Wiley Practitioner's Guide to GAAS 2016: Covering all SASs, SSAEs, SSARSs, PCAOB Auditing Standards, and Interpretations(Wiley Regulatory Reporting)

Plain-English interpretations and applications of the latest GAAS Wiley Practitioner's Guide to GAAS 2016 provides full guidance toward the latest guidelines and applications of Generally Accepted Auditing Standards. With detailed coverage of the newest releases, this helpful reference explains each standard in clear, accessible language and highlights the ways in which the standards are related. Organized for easy navigation, each statement is presented individually along with explanation, practice notes, practical illustrations, checklists and questionnaires to guide you through the auditing process. The book is written to align with the Statements on Auditing Standards, and includes updates and interpretations of all new Statements for Accounting and Review Services Compilation and Review statements to help you ensure a complete and fully compliant audit. Accounting standards are critical to the auditing process, but frequent revisions and new releases add a layer of complexity to compliance. This book provides interpretation and application notes for all GAAS standards, including all SASs, SSAEs, SSARSs and PCAOB. Get up to speed on the latest GAAS standards Walk through each statement step-by-step Utilize helpful tools to ensure full compliance Gain a deeper understanding of each standard's applications Identifying, interpreting, and applying the many standards relevant to a particular engagement can be the most difficult part of the auditor's job. This guide simplifies the process by combining the standards, explanations, tools, and expert advice into a single, easily navigated volume. For the auditor who needs to be up to date, Wiley Practitioner's Guide to GAAS 2016 presents clear, plain-language guidance toward the most recent GAAS standards, to help you find ?and understand ? the answers you need quickly.

Table of Contents:
Preface ix About the Author xi Organization and Key Changes xiii 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 31 AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements 59 AU-C 260 The Auditor’s Communication with Those Charged with Governance 65 AU-C 265 Communicating Internal Control Related Matters Identified in an Audit 71 AU-C 300 Planning an Audit 81 AU-C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 87 AU-C 320 Materiality in Planning and Performing an Audit 115 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 159 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 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 455 AU-C 806 Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements 467 AU-C 810 Engagements to Report on Summary Financial Statements 475 AU-C 905 Alert That Restricts the Use of the Auditor’s Written Communication 485 AU-C 910 Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country 491 AU-C 915 Reports on Application of Requirements of an Applicable Financial Reporting Framework 497 AU-C 920 Letters for Underwriters and Certain Other Requesting Parties 503 AU-C 925 Filings with the US Securities and Exchange Commission Under the Securities Act of 1933 543 AU-C 930 Interim Financial Information 549 AU-C 935 Compliance Audits 575 AT 20 Defining Professional Requirements in Statements on Standards for Attest Engagements 587 AT 50 SSAE Hierarchy 589 AT 101 Attest Engagements 591 AT 201 Agreed-Upon Procedures Engagements 615 AT 301 Financial Forecasts and Projections 627 AT 401 Reporting on Pro Forma Financial Information 655 AT 501 An Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated with an Audit of Its Financial Statements 667 AT 601 Compliance Attestation 691 AT 701 Management’s Discussion and Analysis (MD&A)—A Summary 705 AT 801 Reporting on Controls at a Service Organization 713 AR-C 60 General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services 735 AR-C 70 Preparation of Financial Statements 743 AR-C 80 Compilation Engagements 751 AR-C 90 Review of Financial Statements 773 AR 120 Compilation of Pro Forma Financial Information 807 PCAOB 1 References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board 813 PCAOB 3 Audit Documentation 817 PCAOB 4 Reporting on Whether a Previously Reported Material Weakness Continues to Exist 823 PCAOB 5 An Audit of Internal Control Over Financial Reporting That Is Integrated with an Audit of Financial Statements 837 PCAOB 6 Evaluating Consistency of Financial Statements 857 PCAOB 7 Engagement Quality Review 861 PCAOB 8 Audit Risk 865 PCAOB 9 Audit Planning 867 PCAOB 10 Supervision of the Audit Engagement 871 PCAOB 11 Consideration of Materiality in Planning and Performing an Audit 873 PCAOB 12 Identifying and Assessing Risks of Material Misstatement 877 PCAOB 13 The Auditor’s Responses to the Risks of Material Misstatement 891 PCAOB 14 Evaluating Audit Results 899 PCAOB 15 Audit Evidence 905 PCAOB 16 Communicating with Audit Committees 909 PCAOB 17 Auditing Supplemental Information Accompanying Audited Financial Statements 915 PCAOB 18 Related Parties 919 Appendix A: Cross-References to SASs, SSAEs, and SSARSs 927 Appendix B: List of AICPA Audit and Accounting Guides and AICPA Statements of Position—Auditing and Attestation 929 Appendix C: Other Auditing Publications 931 Index 933

About the Author :
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.