Montgomery Auditing Continuing Professional Education

by O'Reilly, Vincent M.; McDonnell, Patrick J.; Winograd, Barry N.; Gerson, James S.; Jaenicke, Henry R.

• ISBN13: 9780471346050
• ISBN10: 0471346055
• Edition: 12th
• Format: Paperback
• Copyright: 1999-08-13
• Publisher: Wiley

Summary

Montgomery's Auditing is the definitive handbook on auditing, and this Continuing Professional Education version is a professional edition of the successful subscription reference, providing a condensed, yet complete overview of auditing for the professional as well as the senior level student. The strategies contained help to strengthen the auditor's skills in the profession's core service-audits conducted in accordance with GAAS of financial statements prepared in conformity with GAAP.

Author Biography

Vincent M. O'Reilly and Patrick J. McDonnell are the authors of Montgomery Auditing Continuing Professional Education, 12th Edition, published by Wiley.

Table of Contents

PART 1 THE AUDIT ENVIRONMENT	1	(120)
An Overview of Auditing	3	(14)
Types of Assurance Services	3	(1)
Definition of Auditing	4	(4)
Assertions About Economic Actions and Events	5	(1)
Degree of Correspondence Between Assertions and Established Criteria	5	(1)
Objectively Obtaining and Evaluating Evidence	6	(1)
Systematic Process	7	(1)
Communicating the Results to Interested Users	7	(1)
Relationship Between Accounting and Auditing	7	(1)
Role of Independent Audits	8	(5)
Expectations of Users of Financial Information	10	(1)
Addressing User Expectations	11	(1)
Limitations of Auditing	11	(2)
Continuing Efforts to Meet Users' Needs	13	(4)
Studies, Proposals, Recommendations, and the Profession's Responses	13	(2)
Issues Awaiting Resolution	15	(2)
Organization and Structure of the Auditing Profession	17	(19)
Types of Assurance Services	17	(3)
Financial Audits	17	(1)
Compliance Audits	17	(1)
Performance Audits	18	(1)
Reviews of Financial Information	19	(1)
Attest Engagements	19	(1)
Other Assurance Services	20	(1)
Types of Auditors	20	(2)
Organization of an Accounting Firm	22	(4)
Assurance Services	22	(2)
Nonassurance Services	24	(1)
Firm Structure	24	(2)
Audit Engagement Team	26	(1)
Organization of the Auditing Profession	26	(2)
American Institute of CPAs	26	(1)
State Societies of CPAs	26	(1)
Institute of Internal Auditors	27	(1)
Other Organizations	28	(1)
Professional Certification and Licensing	28	(2)
Certified Public Accountant (CPA)	28	(1)
Certified Fraud Examiner (CFE)	29	(1)
Certified Internal Auditor (CIA)	30	(1)
Certified Information Systems Auditor (CISA)	30	(1)
Assurance Standards and Standard-Setting Bodies	30	(6)
Generally Accepted Auditing Standards	30	(1)
International Auditing Standards	31	(1)
Role of the SEC and the Courts	31	(1)
Standards for Internal Auditing	32	(1)
Standards for Government Auditing	32	(3)
Attestation Standards	35	(1)
Statements on Standards for Accounting and Review Services	35	(1)
Auditing Standards and Professional Conduct	36	(35)
Auditing as a Profession	36	(2)
Generally Accepted Auditing Standards	38	(6)
General Standards	40	(1)
Standards of Field Work	41	(2)
Standards of Reporting	43	(1)
AICPA Code of Professional Conduct	44	(11)
Independence, Integrity, and Objectivity	45	(6)
General and Technical Standards	51	(1)
Responsibilities to Clients	52	(1)
Responsibilities to Colleagues	53	(1)
Other Responsibilities and Practices	53	(1)
Marketing Professional Services	54	(1)
Incentives for Maintaining Audit Quality	55	(5)
Introduction	55	(1)
Quality Controls	56	(2)
Practice-Monitoring Programs	58	(2)
Disciplinary System	60	(1)
Enhancing the Independence of Auditors	60	(11)
Formation of Audit Committees	62	(2)
Enhancing the Auditor's Responsibilities to the Board of Directors	64	(1)
Communicating with Predecessor Auditors	65	(1)
Scrutiny of Auditor Changes	65	(2)
