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Get ready to conquer the AUD section of the 2023 CPA exam with Wiley’s CPA 2023 Study Guide: Auditing and Attestation.
Wiley's CPA 2023 Study Guide: Auditing and Attestation is the essential, comprehensive study guide for any candidate preparing to pass the AUD exam in 2023.
Developed to help you understand all key domains on the latest CPA exam, this study guide contains complete coverage of:
Consistent with the hands-on and practical nature of the exam, this guide prepares you to apply theoretical concepts to specific situations and evaluate each step necessary in the auditing process.
About the Authors ix
About the Auditing and Attestation Professors xi
Welcome to Auditing and Attestation xii
Ethics, Professional Responsibilities, and General Principles 1
AICPA Code of Professional Conduct 2
Introduction and Preface 2
Members in Public Practice 5
MIPPs Introduction and Conceptual Framework 5
MIPPs Nonindependence Rules 7
Conflicts of Interest, Directorships, and Gifts 7
Reporting Information and Subordination of Judgment 9
Advocacy, Third-Party Service Providers (TSPs), General Standards, and Accounting Principles 11
Discreditable Acts 13
Fees 15
Advertising and Confidentiality 17
Form of Organization and Names 19
MIPPs Independence Rules 21
Introduction to MIPPs Independence Rules 21
Network Firms and Affiliates 23
Reissues, Engagement Letters, ADR, and Unpaid Fees 25
Financial Interests 26
Overview and Unsolicited Financial Interests 26
Mutual Funds and Retirement Plans 28
Partnerships, 529s, Trust and Estates, Employee Benefit Plans 30
Depository Accounts, Brokerage Accounts, and Insurance Policies 32
Loans, Leases, and Business Relationships 33
Family Relationships 35
Employment Relationships 37
Current Employment 37
Subsequent Employment 40
Other Associations and Relationships 42
Nonaudit Services 44
Code Provisions 44
Specific Services 47
Members in Business 54
Other Members 57
Requirements of SEC and PCAOB 58
Securities and Exchange Commission (SEC) 58
Public Company Accounting Oversight Board (PCAOB) 65
Requirements of GAO and DOL 68
Government Accountability Office (GAO) 68
Department of Labor (DOL) 76
Assessing Risk and Developing a Planned Response 79
Financial Statement Audits 80
Accounting vs. Auditing 80
GAAS and Principles 82
Professional Standards 84
Quality Control Standards (SQCS) 86
Overview of Audit Process 88
Different Types of Engagements 89
PCAOB Responsibilities 91
PCAOB on Engagement Quality Review 93
Planning Activities 95
Pre-Engagement Planning Issues 95
Planning and Supervision 100
Materiality 102
Audit Risk 104
Analytical Procedures 107
Audit Data Analytics 109
Detecting Fraud 113
Fraud: Evaluation and Communication 118
Detecting Illegal Acts 120
Using the Work of a Specialist 122
Required Communications with those Charged with Governance 126
PCAOB on Communications with Audit Committees 129
Internal Control—Concepts and Standards 132
Obtaining an Understanding of Internal Control 132
Evaluating Internal Control 134
Assessing Control Risk Under AICPA Standards 137
Performing Procedures in Response to Assessed Risks 141
Required Communications 144
Using the Work of an Internal Audit Function 147
Performing Further Procedures and Obtaining Evidence 151
Internal Control: Transaction Cycles 152
Specific Transaction Cycles 152
Revenue/Receipts—Sales 154
Revenue/Receipts—Cash 156
Expenditures/Disbursements 158
Payroll Cycle 161
Miscellaneous Cycles 163
Audit Evidence: Concepts and Standards 165
Overview of Substantive Procedures 165
The Nature of Audit Evidence 169
Types of Audit Procedures 174
PCAOB Risk Assessment Audit Standards 177
Evaluation of Misstatements Identified During the Audit 181
Audit Documentation 183
PCAOB on Audit Documentation 187
Confirmation 189
Accounting Estimates 191
Fair Value Estimates 195
Lawyer’s Letters 198
Management Representations Letters 201
Related-Party Issues 204
PCAOB on Related Parties 208
Subsequent Events and Related Issues 211
Going Concern Issues 215
Audit Evidence: Specific Audit Areas 219
Introduction to Auditing Individual Areas 219
Cash 221
Accounts Receivable 224
Inventory 226
Investments in Securities and Derivative Instruments 229
Fixed Assets 236
Current Liabilities 238
Long-Term Liabilities 240
Stockholders’ Equity 241
Payroll 242
Audit Sampling 244
Introduction to Sampling 245
Attributes Sampling 246
Variables Sampling 248
Probability-Proportional-to-Size (PPS) Sampling 252
IT (Computer) Auditing 254
IT General and Application Controls 254
Other IT Considerations 258
Forming Conclusions and Reporting 261
Audit Reports 262
Introduction to Audit Reports 262
Reporting Key Audit Matters 269
PCAOB on Audit Reports 272
Audits of Group Financial Statements 276
Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs 280
Qualified for Scope Limitation 284
Qualified for Misstatement 287
Adverse Opinion 290
Disclaimer of Opinion 293
Consistency of Financial Statements 296
PCAOB on Evaluating Consistency of Financial Statements 298
Opening Balances—Initial Audits 300
Responsibilities for Other Information in Annual Reports 304
Supplementary Information Related to Financial Statements 307
Required Supplementary Information 309
PCAOB on Auditing Supplemental Information 311
Alert to Restrict Report 314
Financial Statements Using Another Country’s Framework 316
Reporting on Summary Financial Statements 319
Interim Financial Information 322
Other Types of Reports 328
Reports on Application of Requirements of Framework 328
F/S with Special Purpose Frameworks 331
Audits of Single F/S and Specific Elements, Accounts, or Items 335
Reporting on Compliance with Requirements in an F/S Audit 339
Service Organizations—User Auditors 343
Service Organizations—Service Auditors 345
Government Auditing Standards 348
Compliance Audits 351
SSARSs—General Principles 355
SSARSs—Preparation of Financial Statements 358
SSARSs—Compilation Engagements 361
SSARSs—Review Engagements 365
SSARSs—Other Topics 372
Other Professional Services 377
AICPA on Reporting on Internal Control in an Integrated Audit 377
PCAOB on Reporting on Internal Control in an Integrated Audit 387
PCAOB on Reporting Whether a Previously Reported Material Weakness Continues to Exist 393
Auditing Employee Benefit Plans 397
Introduction to Attestation Standards 404
Attestation Standards—Common Concepts 407
Examination Engagements 411
Examination Reports 415
Review Engagements 422
Review Reports 426
Agreed-Upon Procedures Engagements 432
Prospective Information 437
Pro Forma Financial Information 444
Compliance Attestation 449
Management’s Discussion and Analysis (MD&A) 454
Assurance Services 458
Index to come 461
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