Practice Aid: Audit and Accounting Manual, 2017: (AICPA)

Updated as of April 1, 2017, this comprehensive, step-by-step guide provides a plain English approach to conducting an audit. This one-stop-shop summarizes applicable requirements and delivers how-to advice to help practitioners plan and perform an audit. A valuable resource featuring new updates for the issuance of SAS No. 132, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, this guide provides illustrative examples, sample forms, and helpful techniques that small-and medium-sized firms need to streamline their audit engagements.

Table of Contents:
HowAudit and Accounting Manual is Organized 1 AAM 1000 Introduction 3 1100 Introduction AAM 2000 How to Use the Audit and Accounting Manual 9 2100 How to Use the Audit and Accounting Manual AAM 3000 Engagement Planning and Administration 15 3100 Understanding the Assignment 3105 Planning the Engagement 3110 Assigning Personnel to the Engagement and Supervision 3115 Independence 3120 Obtaining an Understanding of the Entity and Its Environment 3125 Obtaining an Understanding of Internal Control 3130 Assessing the Risks of Material Misstatement 3140 Materiality and Misstatements Identified During the Audit 3145 Fraud 3150 Illegal Acts 3155 Analytical Procedures 3160 Audit Budget Samples 3165 Sample Engagement Letters AAM 4000 Internal Control 195 4100 Introduction 4200 Internal Control Framework AAM 5000 Designing and Performing Further Audit Procedures 225 5100 Audit Evidence and Designing Further Audit Procedures 5200 Performing Tests of Controls 5300 Performing Substantive Procedures 5400 Audit Sampling Considerations 5500 Suggested Supplemental Reference Materials AAM 6000 Audit Documentation 295 6100 Audit Documentation General 6200 Form, Content, and Extent of Audit Documentation 6300 Organization and Filing (Indexing) AAM 7000 Correspondence, External Confirmations, and Written Representations 317 7100 External Confirmations and Correspondence 7200 Requests for External Confirmations and Related Materials 7300 Litigation, Claims, and Assessments and Inquiries to Legal Counsel 7400 Written Representations and Representation Letters 7500 Communication With Management and Those Charged With Governance 7600 Reliance Letter 7700 Proposal Letter AAM 8000 Alerts 427 8012 General Accounting and Auditing Developments 2016/17 [8013] [Reserved] 8015 Developments in Preparation, Compilation, and Review Engagements 2016/17 [8030] [Reserved] [8040] [Reserved] [8050] [Reserved] [8060] [Reserved] [8070] [Reserved] [8090] [Reserved] [8100] [Reserved] [8120] [Reserved] [8220] [Reserved] [8240] [Reserved] [8290] [Reserved] [8300] [Reserved] [8320] [Reserved] AAM 9000 Auditors 525 9010 Overview Auditor s Report 9020 Unmodified Opinions 9030 Modified Opinions 9040 Material Misstatements 9050 Inability to Obtain Sufficient Appropriate Audit Evidence 9060 Additional Communications in the Auditor s Report Emphasis–of–Matter Paragraphs 9070 Additional Communications in the Auditor s Report Other–Matter Paragraphs 9080 Special Considerations in the United States 9090 Special Purpose Frameworks 9100 Comparative Financial Statements 9110 Initial Audit Engagements 9120 Single Financial Statement and Specific Elements, Accounts, or Items 9130 Reporting on Compliance With Aspects of Contractual Agreements or Regulatory Requirements in Connection With Audited Financial Statements 9140 Engagements to Report on Summary Financial Statements 9150 Group Audits AAM10,000 Quality Control 643 10,100 Quality Control General 10,200 Practice Aid Establishing and Maintaining a System of Quality Control for a CPA Firm s Accounting and Auditing Practice For Small– and Medium–Sized Firms 10,210 Practice Aid Establishing and Maintaining a System of Quality Control for a CPA Firm s Accounting and Auditing Practice For Sole Practitioners 10,250 Statement on Quality Control Standards 10,280 Alternative Practice Structures Interpretation of the Independence Rule 10,300 Sample Quality Control Forms

About the Author :
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule–making and standard–setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession′s technical and ethical standards. The AICPA′s founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.