Rotation of Audit Personnel	67	(1)
Transfer of the Audit Function to the Public Sector	68	(1)
Auditor Selection of GAAP for Clients	68	(1)
Prohibition of Management Advisory Services	69	(2)
Auditors' Professional Responsibility	71	(15)
Professional Responsibility Versus Legal Liability	71	(1)
Responding to Public Expectations	71	(1)
Responsibility for Detecting Error, Fraud, and Illegal Acts	72	(7)
AICPA Professional Requirements	72	(1)
Error and Fraud and the Characteristics of Fraud	73	(1)
Assessing the Risk of Fraud	74	(2)
Responding to the Risk of Fraud	76	(1)
Evaluation of Test Results	76	(1)
Documentation Requirements	77	(1)
Illegal Acts by Clients	77	(2)
Required Auditor Communications	79	(4)
Responsibilities on Discovering an Error, Fraud, or Illegal Act	79	(2)
Auditor ``Whistleblowing''	81	(1)
Communicating Internal Control Deficiencies	81	(1)
Other Communications with Audit Committees	82	(1)
Engagement Letters	83	(3)
Auditor's Legal Liability	86	(35)
Overview of the American Legal System	86	(4)
Federal Courts	87	(1)
Administrative Agencies	87	(1)
State Courts	88	(1)
Judicial Procedures	88	(2)
Litigation Explosion	90	(3)
Consumerism	91	(1)
Auditors as ``Insurers''	91	(1)
Savings and Loan Crisis	92	(1)
Liability to Clients	93	(3)
Civil Liability to Third Parties Under Common Law	96	(8)
Privity of Contract Doctrine	97	(1)
Primary Benefit Rule	97	(1)
Foreseen Third Parties	98	(1)
Foreseeable Third Parties	99	(4)
Scienter Requirement	103	(1)
Civil Liability to Third Parties Under the Federal Securities Acts	104	(6)
Securities Act of 1933	104	(2)
Securities Exchange Act of 1934	106	(3)
Private Securities Litigation Reform Act of 1995	109	(1)
RICO	110	(1)
Criminal Liability	110	(1)
Other SEC Sanctions	111	(5)
Injunctive Proceedings	112	(1)
Administrative [Rule 2(e)] Proceedings	113	(3)
Profession's Responses to the Litigious Environment	116	(5)
Authoritative Pronouncements	116	(1)
Increased Attention to Quality Control	117	(1)
Efforts to Reduce Exposure to Liability	118	(3)
PART 2 THEORY AND CONCEPTS	121	(266)
The Audit Process	123	(33)
Management Assertions, Audit Objectives, and Auditing Procedures	123	(3)
Audit Evidence and Audit Tests	126	(9)
Types of Evidence	127	(3)
Competence of Evidential Matter	130	(3)
Sufficiency of Evidential Matter	133	(1)
Types of Audit Tests	133	(1)
Audit Evidence Decisions	134	(1)
Audit Risk	135	(7)
Overall Audit Risk	136	(1)
The Components of Audit Risk	137	(5)
Materiality	142	(3)
The Steps in an Audit	145	(11)
Engagement Planning and Management	147	(1)
Obtaining Information About the Entity	148	(1)
Understanding the Entity's Internal Control	149	(1)
Assessing Control Risk and Developing the Audit Strategy	150	(2)
Confirming the Assessment of Control Risk by Performing Tests of Controls	152	(1)
Developing the Substantive Test Audit Program	153	(1)
Performing Substantive Tests	154	(1)
Completing the Audit	154	(1)
Formulating the Audit Report and Communicating Findings	154	(2)
Engagement Planning and Management	156	(22)
Accepting or Retaining the Client	157	(1)
Client Service and Communication	157	(3)
Establishing Engagement Terms and Goals	158	(1)
Working with Management and Other Personnel	159	(1)
Working with Audit Committees and Boards of Directors	159	(1)
Using the Work of Others	160	(5)
Internal Auditors	160	(3)
Specialists	163	(1)
Other Auditors	164	(1)
Managing the Engagement	165	(2)
Engagement Control	165	(1)
Staffing the Engagement	166	(1)
Supervision and Review	166	(1)
Obtaining Information About the Entity	167	(5)
Obtaining Knowledge of the Entity's Business and Industry	168	(1)
Reviewing Prior Years' Audit Work	168	(1)
Gathering and Analyzing Recent Financial Information	169	(1)
Updating Knowledge of Applicable Accounting, Auditing, and Regulatory Standards	170	(1)
Considering the Entity's Risk Management Policies	170	(1)
