Wiley The Complete Guide to Auditing Standards, and Other Professional Standards for Accountants 2008

by Dauber, Nick A.; Qureshi, Anique Ahmed; Levine, Marc H.; Siegel, Joel G.

• ISBN13: 9780470183977
• ISBN10: 0470183977
• Edition: 4th
• Format: Paperback
• Copyright: 2008-05-02
• Publisher: Wiley

Summary

If you are an auditor or work frequently with auditors, you need quick answers on the latest auditing standards. Get the answers you need now to understand and comply with authoritative auditing standards. The Complete Guide to Auditing Standards and Other Professional Standards for Accountants 2008 is filled with charts, checklists, diagrams, report forms, schedules, tables, exhibits, examples, practice aids, and step-by-step instructions for your maximum ease of use.

Author Biography

Nick A. 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
Auditing	p. 27
Responsibilities and Functions of the Independent Auditor	p. 29
Defining Professional Requirements in Statements on Auditing Standards	p. 31
Generally Accepted Auditing Standards	p. 33
The Relationship of Generally Accepted Auditing Standards to Quality Control Standards	p. 35
Nature of the General Standards	p. 37
Training and Proficiency of the Independent Auditor	p. 37
Independence	p. 37
Due Professional Care in the Performance of Work	p. 37
Appointment of the Independent Auditor	p. 39
Planning and Supervision	p. 41
Audit Risk and Materiality	p. 53
Communications between Predecessor and Successor Auditors	p. 63
Consideration of Fraud in a Financial Statement Audit	p. 69
Illegal Acts by Clients	p. 79
Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained	p. 83
Consideration of Internal Control in a Financial Statement Audit	p. 91
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 Noted in an Audit	p. 119
Evidential Matter	p. 125
Auditing Fair Value Measurements and Disclosures	p. 131
Analytical Procedures	p. 141
The Confirmation Process	p. 145
Inventories	p. 163
Auditing Derivative Instruments, Hedging Activities, and Investments in Securities	p. 171
Management Representation	p. 179
Related Parties	p. 187
Using the Work of a Specialist	p. 197
Inquiry of Client's Lawyer Concerning Litigation, Claims, and Assessments	p. 207
Audit Documentation	p. 211
Ability of the Entity to Continue as a Going Concern	p. 215
Auditing Accounting Estimates	p. 221
Audit Sampling	p. 229
Communication with Audit Committees	p. 233
Consideration of Omitted Procedures After the Report Date	p. 247
The Meaning of "Present Fairly in Conformity with Generally Accepted Accounting Principles"	p. 249
Consistency of Application of Generally Accepted Accounting Principles	p. 253
Adequacy of Disclosure in Financial Statements	p. 257
Association with Financial Statements	p. 259
Reports on Audited Financial Statements	p. 263
Dating of the Independent Auditor's Report	p. 277
Restricting the Use of an Auditor's Report	p. 279
Reporting on Financial Statements Prepared for Use in Other Countries	p. 281
Part of Audit Performed by Other Independent Auditors	p. 285
Lack of Conformity with Generally Accepted Accounting Principles	p. 289
Other Information in Documents Containing Audited Financial Statements	p. 291
Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents	p. 293
Reporting on Condensed Financial Statements and Selected Financial Data	p. 297
Required Supplementary Information	p. 299
Subsequent Events	p. 303
Subsequent Discovery of Facts Existing at the Date of the Auditor's Report	p. 305
Special Reports	p. 307
Reports on the Application of Accounting Principles	p. 319
Letters for Underwriters and Certain Other Requesting Parties	p. 323
Filings under Federal Securities Statutes	p. 329
Interim Financial Information	p. 331
Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance	p. 335
Public Warehouses: Controls and Auditing Procedures for Goods Held	p. 339
Attestation	p. 345
Defining Professional Requirements in Statements on Standards for Attestation Engagements	p. 347
SSAE Hierarchy	p. 349
Attestation Engagements	p. 351
Agreed-Upon Procedures Engagements	p. 359
Financial Forecasts and Projections	p. 363
Reporting on Pro Forma Financial Information	p. 375
Reporting on an Entity's Internal Control over Financial Reporting	p. 381
Compliance Attestation	p. 391
Management's Discussion and Analysis	p. 401
Accounting and Review Services	p. 409
Standards for Accounting and Review Services	p. 411
Compilation and Review of Financial Statements	p. 413
Compilations of Specified Elements, Accounts, or Items of a Financial Statement	p. 429
Compilation of Pro Forma Financial Information	p. 433
Reporting on Comparative Financial Statements	p. 437
Compilation Reports on Financial Statements Included in Certain Prescribed Forms	p. 443
Communications between Predecessor and Successor Accountants	p. 445
Reporting on Personal Financial Statements Included in Written Personal Financial Plans	p. 447
Consulting Services	p. 449
Consulting Services: Definitions and Standards	p. 451
Quality Control	p. 453
System of Quality Control for a CPA Firm's Accounting and Auditing Practice	p. 455
Monitoring a CPA Firm's Accounting and Auditing Practice	p. 459
The Personnel Management Element of a Firm's System of Quality Control-Competencies Required by a Practitioner in Charge of an Attest Engagement	p. 461
Tax Services	p. 463
Preface	p. 465
Tax Return Positions	p. 467
Answers to Question on Tax Returns	p. 469
Certain Procedural Aspects of Preparing Returns	p. 471
Use of Estimates	p. 473
Departure from a Position Previously Concluded in an Administrative Proceeding or Court Decision	p. 475
Knowledge of Error: Return Preparation	p. 477
Knowledge of Error: Administrative Proceeding	p. 479
Form and Content of Advice to Taxpayers	p. 481
Personal Financial Planning	p. 483
Basic Personal Financial Planning Engagement Functions and Responsibilities	p. 485
Working with Other Advisors	p. 489
Implementation Engagement Functions and Responsibilities	p. 491
Monitoring and Updating Engagements-Functions and Responsibilities	p. 493
Developing a Basis for Recommendations	p. 495
Statement on Standards for Valuation Services	p. 497
Statement 1 Valuation of a Business, Business Ownership Interest, Security, or Intangible Assets	p. 499
Cross-References to Statements on Auditing Standards	p. 511
Cross-References to Statements on Standards for Attestation Engagements	p. 515
Cross-References to Statements on Standards for Accounting and Review Services	p. 517
Index	p. 519
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