Wiley Practitioner's Guide to Gaas 2013 : Covering All SASs, SSAEs, SSARSs, and Interpretations

by Flood, Joanne M.

• ISBN13: 9781118277263
• ISBN10: 1118277260
• Edition: 10th
• Format: Paperback
• Copyright: 2013-01-09
• Publisher: Wiley

Summary

The clearest, easiest-to-use guide to understanding GAAS 2013 on the market-fullyupdated This latest resource to understanding GAAS addresses the toughest part of thejob-identifying, interpreting, and applying the many audit, attest, review, and compilationstandards relevant to a particular engagement. The only GAAS reference organized according topractitioners actual use of the Statements on Auditing Standards (SASs), inside youll findexamples and illustrations for testing internal controls, techniques for remaining compliantwith each standard, and explanations of the reasons for each pronounceument. A brief identification of each SAS, SSAE, and SSARS, with its effective date and tips onwhen to apply it A convenient and comprehensive glossary of official definitions, which are usuallyscattered throughout a standard Behind-the-scenes explanations of the reasons for each pronouncement and brief explanationsof the basic ideas of the section Concise listing and descriptions of each standards specific mandate Easy-to-read capsule summary of interpretations, plus selected AICPA practice alerts and advisories Helpful techniques for remaining compliant with each standard Examples and illustrations for testing internal controls Wiley Practitioners Guide to GAAS 2013 presents each statement individually, explaining howthe standards are related and offering guidance on the entire engagement process in the form ofpractice notes, checklists, questionnaires, and real-world examples that illustrate how thefundamental requirements of each section are applied.

Table of Contents

Preface xi

About the Author xv

Organization and Key Changes xvii

AU 100-230 The Auditor’s Responsibilities and Functions, Introduction to GAAS, and the

General Standards (Including the Quality Control Standards) 1

AU-C 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in

Accordance with Generally Accepted Auditing Standards

AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally

Accepted Auditing Standards

AU 311 Planning and Supervision 17

AU-C 300 Planning an Audit

AU-C 210 Terms of Engagement

AU 312 Audit Risk and Materiality in Conducting an Audit 33

AU-C 320 Materiality in Planning and Performing an Audit

AU-C 450 Evaluation of Misstatements Identified during the Audit

AU 314 Understanding the Entity and Its Environment and Assessing the Risks of

Material Misstatement 49

AU-C-315 Understanding the Entity and Its Environment and Assessing the Risks of

Material Misstatement

AU 315 Communications Between Predecessor and Successor Auditors 79

AU-C 510 Opening Balances—Initial Audit Engagements, Including Reaudit

Engagements

AU-C 210 Terms of Engagement

AU 316 Consideration of Fraud in a Financial Statement Audit 93

AU-C 240 Consideration of Fraud in a Financial Statement Audit

AU 317 Illegal Acts by Clients 123

AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements

AU 318 Performing Audit Procedures in Response to Assessed Risks and Evaluating the

Audit Evidence Obtained 131

AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating

the Audit Evidence Obtained

AU 322 The Auditor’s Consideration of the Internal Audit Function in an Audit of

Financial Statements 161

AU 324 Service Organizations 173

AU-C 402 Audit Considerations Relating to an Entity Using a Service Organization

AU 325 Communicating Internal Control Related Matters Identified in an Audit 193

AU-C 265 Communicating Internal Control Related Matters Identified in an Audit

AU 326 Audit Evidence 205

AU-C 500 Audit Evidence

AU 328 Auditing Fair Value Measurements and Disclosures 211

AU-C 540 Auditing Accounting Estimates, including Fair Value Accounting Estimates

and Related Disclosures

AU 329 Analytical Procedures 221

AU-C 520 Analytical Procedures

AU 330 The Confirmation Process 237

AU-C 505 External Confirmations

AU 331 Inventories 255

AU-C 501 Audit Evidence—Specific Considerations for Selected Items

AU 332 Auditing Derivative Instruments, Hedging Activities, and Investments in

Securities 269

AU-C 501 Audit Evidence—Specific Considerations for Selected Items

AU 333 Management Representations 287

AU-C 580 Written Representations

AU 334 Related Parties 311

AU-C 550 Related Parties

AU 336 Using the Work of a Specialist 325

AU-C 620 Using the Work of an Auditor’s Specialist

AU 337 Inquiry of Client’s Lawyer Concerning Litigation, Claims, and Assessments 337