Identifying Related Party Transactions	171	(1)
Identifying Inherent Risks	171	(1)
Making Preliminary Materiality Judgments	172	(1)
Working Papers	172	(6)
Form and Content of Working Papers	173	(2)
Working Paper Organization	175	(1)
Typical Working Papers	175	(3)
Overview of Internal Control	178	(14)
Definition and Components of Internal Control	178	(4)
Relevance of an Entity's Internal Control to an Audit	182	(2)
Transaction Cycles and Control Objectives	184	(4)
Control Objectives	185	(2)
Computer Controls	187	(1)
Specific Control Objectives: An Example	187	(1)
Relationship Between Control Risk and the Achievement of Audit Objectives	188	(4)
Understanding Entity-Level Controls	192	(18)
Developing the Understanding	192	(12)
Control Environment	195	(2)
Management's Risk Assessment	197	(1)
Monitoring	198	(1)
Information and Communication	198	(6)
Evaluating Design Effectiveness	204	(1)
Documenting the Understanding and Evaluation of Design	205	(5)
Understanding Activity-Level Controls	210	(24)
Control Activities	211	(13)
Transaction Processing Controls	213	(3)
File Maintenance Controls	216	(2)
Asset Protection Controls	218	(1)
Computer Controls	219	(5)
Monitoring Controls	224	(2)
Developing the Understanding	226	(3)
Evaluating Design Effectiveness	229	(1)
Documenting the Understanding and Evaluation of Design	230	(4)
Narratives	230	(1)
Flowcharts	230	(1)
Control Matrices	231	(1)
Internal Control Questionnaires	231	(3)
Assessing Control Risk and Developing the Audit Strategy	234	(19)
Preliminary Assessment of Control Risk	235	(2)
Developing the Audit Strategy	237	(6)
Tailoring Tests of Controls to the Preliminary Assessment	238	(4)
Efficiency Considerations	242	(1)
Performing Tests of Controls	243	(7)
Sources of Evidence and Techniques Used to Test Controls	244	(2)
Timeliness of Evidence	246	(1)
Continuous Operation of Controls	246	(1)
Testing Computer Controls	247	(1)
Dual-Purpose Tests	248	(1)
Interrelationship of Evidence	248	(1)
Evaluating the Results of Tests of Controls	248	(2)
Effect of an Entity's Use of a Service Organization	250	(1)
Documenting the Assessment of Control Risk and Tests of Controls	251	(2)
Auditing the Revenue Cycle	253	(23)
Typical Transactions and Controls	253	(12)
Sales of Goods and Services	254	(5)
Payments Received for Goods and Services	259	(3)
Goods Returned by and Claims Received from Customers	262	(2)
Monitoring Controls	264	(1)
Determining the Audit Strategy	265	(11)
Developing the Understanding of Controls	265	(2)
Audit Strategy Decisions---An Illustration	267	(7)
Tests of Controls to Support a Low Control Risk Assessment	274	(2)
Auditing the Purchasing Cycle	276	(26)
Typical Transactions and Controls	277	(11)
Acquisition of Goods and Services	277	(5)
Payments Made for Goods and Services	282	(2)
Goods Returned to Suppliers	284	(1)
Payroll Processing	285	(2)
Payment of Wages	287	(1)
Monitoring Controls	287	(1)
Determining the Audit Strategy	288	(14)
Developing the Understanding of Controls	289	(1)
Audit Strategy Decisions---An Illustration	290	(10)
Tests of Controls to Support a Low Control Risk Assessment	300	(2)
Substantive Tests	302	(29)
Substantive Test Strategy Decisions	303	(9)
Types of Accounts	303	(4)
Effect of Control Risk Assessment	307	(2)
Nature of Substantive Tests Under Varying Risk Assessments	309	(3)
Substantive Tests of Details	312	(8)
Techniques Used to Perform Tests of Details	312	(3)
Timing of Tests of Details	315	(2)
Extent of Testing	317	(2)
Using Computer Audit Techniques to Perform Substantive Tests	319	(1)
Substantive Tests of Programmed Accounting Procedures	320	(1)
Analytical Procedures	320	(5)
Developing Expectations	321	(1)
Using Analytical Procedures to Achieve Audit Objectives	322	(2)
Other Considerations in Using Analytical Procedures	324	(1)
Testing Accounting Judgments and Estimates	325	(3)
