Auditing Standards : Including the Standards of the PCAOB

by Dauber,Nick

• ISBN13: 9780324271478
• ISBN10: 0324271476
• Edition: 1st
• Format: Hardcover
• Copyright: 2005-09-02
• Publisher: Cengage Learning

Summary

In the aftermath of the scandals rocking Wall Street, the pressure on auditing firms and CPAs has never been more intense. And nowhere is there a more up-to-date, user-friendly GAAS manual than this. Nicky Dauber delivers a current, comprehensive compendium of the latest authoritative auditing standards, with special emphasis on practical applications. Providing a valuable reference for accounting and auditing professionals, it explains the authoritative standards in simple and easy-to-understand language, provides definitions of key terms, and clearly and completely reviews and summarizes all requirements of authoritative standards. Dauber organizes the material in four sections: Auditing, Attestation, Accounting and Review, and the new Auditing Standards. Changes in GAAS are constant. Failing to stay current can have serious consequences, while mistakes in the application can be disastrous. This practical and effective how-to guide keeps readers abreast of the latest standards and equips them with the understanding for precise application.

Author Biography

Joel G. Siegel is professor of Accounting at Queens College of the City University of New York. Marc H. Levine is professor of accounting, Queens College of the City University of New York. Anique Ahmed Qureshi is professor of accounting and information systems at Queens College of the City University of New York. Nick Dauber is an instructor of Auditing and Taxation at Queens College of the City University of New York.

Table of Contents

Part 1-Auditing Standards	1	(38)
PCAOB Auditing Standards No. 1 References in Auditors' Reports to the Standards of the Public Company Accounting Oversight Board	3	(2)
PCAOB Auditing Standards No. 2 An Audit of Internal Control Over Financial Reporting Performed in Conjunction with An Audit of Financial Statements	5	(30)
PCAOB Auditing Standards No. 3 Audit Documentation	35	(4)
Part 2-Auditing	39	(370)
Section 110 Responsibilities and Functions of the Independent Auditor	41	(2)
Section 150 Generally Accepted Auditing Standards	43	(4)
Section 161 The Relationship of Generally Accepted Auditing Standards to Quality Control Standards	47	(2)
Section 201 Nature of the General Standards	49	(1)
Section 210 Training and Proficiency of the Independent Auditor	49	(1)
Section 220 Independence	49	(1)
Section 230 Due Professional Care in the Performance of Work	49	(2)
Section 310 Appointment of the Independent Auditor	51	(4)
Section 311 Planning and Supervision	55	(10)
Section 312 Audit Risk and Materiality	65	(12)
Section 313 Substantive Tests Before the Balance Sheet Date	77	(2)
Section 315 Communications Between Predecessor and Successor Auditors	79	(8)
Section 316 Consideration of Fraud in a Financial Statement Audit	87	(14)
Section 317 Illegal Acts by Clients	101	(6)
Section 319 Consideration of Internal Control in a Financial Statement Audit	107	(20)
Section 322 The Auditors' Consideration of the Internal Audit Function in an Audit of Financial Statements	127	(8)
Section 324 Service Organizations	135	(6)
Section 325 Communication of Internal Control Related Matters Noted in an Audit	141	(6)
Section 326 Evidential Matter	147	(4)
Section 328 Auditing Fair Value Measurements and Disclosures	151	(12)
Section 329 Analytical Procedures	163	(4)
Section 330 The Confirmation Process	167	(22)
Section 331 Inventories	189	(12)
Section 332 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities	201	(10)
Section 333 Management Representations	211	(10)
Section 334 Related Parties	221	(12)
Section 336 Using the Work of a Specialist	233	(12)
Section 337 Inquiry of a Client's Lawyer Concerning Litgation, Claims, and Assessments	245	(6)
Section 339 Audit Documentation	251	(4)
Section 341 Ability of the Entity to Continue as a Going Concern	255	(8)
Section 342 Auditing Accounting Estimates	263	(10)
Section 350 Audit Sampling	273	(6)
Section 380 Communication with Audit Committees	279	(6)
Section 390 Consideration of Omitted Procedures After the Report Date	285	(2)
Section 411 The Meaning of ``Present Fairly in Conformity with Generally Accepted Accounting Principles''	287	(4)
Section 420 Consistency of Application of Generally Accepted Accounting Principles	291	(4)
Section 431 Adequacy of Disclosure in Financial Statements	295	(2)
Section 504 Association with Financial Statements	297	(6)
Section 508 Reports on Audited Financial Statements	303	(18)
Section 530 Dating of the Independent Auditor's Report	321	(2)
Section 532 Restricting the Use of an Auditor's Report	323	(4)
Section 534 Reporting on Financial Statements Prepared for Use in Other Countries	327	(6)
Section 543 Part of Audit Performed by Other Independent Auditors	333	(4)
Section 544 Lack of Conformity with Generally Accepted Accounting Principles	337	(2)
Section 550 Other Information in Documents Containing Audited Financial Statements	339	(4)
Section 551 Reporting on Information Accompanying the Financial Statements in Auditor-Submitted Documents	343	(4)
Section 552 Reporting on Condensed Financial Statements and Selected Financial Data	347	(4)
Section 558 Required Supplementary Information	351	(4)
Section 560 Subsequent Events	355	(2)
Section 561 Subsequent Discovery of Facts Existing at the Date of the Auditor's Report	357	(2)
Section 623 Special Reports	359	(16)
Section 625 Reports on the Application of Accounting Principles	375	(4)
Section 634 Letters for Underwriters and Certain Other Requesting Parties	379	(10)
Section 711 Filings Under Federal Securities Statutes	389	(4)
Section 722 Interim Financial Information	393	(6)
Section 801 Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance	399	(4)
Section 901 Public Warehouses --- Controls and Auditing Procedures for Goods Held	403	(6)
Part 3-Attestation	409	(80)
Section 101 Attest Engagements	411	(12)
Section 201 Agreed-Upon Procedures Engagements	423	(6)
Section 301 Forecasts and Projections	429	(16)
Section 401 Reporting on Pro Forma Financial Information	445	(8)
Section 501 Reporting on an Entity's Internal Control Over Financial Reporting	453	(12)
Section 601 Compliance Attestation	465	(14)
Section 701 Management's Discussion and Analysis	479	(10)
Part 4-Accounting and Review	489	(34)
Section 50 Standards for Accounting and Review Services	491	(2)
Section 100 Compilation and Review of Financial Statements	493	(16)
Section 200 Reporting on Comparative Financial Statements	509	(8)
Section 300 Compilation Reports on Financial Statements Included in Certain Prescribed Forms	517	(2)
Section 400 Communication Between Predecessor and Successor Accountants	519	(2)
Section 600 Reporting on Personal Financial Statements Included in Written Personal Financial Plans	521	(2)
Appendix A Cross-References to Statements on Auditing Standards	523	(8)
Appendix B Cross-References to Statements on Standards for Attestation Engagements	531	(2)
Appendix C Cross-References to Statements on Standards for Accounting and Review Services	533	(2)
Index	535