Wiley practitioner's guide to GAAS 2023 : covering all SASs, SSAEs, SSARs, and interpretations / Joanne M. Flood.

Format:

Book

Author/Creator:

Flood, Joanne M., author.

Series:

Wiley restaurant basics series.

Wiley restaurant basics series

Language:

English

Subjects (All):

Auditing--Standards--United States.

Auditing.

Physical Description:

1 online resource (1059 pages)

Edition:

Second edition.

Place of Publication:

Hoboken, NJ : John Wiley & Sons, Inc., [2023]

Summary:

The most comprehensive and up-to-date guide to critical auditing standards, practices, and procedures for 2023 The American Institute of Certified Public Accountants (AICPA) sets the Generally Accepted Auditing Standards--or GAAS--under which U. S. audits are conducted. Auditors must comply with and understand every aspect of GAAS to comply with AICPA standards. As a result, it is crucial for CPAs to be up to date on all applicable guidelines, rules, and regulations. Wiley Practitioner's Guide to GAAS 2023 delivers a thorough description and analysis of not only auditing standards--SASs--but also SSAEs, SSARSs, and the Interpretations necessary to fully understand all the latest professional standards. The 2023 Guide offers the most recent revisions to the standards, including those on: Audit evidence Auditing accounting estimates Use of pricing evidence Inquiries of predecessor auditors Quality management Materiality, SSAE direct examination engagements, and Practitioner's review reports. Practical direction on the steps necessary to help you comply with GAAS Comprehensive guidance on the entire auditing process, from start to finish Explanations of all attestation and review, compilation, and preparation standards A glossary of relevant terminology for each subject It explains the standards clearly and accurately, providing explicit information on how to conduct your engagements efficiently, effectively, and properly--all in one resource. In addition, Wiley Practitioner's Guide to GAAS 2023 provides readers with: A crucial resource for accountants and auditors who are looking for a comprehensive explanation of the information used daily, Wiley Practitioner's Guide to GAAS 2023 is an invaluable resource written to save you time and simplify your compliance with professional standards.

Contents:

Cover

Title Page

Copyright Page

Contents

Preface-Organization and Key Changes

About the Author

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

Technical Alert

Scope

Definitions of Terms

Objectives of AU-C200

Requirements

Management's Responsibilities

Auditor's Objectives

Materiality

Ethical Requirements

Professional Judgment and Skepticism

Complying With Gaas

GAAS and the GAAS Hierarchy

Chapter 2 AU-C 210 Terms of Engagement

Objectives of AU-C 210

Fundamental Requirements

Engagement Acceptance

AU-C 210 Illustration

Chapter 3 AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards

Objectives of AU-C 220

Quality Control Standards

Role of the Engagement Team

System of Quality Control

Elements of Quality Control

Independence

Acceptance and Continuance of Client Relationships

Assignment of Engagement Teams

Direction, Supervision, and Performance

Engagement Performance

Documentation

Chapter 4 AU-C 230 Audit Documentation

Objectives of AU-C 230

Requirement for Audit Documentation

Form, Content, and Extent of Audit Documentation

Ownership and Confidentiality

Standardization of Audit Documentation

Preparation of Audit Documentation

Quality of Audit Documentation

Audit Documentation Deficiencies

Documentation Requirements in Other Sections

Interpretations

Providing Access to or Copies of Audit Documentation to a Regulator

AU-C 230 Illustrations.

Chapter 5 AU-C 240 Consideration of Fraud in a Financial Statement Audit

Objectives of AU-C 240

Description and Characteristics of Fraud

Responsibilities of the Auditor

Professional Skepticism

Engagement Team Discussion about Fraud (Brainstorming)

Obtaining Information Needed to Identify Fraud Risks

Inquiries of Internal Auditors

Inquiries of Others within the Organization

Inquiries of Those Charged with Governance

Considering the Results of Analytical Procedures

Considering Fraud Risk Factors

Identifying Fraud Risks

Assessing Identified Risks

Responding to the Results of the Assessment of Risk of Material Misstatement

Evaluating Audit Evidence

Communication about Possible Fraud to Management and Those Charged with Governance

Antifraud Programs and Controls

AU-C 240 Illustrations

Chapter 6 AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements

Definition of Term

Objectives of AU-C 250

Auditor's Responsibilities

Categories of Laws and Regulations

Audit Procedures

Response to Identified or Suspected Noncompliance with Laws and Regulations

Evaluation of Detected or Suspected Noncompliance with Laws and Regulations

Reporting Identified or Suspected Noncompliance

Chapter 7 AU-C 260 The Auditor's Communication with Those Charged with Governance

Objectives of AU-C 260

Those Charged with Governance

Matters to Be Communicated

Communication Process

Qualitative Aspects of Accounting Practices

Other AU-C Sections

Chapter 8 AU-C 265 Communicating Internal Control Related Matters Identified in an Audit

Scope.