Evaluating Accounting Judgments	325	(1)
Auditing Accounting Estimates	326	(2)
Evaluating the Results of Substantive Tests	328	(1)
Developing the Audit Program	329	(2)
The Use of Audit Sampling	331	(56)
Audit Risk and Sampling	332	(2)
Defining the Population	332	(1)
Sampling Risk	332	(2)
Nonsampling Risk	334	(1)
Determinants of Sample Size	334	(5)
Acceptable Level of Sampling Risk	335	(1)
Tolerable Deviation Rate or Misstatement Amount	336	(1)
Expected Deviation Rate or Misstatement Amount	337	(2)
Choosing Statistical or Nonstatistical Methods	339	(2)
Statistical Tests of Controls	341	(10)
Basic Concepts of Attributes Sampling	342	(2)
Determining Sample Sizes in Statistical Attributes Tests	344	(2)
Selecting the Sample	346	(1)
Evaluating Statistical Attributes Sample Results	347	(2)
Discovery Sampling	349	(1)
Sequential Sampling	350	(1)
Statistical Substantive Testing	351	(18)
Applying Variables Sampling	352	(1)
Monetary Unit Sampling (MUS)	353	(5)
Mean-Per-Unit Estimation	358	(9)
Difference and Ratio Estimation	367	(2)
Nonstatistical Sampling	369	(9)
Determining Sample Size	370	(1)
Selecting Representative Samples	371	(1)
Evaluating Sample Results	372	(6)
Documenting Audit Sampling	378	(1)
Appendix A: Tables for Determining Sample Size: Attributes Sampling	379	(2)
Appendix B: Tables for Evaluating Sample Results: Attributes Sampling	381	(4)
Appendix C: Tables for Two-Stage Sequential Sampling Plans: Attributes Sampling	385	(2)
PART 3 AUDITING SPECIFIC ACCOUNTS	387	(144)
Auditing Cash and Accounts Receivable	389	(32)
Introduction	389	(1)
Cash and Cash Equivalents	389	(1)
Audit Objectives	390	(1)
Cash Management	391	(1)
Risk Factors and Materiality	392	(1)
Substantive Tests	393	(6)
Confirming Account Balance Information with Financial Institutions	393	(1)
Bank Reconciliations	394	(2)
Count of Cash on Hand	396	(1)
Bank Transfer Schedule	397	(2)
Reviewing Financial Statement Presentation and Related Disclosures	399	(1)
Accounts Receivable and Related Revenue Cycle Accounts	399	(1)
Audit Objectives	400	(1)
Identifying Inherent Risks	401	(1)
Analytical Procedures	402	(4)
Substantive Tests of Details	406	(15)
Control Risk Assessment and the Nature, Timing, and Extent of Substantive Tests	406	(3)
Cutoff Tests of Shipments and Collections	409	(1)
Confirming Accounts Receivable	410	(1)
Confirmation Procedures	411	(6)
Lapping	417	(1)
Tests of Valuation	417	(2)
Tests of Rights and Obligations, and Presentation and Disclosure	419	(1)
Other Substantive Tests	419	(2)
Auditing Inventories and Cost of Sales	421	(39)
Audit Objectives	422	(1)
Typical Inventory Transactions and Controls	423	(11)
Producing Goods for Sale	424	(4)
Storing Raw Materials and Finished Goods	428	(5)
Shipping Goods Produced	433	(1)
Determining the Audit Strategy	434	(10)
Inherent Risk Factors and Materiality	434	(1)
Analytical Procedures	435	(1)
Assessment of Control Risk	436	(1)
Performing Tests of Controls	437	(2)
Early Substantive Testing	439	(5)
Substantive Tests	444	(16)
Observation of Physical Inventories	444	(6)
Testing Ownership and Cutoff	450	(2)
Inventory Costing and Summarization	452	(3)
Inventory Valuation	455	(2)
Auditing Cost of Sales	457	(1)
Purchase Commitments	458	(1)
Analytical Procedures	458	(1)
Management Representation Letter	459	(1)
Auditing Investments, Prepayments and Accruals, and Property, Plant, and Equipment	460	(31)
Investments in Debt and Equity Securities and Related Income	460	(1)
Audit Objectives	460	(2)
Substantive Tests	462	(8)
Existence, Ownership, Accuracy, and Completeness	462	(2)
Tests of the Appropriateness of Accounting Policies	464	(1)
Tests of Carrying Values	465	(3)
Tests of Investment Income	468	(1)
Tests of Classification, Presentation, and Disclosure	468	(1)
Tests Related to Investments in Sophisticated Financial Instruments	468	(2)
Prepayments and Accruals	470	(1)
