Wiley Practitioner's Guide to GAAS 2012: Covering All Sass, Ssaes, Ssarss, and Interpretations

The clearest, easiest-to-use guide to understanding GAAS 2012 on the market--fully updated This latest resource to understanding GAAS addresses the toughest part of the job--identifying, interpreting, and applying the many audit, attest, review, and compilation standards relevant to a particular engagement. The only GAAS reference organized according to practitioners' actual use of the Statements on Auditing Standards (SASs), inside you'll find examples and illustrations for testing internal controls, techniques for remaining compliant with each standard, and explanations of the reasons for each pronouncement. A brief identification of each SAS, SSAE, and SSARS, with its effective date and tips on when to apply it A convenient and comprehensive glossary of official definitions, which are usually scattered throughout a standard Behind-the-scenes explanations of the reasons for each pronouncement and brief explanations of the basic ideas of the section Concise listing and descriptions of each standard's 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 Practitioner's Guide to GAAS 2012 presents each statement individually, explaining how the standards are related and offering guidance on the entire engagement process in the form of practice notes, checklists, questionnaires, and real-world examples that illustrate how the fundamental requirements of each section are applied.

Table of Contents:
Preface ix About the Author xi Summary of Key Changes xiii 100-230 The Auditor's Responsibilities and Functions, Introduction to GAAS and the General Standards (Including the Quality Control Standards) 1 311 Planning and Supervision 11 312 Audit Risk and Materiality in Conducting an Audit 23 314 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 39 315 Communications between Predecessor and Successor Auditors 67 316 Consideration of Fraud in a Financial Statement Audit 75 317 Illegal Acts by Clients 105 318 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained 111 322 The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements 139 324 Service Organizations 151 325 Communicating Internal Control Related Matters Identified in an Audit 169 326 Audit Evidence 179 328 Auditing Fair Value Measurements and Disclosures 185 329 Analytical Procedures 195 330 The Confirmation Process 211 331 Inventories 227 332 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities 241 333 Management Representations 257 334 Related Parties 273 336 Using the Work of a Specialist 285 337 Inquiry of Client's Lawyer Concerning Litigation, Claims, and Assessments 295 339 Audit Documentation 311 341 The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern 323 342 Auditing Accounting Estimates 337 350 Audit Sampling 345 380 The Auditor's Communication with Those Charged with Governance 369 390 Consideration of Omitted Procedures After the Report Date 379 410/411 Adherence to GAAP (410) and the Meaning of "Present Fairly in Conformity with GAAP" (411) 385 420 Consistency of Application of Generally Accepted Accounting Principles 395 431 Adequacy of Disclosure in Financial Statements 401 504 Association with Financial Statements 403 508 Reports on Audited Financial Statements 411 530 Dating of the Independent Auditor's Report 443 532 Restricting the Use of an Auditor's Report 449 534 Reporting on Financial Statements Prepared for Use in Other Countries 453 543 Part of Audit Performed by Other Independent Auditors 459 544 Lack of Conformity with Generally Accepted Accounting Principles 471 550 Other Information in Documents Containing Audited Financial Statements 473 551 Supplementary Information in Relation to the Financial Statements as a Whole 477 552 Reporting on Condensed Financial Statements and Selected Financial Data 483 558 Required Supplementary Information 491 560 Subsequent Events 499 561 Subsequent Discovery of Facts Existing at the Date of the Auditor's Report 509 623 Special Reports 515 625 Reports on the Application of Accounting Principles 543 634 Letters for Underwriters and Certain Other Requesting Parties 549 711 Filings under Federal Securities Statutes 595 722 Interim Financial Information 603 801 Compliance Audits 627 901 Public Warehouses: Controls and Auditing Procedures for Goods Held 635 2101 Attest Engagements 641 2201 Agreed-Upon Procedures Engagements 667 2301 Financial Forecasts and Projections 679 2401 Reporting on Pro Forma Financial Information 707 2501 An Examination of an Entity's Internal Control over Financial Reporting That Is Integrated with an Audit of Its Financial Statements 719 2601 Compliance Attestation 743 2701 Management's Discussion and Analysis (MD&A)-A Summary 757 2801 Reporting on Controls at a Service Organization 765 3100 Compilation and Review of Financial Statements 781 3110 Compilation of Specified Elements, Accounts, or Items of a Financial Statement 825 3120 Compilation of Pro Forma Financial Information 829 3200 Reporting on Comparative Financial Statements 833 3300 Compilation Reports on Financial Statements Included in Certain Prescribed Forms 841 3400 Communications between Predecessor and Successor Accountants 843 3600 Reporting on Personal Financial Statements Included in Written Personal Financial Plans 849 PCAOB 1 References in Auditor's Reports to the Standards of the Public Company Accounting Oversight Board 853 PCAOB 3 Audit Documentation 857 PCAOB 4 Reporting on Whether a Previously Reported Material Weakness Continues to Exist 863 PCAOB 5 An Audit of Internal Control Over Financial Reporting That Is Integrated with an Audit of Financial Statements 877 PCAOB 6 Evaluating Consistency of Financial Statements 897 PCAOB 7 Engagement Quality Review 901 PCAOB 8 Audit Risk 905 PCAOB 9 Audit Planning 907 PCAOB 10 Supervision of the Audit Engagement 911 PCAOB 11 Consideration of Materiality in Planning and Performing an Audit 913 PCAOB 12 Identifying and Assessing Risks of Material Misstatement 917 PCAOB 13 The Auditor's Responses to the Risks of Material Misstatement 931 PCAOB 14 Evaluating Audit Results 939 PCAOB 15 Audit Evidence 945 Appendix A: Cross-References to SASs, SSAEs, and SSARSs 949 Appendix B: List of AICPA Audit and Accounting Guides 955 Appendix C: Other Auditing Publications in the GAAS Hierarchy 959 Index 961