Error: Administrative Proceeding	p. 499
Form and Content of Advice to Taxpayers	p. 501
Personal Financial Planning	p. 503
Basic Personal Financial Planning Engagement Function and Responsibilities	p. 505
Working with Other Advisors	p. 509
Implementation Engagement Functions and Responsibilities	p. 511
Monitoring and Updating Engagements-Functions and Responsibilities	p. 513
Developing a Basis for Recommendations	p. 515
Statement on Standards for Valuation Services	p. 517
Statement 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Assets	p. 519
Cross-References to Statements on Auditing Standards	p. 531
Cross-References to Statements on Standards for Attestation Engagements	p. 535
Cross-References to Statements on Standards for Accounting and Review Services	p. 537
Index	p. 539
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