Audit Objectives	471	(1)
Substantive Tests	472	(9)
Accrued Pension Costs	473	(1)
Other Postretirement Benefit Obligations	474	(1)
Postemployment Benefit Obligations	475	(1)
Environmental Liabilities	475	(1)
Self-Insurance Arrangements	476	(2)
Substantive Tests of Other Prepayments and Accruals	478	(3)
Property, Plant, and Equipment, and Intangible Assets and Deferred Charges	481	(1)
Audit Objectives	481	(2)
Substantive Tests	483	(8)
Examination of Opening Balances and Prior Year's Transactions	484	(1)
Existence and Ownership of Assets	484	(2)
Acquisition of Assets	486	(1)
Disposition of Assets	487	(1)
Classification of Expenditures	487	(1)
Capital Leases	488	(1)
Depreciation and Salvage Values	489	(1)
Intangible Assets and Deferred Charges	489	(1)
Carrying Values	490	(1)
Auditing Accounts Payable, Income Taxes, Debt and Equity, and Disclosures	491	(40)
Accounts Payable and Related Purchasing Cycle Accounts	491	(1)
Audit Objectives	491	(1)
Identifying Inherent Risks	492	(1)
Analytical Procedures	493	(1)
Substantive Tests of Details	494	(10)
Control Risk Assessment and the Nature, Timing, and Extent of Substantive Tests	495	(3)
Cutoff Tests of Purchases	498	(1)
Accounts Payable	499	(1)
Salaries, Wages, and Payroll Taxes	500	(2)
Costs and Expenses	502	(1)
Searching for Unrecorded Liabilities	502	(2)
Income Taxes	504	(1)
Audit Objectives	504	(1)
Substantive Tests	505	(5)
Summary Account Analysis	506	(1)
Income Tax Payments and Refunds	507	(1)
Income Tax Expense, Deferred Taxes, and Related Disclosures	507	(1)
Deferred Tax Asset Valuation Allowance	508	(1)
Estimated and Contingent Liabilities	509	(1)
Foreign, State, and Local Taxes	509	(1)
Debt and Equity	510	(1)
Audit Objectives	510	(2)
Substantive Tests	512	(7)
Analytical Procedures	512	(1)
Tests of Details	512	(1)
Extent of Tests	513	(1)
Tests of Specific Debt and Equity Accounts	513	(6)
Financial Statement Disclosures	519	(1)
Controls Relating to Financial Statement Disclosures	519	(1)
Disclosure of Accounting Policies	520	(1)
Disclosure of Related Party Transactions	520	(1)
Earnings Per Share	520	(1)
Comprehensive Income	521	(1)
Segment Information	521	(1)
Disclosure of Information About Financial Instruments	522	(2)
Concentrations of Credit Risk	522	(1)
Fair Value	522	(1)
Derivatives	523	(1)
Disclosure of Risks, Uncertainties, and Related Matters	524	(7)
Contingencies	524	(2)
Going Concern Uncertainties	526	(3)
Operating in Bankruptcy or Liquidation	529	(1)
Disclosures Required by SOP 94-6	529	(2)
PART 4 COMPLETING THE WORK AND REPORTING THE RESULTS	531	(122)
Completing the Audit	533	(32)
Analytical Procedures	533	(1)
Reading Minutes of Meetings	534	(1)
Lawyers' Letters	534	(5)
Auditing Procedures	534	(1)
Inquiry of an Entity's Lawyer	535	(4)
Inside Counsel	539	(1)
Changes or Resignations of Lawyers	539	(1)
Management Representations	539	(6)
Written Representations	543	(2)
Representations in Other than Audit Engagements	545	(1)
Summarizing Misstatements and Evaluating the Audit Findings	545	(10)
Categories of Misstatements to Be Evaluated	546	(1)
Preparing and Using the Summary	547	(1)
Aggregating and Netting Misstatements	547	(3)
Quantitative Aspects of Materiality Judgments	550	(1)
Qualitative Considerations in Evaluating Misstatements	550	(3)
Treatment of Prior-Year Waived Adjustments	553	(1)
Disposition of Items on the Summary of Audit Differences	554	(1)
Working Paper Review	555	(3)
Key Engagement Matters	555	(1)
Types of Reviews	556	(1)
Review by a Concurring Review Partner	557	(1)
Consultation on Critical Issues	557	(1)
Timing of the Review Process	557	(1)
Documentation of Significant Review Findings	558	(1)
Subsequent Events	558	(6)
Types of Subsequent Events	558	(2)
Auditor's Responsibility for Subsequent Events	560	(1)
Auditing Procedures in the Subsequent Period	560	(1)
