Wiley Practitioner's Guide to GAAS 2018. Covering all SASs, SSAEs, SSARSs, PCAOB Auditing Standards, and Interpretations. Wiley Regulatory Reporting

  • ID: 4412678
  • Book
  • 880 Pages
  • John Wiley and Sons Ltd
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The clearest, easiest–to–use guide to understanding all the clarified standards, including the attestation standards fully updated!

This comprehensive guide to understanding Generally Accepted Auditing Standards (GAAS) is not just about auditing. It addresses the toughest part of an accountant′s job identifying, interpreting, and applying the many audit, attest, review, compilation, and preparation standards relevant to a particular engagement.

Wiley Practitioner′s Guide to GAAS 2018 offers a clear and accessible distillation of the official language of generally accepted auditing standards (GAAS), Statements on Standards for Attestation Engagements (SSAEs), and Statements on Standards for Accounting and Review Services (SSARSs) as well as advice on exactly how to remain fully compliant with each.

Wiley Practitioner′s Guide to GAAS 2018 is organized according to the logical arrangement of the clarified standards, presenting each section individually, and explaining how it is related to the engagement process. Guidance is offered on the entire process, in the form of practice notes, checklists, questionnaires, and real–world examples, illustrating how the fundamental requirements of each section are applied.

Other key features include:

  • A brief identification of each auditing, SSAE, and SSARS section, with effective dates and tips on how to apply it
  • Highlights of requirements in the clarified attestation standards
  • Concise listing and descriptions of each section′s specific mandates, including definitions
  • Easy–to–read capsule summary of interpretations, plus selected technical alerts
  • Helpful techniques for remaining compliant with each standard

New in GAAS 2018:

This volume includes new guidance on the auditor′s consideration of going concern; supplementary information included in compilation and review reports that accompany financial statements; known departures in compilation reports; and the clarification and recodification of attestation standards. Wiley Practitioner′s Guide to GAAS 2018 is completely updated to reflect all the clarified standards and provide valuable implementation information.

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Preface Organization and Key Changes ix

About the Author xi

AU–C 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards 1

AU–C 210 Terms of Engagement 9

AU–C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards 15

AU–C 230 Audit Documentation 21

AU–C 240 Consideration of Fraud in a Financial Statement Audit 33

AU–C 250 Consideration of Laws and Regulations in an Audit of Financial Statements 61

AU–C 260 The Auditor s Communication with Those Charged with Governance 67

AU–C 265 Communicating Internal Control Related Matters Identified in an Audit 73

AU–C 300 Planning an Audit 83

AU–C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 89

AU–C 320 Materiality in Planning and Performing an Audit 117

AU–C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained 121

AU–C 402 Audit Considerations Relating to an Entity Using a Service Organization 151

AU–C 450 Evaluation of Misstatements Identified during the Audit 161

AU–C 500 Audit Evidence 165

AU–C 501 Audit Evidence Specific Considerations for Selected Items 169

AU–C 505 External Confirmations 203

AU–C 510 Opening Balances Initial Audit Engagements, Including Reaudit Engagements 219

AU–C 520 Analytical Procedures 227

AU–C 530 Audit Sampling 241

AU–C 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures 265

AU–C 550 Related Parties 277

AU–C 560 Subsequent Events and Subsequently Discovered Facts 289

AU–C 570 The Auditor s Consideration of an Entity s Ability to Continue as a Going Concern 303

AU–C 580 Written Representations 319

AU–C 585 Consideration of Omitted Procedures after the Report Release Date 333

AU–C 600 Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) 339

AU–C 610 Using the Work of Internal Auditors 359

AU–C 620 Using the Work of an Auditor s Specialist 373

AU–C 700 Forming an Opinion and Reporting on Financial Statements 383

AU–C 705 Modifications to the Opinion in the Independent Auditor s Report 397

AU–C 706 Emphasis–of–Matter Paragraphs and Other–Matter Paragraphs in the Independent Auditor s Report 415

AU–C 708 Consistency of Financial Statements 423

AU–C 720 Other Information in Documents Containing Audited Financial Statements 427

AU–C 725 Supplementary Information in Relation to The Financial Statements as a Whole 431

AU–C 730 Required Supplementary Information 437

AU–C 800 Special Considerations Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 443

AU–C 805 Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement 453

AU–C 806 Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements 463

AU–C 810 Engagements to Report on Summary Financial Statements 471

AU–C 905 Alert That Restricts the Use of the Auditor s Written Communication 481

AU–C 910 Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country 487

AU–C 915 Reports on Application of Requirements of an Applicable Financial Reporting Framework 493

AU–C 920 Letters for Underwriters and Certain Other Requesting Parties 499

AU–C 925 Filings with the US Securities and Exchange Commission under the Securities Act of 1933 537

AU–C 930 Interim Financial Information 543

AU–C 935 Compliance Audits 571

AU–C 940 An Audit of Internal Control over Financial Reporting That Is Integrated With an Audit of Financial Statements 583

AU–C 945 Auditor Involvement With Exempt Offering Documents 609

AT–C Preface 613

AT–C 105 Concepts Common to All Attestation Engagements 627

AT–C 205 Examination Engagements 633

AT–C 210 Review Engagements 655

AT–C 215 Agreed–Upon Procedures Engagements 671

AT–C 305 Prospective Financial Information 685

AT–C 310 Reporting on Pro Forma Financial Information 697

AT–C 315 Compliance Attestation 711

AT–C 320 Reporting on an Examination of Controls at a Service Organization Relevant to User Entities Internal Control over Financial Reporting 721

AT–C (Designated for AT Section 701) Management s Discussion Section 395 and Analysis (MD&A) A Summary 737

AR–C 60 General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services 745

AR–C 70 Preparation of Financial Statements 753

AR–C 80 Compilation Engagements 761

AR–C 90 Review of Financial Statements 785

AR–C 120 Compilation of Pro Forma Financial Information 823

Appendix A Cross–References to SASs, SSAEs, and SSARSs 829

Appendix B List of AICPA Audit and Accounting Guides and AICPA

Statements of Position Auditing and Attestation 831

Appendix C Other Auditing Publications 833

Index 835

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Joanne Flood, MBA, CPA, Rockville Center, NY has accounting experience within both a Big 4 international firm and a small firm. She has worked as a senior manager in the AICPA′s Professional Development group. Joanne received her MBA in Accounting Summa Cum Laude from Adelphi University.
While in public accounting, she worked on major clients in retail, manufacturing, and finance and on small business clients in construction, manufacturing, and professional services. At the AICPA, she managed the development and wrote courses in the accounting and auditing product line. She also wrote and produced training materials in a wide variety of media, including print, video, and audio, and pioneered the AICPA′s elearning product line.

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