Definitions of Terms

Objectives of AU-C 265

Determining Whether Deficiencies in Internal Control Have Been Identified

Considerations Specific to Smaller, Less Complex Entities

Indicators of Material Weakness

Communication of Internal Control Related Matters

Management Response

Communication of Significant Deficiencies and Material Weaknesses Prior to the Completion of the Compliance Audit for Participants in Office of Management and Budget Single-Audit Pilot Project

Communication of Significant Deficiencies and Material Weaknesses Prior to the Completion of the Compliance Audit for Auditors Who Are Not Participants in Office of Management and Budget Pilot Project

Appropriateness of Identifying No Significant Deficiencies or No Material Weaknesses in an Interim Communication

AU-C 265 Illustrations

Chapter 9 AU-C 300 Planning an Audit

Objectives of AU-C 300

Preliminary Engagement Activities

Matters to Consider in Developing an Audit Strategy

Chapter 10 AU-C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement

Objectives of AU-C 315

Overview

Step 1. Perform Risk Assessment Procedures

Step 2. Identification of Significant Risks

Step 3. Assessing the Risk of Material Misstatement

Examples of Matters to Consider When Obtaining an Understanding of the Entity and Its Environment

The Economy

The Client's Industry

The Client's Business: New Client

The Client's Business: Continuing Client

Using a Risk-Based, Top-Down Approach to Evaluate Internal Control

Effect of IT on Internal Control

AU-C 315 Illustrations.

Chapter 11 AU-C 320 Materiality in Planning and Performing an Audit

Objectives of AU-C 320

Materiality and Audit Risk

Determining Materiality and Performance Materiality

Revision of Materiality

Documentation Requirements

Chapter 12 AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained

Objectives of AU-C 330

Overall Responses

Designing Further Audit Procedures

Tests of Controls

Substantive Procedures

Evaluating the Sufficiency and Appropriateness of the Audit Evidence Obtained

Testing at Interim Dates

Misstatements Detected at Interim Dates

Designing Audit Procedures

Tests of Internal Control Operating Effectiveness

Types of Tests

Chapter 13 AU-C 402 Audit Considerations Relating to an Entity Using a Service Organization

Objectives of AU-C 402

Types of Service Auditor's Reports

Considerations in Using a Service Auditor's Report

AU-C 402 Illustration-Audit Program for an Auditor's Review of a Service Auditor's Report

Chapter 14 AU-C 450 Evaluation of Misstatements Identified during the Audit

Objective of AU-C 450

The Nature and Causes of Misstatements

Accumulation of Misstatements

Communication and Correction of Misstatements to Management

Evaluating the Effect of Uncorrected Misstatements

The Qualitative Characteristics of Misstatements

Prior Period Misstatements

Misstatement Worksheet

Chapter 15 AU-C 500 Audit Evidence

Objectives of AU-C 500

Requirements.

General Guides to the Relevance and Reliability of Evidence

General Guides to Sufficiency of Evidence

Audit Procedures for Obtaining Audit Evidence

Sources of Information

Using Automated Tools

The Effect of an Inability to Obtain Evidential Matter Relating to Income Tax Accruals

Auditor of Participating Employer in a Governmental Cost-Sharing Multiple-Employer Pension Plan

Auditor of Participating Employer in a Governmental Agent Multiple-Employer Pension Plan

Chapter 16 AU-C 501 Audit Evidence-Specific Considerations for Selected Items

Objectives of AU-C 501

Requirements-Investments in Securities and Derivative Instruments

Valuation

Requirements-Inventory Existence and Condition

Practice Alert

Timing and Extent of Inventory Observation

Inventory Held by a Third Party

Steps in the Observation of Inventory

Planning the Physical Inventory

Taking the Physical Inventory

External Inventory-Taking Firm

Inventory Observation Checklist

AU-C 501 Illustrations-Inventory Observation

Requirements-Litigation, Claims, and Assessments Involving the Entity

Accounting Considerations

Audit Procedures Other Than Inquiry of Lawyers

Inquiry of Client's Lawyer

Evaluation of Lawyer's Response

Refusal of Attorney to Respond

Lawyer on Board of Directors

Litigation Not Investigated by Lawyer

Litigation with Insurance Company

Reliance on House or Inside Counsel

Review of Interim Financial Information

Au-C 501 Illustration-Litigation, Claims, and Assessments

REQUIREMENTS-SEGMENT REPORTING

Requirements-Management's Specialist

Chapter 17 AU-C 505 External Confirmations

Objective of AU-C 505

Requirements in Other AU-C Sections.

Results of Confirmation Procedures.

Notes:

Description based on print version record.

Includes bibliographical references and index.

Other Format:

Print version: Flood, Joanne M. Wiley Practitioner's Guide to GAAS 2023

ISBN:

9781394152735

1394152736

9781394152711

139415271X

OCLC:

1374427180