Dating the Report	561	(2)
The Securities Act of 1933	563	(1)
Administrative Wrap-Up	564	(1)
Reporting on Audited Financial Statements	565	(38)
The Reporting Framework: Categories of Accountants' Reports	565	(1)
Auditors' Reports: Standard Reports	566	(9)
Organization and Wording	567	(2)
The Meaning of Fair Presentation in Conformity with GAAP	569	(4)
Routine Variations in the Standard Report	573	(2)
Explanatory Language Added to the Standard Report	575	(9)
Opinion Based in Part on Report of Another Auditor	575	(2)
Departures from a Promulgated Accounting Principle with Which an Auditor Agrees	577	(1)
Predecessor Auditor's Report Presented versus Not Presented	577	(1)
Material Inconsistency Between Financial Statements and Other Information Reported by Management	578	(1)
Supplementary Information Required by FASB or GASB Pronouncements	579	(1)
Going Concern Uncertainties	580	(1)
Lack of Consistency	581	(3)
Emphasis of a Matter	584	(1)
Departures from Unqualified Opinions	584	(13)
Qualified Opinions	585	(6)
Adverse Opinions	591	(1)
Disclaimers of Opinion	592	(2)
Piecemeal Opinions	594	(1)
Adverse Opinions versus Disclaimers	594	(1)
Distinguishing Among Situations Involving Scope Limitations, Uncertainties, and Departures from GAAP	595	(1)
Different Reports on Comparative Financial Statements Presented	596	(1)
Summary: Principal Variations from Standard Reports	597	(2)
Responsibilities After the Report Date	599	(4)
Discovery of Information After the Report Date	599	(2)
Consideration of Omitted Procedures After the Report Date	601	(2)
Reporting on Audit-Related Services and on Certain Nonaudit services	603	(18)
Reporting on Audit-Related Services	603	(1)
Reports on Non-GAAP Financial Statements	603	(2)
Definition	604	(1)
Forms of Reporting	604	(1)
Reports on Parts of a Financial Statement	605	(2)
Reports on Compliance with Aspects of Contractual Agreements or Regulatory Requirements, or on Related Special-Purpose Presentations	607	(1)
Reports on Information Accompanying Basic Financial Statements	608	(2)
Additional Information in Client-Prepared Documents	609	(1)
Additional Information in Auditor-Submitted Documents	609	(1)
Reports on the Processing of Transactions by a Service Organization	610	(1)
Opinions on Accounting Principles	610	(2)
Reporting on Nonaudit Services	612	(1)
Nonaudits, Compilations, and Reviews	612	(4)
Association with Financial Data	613	(1)
Compilations of Financial Statements	613	(1)
Reviews of Financial Statements	614	(2)
Reporting When the Accountant Is Not Independent	616	(1)
Interim Reviews	616	(2)
Engagements to Perform Agreed-Upon Procedures	618	(1)
Letters for Underwriters	619	(2)
Attestation Engagements	621	(21)
Attestation Standards	621	(8)
Definitions	621	(1)
Services Covered by the Attestation Standards	621	(1)
Standards for Attestation Engagements	622	(5)
Reporting on Attest Engagements	627	(2)
Reporting on an Entity's Internal Control over Financial Reporting	629	(3)
Attestation Procedures in Examination Engagements	629	(1)
Reporting on Examination Engagements	630	(1)
Material Weakness	631	(1)
Compliance Attestation	632	(1)
Agreed-Upon Procedures Engagements	632	(1)
Examination Engagements	633	(1)
Pro Forma Financial Information	633	(3)
Prospective Financial Information	636	(6)
Types of Services	639	(1)
Reporting on Prospective Financial Statements	640	(2)
Compliance Auditing	642	(11)
Introduction	642	(1)
Special Considerations in Planning a Governmental Audit	642	(2)
Government Auditing Standards	644	(2)
The Single Audit Act and OMB Circular A-133	646	(7)
Determination of a Major Program	647	(1)
Materiality and Risk Assessment Under the Single Audit Act	648	(1)
Testing Compliance with Requirements of Major Federal Financial Assistance Programs	649	(1)
Reporting Under the Single Audit Act	649	(4)
Self-Study CPE Program	653	(20)
Index	673