AU-C 501 Audit Evidence—Specific Considerations for Selected Items

AU 339 Audit Documentation 355

AU-C 230 Audit Documentation

AU 341 The Auditor’s Consideration of an Entity’s Ability to Continue as a Going

Concern 369

AU-C 570 The Auditor’s Consideration of an Entity’s Ability to Continue as a Going

Concern

AU 342 Auditing Accounting Estimates 385

AU-C 540 Auditing Accounting Estimates, including Fair Value Accounting Estimates

and Related Disclosures

AU 350 Audit Sampling 393

AU-C 530 Audit Sampling

AU 380 The Auditor’s Communication with Those Charged with Governance 419

AU-C 260 The Auditor’s Communication with Those Charged with Governance

AU 390 Consideration of Omitted Procedures after the Report Date 429

AU-C 585 Consideration of Omitted Procedures after the Report Release Date

AU 410 Adherence to GAAP 437

AU-C 700 Forming an Opinion and Reporting on Financial Statements

AU 420 Consistency of Application of Generally Accepted Accounting Principles 443

AU-C 708 Consistency of Financial Statements

AU 431 Adequacy of Disclosure in Financial Statements 451

AU-C 705 Modifications to the Opinion in the Independent Auditor’s Report

AU 504 Association with Financial Statements 455

AU 508 Reports on Audited Financial Statements 463

AU-C 700 Forming an Opinion and Reporting on Financial Statements

AU-C 705 Modifications to the Opinion in the Independent Auditor’s Report

AU-C 706 Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the

Independent Auditor’s Report

AU-C 600 Special Considerations—Audits of Group Financial Statements (Including the

Work of Component Auditors)

AU-C 708 Consistency of Financial Statements

AU-C 805 Special Considerations—Audits of Single Financial Statements and Specific

Elements, Accounts, or Items of a Financial Statement

AU-C 560 Subsequent Events and Subsequently Discovered Facts

AU 530 Dating of the Independent Auditor’s Report 525

AU-C 700 Forming an Opinion and Reporting on Financial Statements

AU-C 560 Subsequent Events and Subsequently Discovered Facts

AU 532 Restricting the Use of an Auditor’s Report 531

AU-C 905 Alert That Restricts the Use of the Auditor’s Written Communication

AU 534 Reporting on Financial Statements Prepared for Use in Other Countries 539

AU-C 910 Financial Statements Prepared in Accordance with a Financial Reporting

Framework Generally Accepted in Another Country

AU 543 Part of Audit Performed by Other Independent Auditors 549

AU-C 600 Special Considerations—Audits of Group Financial Statements (Including the

Work of Component Auditors)

AU-C 600 Special Considerations—Audits of Group Financial Statements (Including the

Work of Component Auditors) 561

AU 544 Lack of Conformity with Generally Accepted Accounting Principles 575

AU-C 800 Special Considerations—Audits of Financial Statements Prepared in

Accordance with Special Purpose Frameworks

AU 550 Other Information in Documents Containing Audited Financial Statements 579

AU-C 720 Other Information in Documents Containing Audited Financial Statements

AU 551 Supplementary Information in Relation to the Financial Statements as a Whole 583

AU-C 725 Supplementary Information in Relation to Financial Statements as a Whole

AU 552 Reporting on Condensed Financial Statements and Selected Financial Data 593

