Wiley Practitioner's Guide to Gaas 2001: Covering All Sass, Ssaes, Ssarss, and Interpretations

by Guy, Dan M.; Carmichael, D. R.

• ISBN13: 9780471390688
• ISBN10: 0471390682
• Format: Paperback
• Copyright: 2000-10-01
• Publisher: John Wiley & Sons Inc

Summary

Earn up to 40 CPE credits The clearest, easy-to-use guide to understanding GAAS 2001 on the market This latest resource to understanding GAAS addresses the toughest part of an accountant2s job-identifying, interpreting, and applying the many audit, attest, review, and compilation standards relevant to a particular engagement. Wiley Practitioner2s Guide to GAAS 2001, the only reference written by the primary authors of the AICPA Statements on Auditing Standards, offers the accounting professional a clear, accessible distillation of the official language of the Statements on Auditing Standards (SASs), Statements on Standards for Attestation Engagements (SSAEs), and Statements on Standards for Accounting and Review Services (SSARSs)- as well as advice on exactly when and how to remain fully compliant with each. The only GAAS reference organized the way practitioners actually use the Statements on Auditing Standards, GAAS 2001 presents each statement individually, explaining how the standards are related, along with guidance on the entire engagement process, in the form of practice notes, checklists, questionnaires, and real-world examples that illustrate how the fundamental requirements of each section are applied. Other key features include: A brief identification of each SAS, SSAE, and SSARS, with its effective date and tips on when to apply it A comprehensive glossary of official definitions, usually scattered throughout a standard Behind-the-scenes explanations of the reasons for each pronouncement and brief explanation of the basic ideas of the section Concise listing and descriptions of each standard2s specific mandates Capsule summary of interpretations, plus selected AICPA practice alerts and advisories Helpful techniques for remaining compliant with each standard New in GAAS 2001! SAS 88 Service Organizations and Reporting on Consistency SAS 89 Audit Adjustments SAS 90 Audit Committee Communications SAS 91 Federal GAAP Hierarchy SAS 92 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities Also available: WILEY Practitioner2s Guide to GAAS 2001 for Windows(r) CD-ROM Covering all SASs, SSAEs, SSARSs, and Interpretations WILEY Auditor2s SAS Field Guide 2001 Visit our Web site at www.wiley.com/gaas or www.wiley.com/accounting

Table of Contents

The Auditor's Responsibilities and Functions, Introduction to GAAS and the General Standards	230	(80)
Appointment of the Independent Auditor	310	(1)
Planning and Supervision	311	(1)
Audit Risk and Materiality in Conducting an Audit	312	(1)
Substantive Tests Prior to the Balance Sheet Date	313	(2)
Communications Between Predecessor and Successor Auditors	315	(1)
Consideration of Fraud in a Financial Statement Audit	316	(1)
Illegal Acts by Clients	317	(2)
Consideration of Internal Control in a Financial Statement Audit	319	(3)
The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements	322	(2)
Service Organizations	324	(1)
Communication of Internal Control Related Matters Noted in an Audit	325	(1)
Evidential Matter	326	(3)
Analytical Procedures	329	(1)
The Confirmation Process	330	(1)
Inventories	331	(1)
Auditing Derivative Instruments, Hedging Activities, and Investments in Securities	332
Auditing Investments	332	(333)
Management Representations	333	(1)
Related Parties	334	(2)
Using the Work of a Specialist	336	(1)
Inquiry of Client's Lawyer Concerning Litigation, Claims, and Assessments	337	(2)
Working Papers	339	(2)
The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern	341	(1)
Auditing Accounting Estimates	342	(8)
Audit Sampling	350	(30)
Communication With Audit Committees	380	(10)
Consideration of Omitted Procedures After the Report Date	390	(21)
Adherence to GAAP (410) and the Meaning of ``Present Fairly in Conformity With GAAP'' in the Independent Auditor's Report (411)	411	(9)
Consistency of Application of Generally Accepted Accounting Principles	420	(11)
Adequacy of Disclosure in Financial Statements	431	(73)
Association With Financial Statements	504	(4)
Reports on Audited Financial Statements	508	(22)
Dating of the Independent Auditor's Report	530	(2)
Restricting the Use of an Auditor's Report	532	(2)
Reporting on Financial Statements Prepared for Use in Other Countries	534	(9)
Part of Audit Performed by Other Independent Auditors	543	(1)
Lack of Conformity With Generally Accepted Accounting Principles	544	(6)
Other Information in Documents Containing Audited Financial Statements	550	(1)
Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents	551	(1)
Reporting on Condensed Financial Statements and Selected Financial Data	552	(6)
Required Supplementary Information	558	(2)
Subsequent Events	560	(1)
Subsequent Discovery of Facts Existing at the Date of the Auditor's Report	561	(61)
Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement	622	(1)
Special Reports	623	(2)
Reports on the Application of Accounting Principles	625	(9)
Letters for Underwriters and Certain Other Requesting Parties	634	(77)
Filings Under Federal Securities Statutes	711	(11)
Interim Financial Information	722	(79)
Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance	801	(100)
Public Warehouses: Controls and Auditing Procedures for Goods Held	901	(1199)
Attestation Standards	2100	(100)
Financial Forecasts and Projections	2200	(100)
Reporting on Pro Forma Financial Information	2300	(100)
Reporting on an Entity's Internal Control Over Financial Reporting	2400	(100)
Compliance Attestation	2500	(100)
Agreed-Upon Procedures Engagements	2600	(100)
Management's Discussion and Analysis (MD&A)	2700	(400)
Compilation and Review of Financial Statements	3100	(100)
Reporting on Comparative Financial Statements	3200	(100)
Compilation Reports on Financial Statements Included in Certain Prescribed Forms	3300	(100)
Communications Between Predecessor and Successor Accountants	3400	(200)
Reporting on Personal Financial Statements Included in Written Personal Financial Plans	3600
Appendix A: Cross-References to SASs, SSAEs, and SSARSs
Appendix B: List of AICPA Practice Alerts and Audit Issues Task Force Advisories
Appendix C: AICPA Audit and Accounting Guides
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