AU-C 810 Engagements to Report on Summary Financial Statements

AU 558 Required Supplementary Information 607

AU-C 730 Required Supplementary Information

AU 560 Subsequent Events 619

AU-C 560 Subsequent Events and Subsequently Discovered Facts

AU 561 Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report 631

AU-C 560 Subsequent Events and Subsequently Discovered Facts

AU 623 Special Reports 637

AU-C 806 Reporting on Compliance with Aspects of Contractual Agreements or

Regulatory Requirements in Connection with Audited Financial Statements

AU-C 800 Special Considerations—Audits of Financial Statements Prepared in

Accordance with Special-Purpose Frameworks

AU-C 805 Special Considerations—Audits of Single Financial Statements and Specific

Elements, Accounts, or Items of a Financial Statement

AU 625 Reports on the Application of Accounting Principles 671

AU-C 915 Reports on Application of Requirements of an Applicable Financial Reporting

Framework

AU 634 Letters for Underwriters and Certain Other Requesting Parties 679

AU-C 920 Letters for Underwriters and Certain Other Requesting Parties

AU 711 Filings Under Federal Securities Statutes 749

AU-C 925 Filings with the US Securities and Exchange Commission under the Securities

Act of 1933

AU 722 Interim Financial Information 759

AU-C 930 Interim Financial Information

AU 801 Compliance Audits 795

AU-C 935 Compliance Audits

AU 901 Public Warehouses: Controls and Auditing Procedures for Goods Held 807

AU-C 501 Audit Evidence—Specific Considerations for Selected Items

AT 101 Attest Engagements 815

AT 201 Agreed-Upon Procedures Engagements 841

AT 301 Financial Forecasts and Projections 853

AT 401 Reporting on Pro Forma Financial Information 881

AT 501 An Examination of an Entity’s Internal Control Over Financial Reporting That

Is Integrated with an Audit of Its Financial Statements 893

AT 601 Compliance Attestation 917

AT 701 Management’s Discussion and Analysis (MD&A)—A Summary 931

AT 801 Reporting on Controls at a Service Organization 939

AR 60–90 Compilation and Review of Financial Statements 961

AR 110 Compilation of Specified Elements, Accounts, or Items of a Financial

Statement 1017

AR 120 Compilation of Pro Forma Financial Information 1023

AR 200 Reporting on Comparative Financial Statements 1029

AR 300 Compilation Reports on Financial Statements Included in Certain Prescribed

Forms 1043

AR 400 Communications between Predecessor and Successor Accountants 1047

AR 600 Reporting on Personal Financial Statements Included in Written Personal

Financial Plans 1051

PCAOB 1 References in Auditor’s Reports to the Standards of the Public Company

Accounting Oversight Board 1055

PCAOB 3 Audit Documentation 1059

PCAOB 4 Reporting on Whether a Previously Reported Material Weakness Continues to

Exist 1065

PCAOB 5 An Audit of Internal Control Over Financial Reporting That Is Integrated with

an Audit of Financial Statements 1079

PCAOB 6 Evaluating Consistency of Financial Statements 1099

PCAOB 7 Engagement Quality Review 1103

PCAOB 8 Audit Risk 1107

PCAOB 9 Audit Planning 1109

PCAOB 10 Supervision of the Audit Engagement 1113

PCAOB 11 Consideration of Materiality in Planning and Performing an Audit 1115

PCAOB 12 Identifying and Assessing Risks of Material Misstatement 1119

PCAOB 13 The Auditor’s Responses to the Risks of Material Misstatement 1133

PCAOB 14 Evaluating Audit Results 1141

PCAOB 15 Audit Evidence 1147

Appendix A: ASB Clarity Project: Extant AU Sections Mapped to the Clarified AU-C

Sections 1151

Appendix B: Cross-References to SASs, SSAEs, and SSARSs 1159

Appendix C: List of AICPA Audit and Accounting Guides 1165

Appendix D: Other Auditing Publications in the GAAS Hierarchy 1167

Index 1169