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

Description

The clearest, easiest-to-use guide to understanding all the clarified standards, including the new 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 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 new 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 Content: Wiley Practitionerâ#x80 #x99 s Guide to GAAS 2018: Covering All SASs, SSAEs, SSARSs, and Interpretations Contents Preface-Organization and Key Changes About the Author AU-C 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards AU-C Original Pronouncements AU-C 200 Definitions of Terms Objectives of AU-C Section 200 Requirements Management's Responsibilities Auditor's Responsibilities Ethical Requirements Professional Skepticism and Judgment Complying With GAAS GAAS and the GAAS Hierarchy. Interpretive PublicationsOther Auditing Publications AU-C 210 Terms of Engagement AU-C Original Pronouncement Applicability AU-C 210 Definitions of Terms Objectives of AU-C Section 210 Fundamental Requirements Engagement Acceptance Preconditions Limitation of Scope Agreement on Terms Initial Audits, Including Reaudits Recurring Audits Change in Terms Illustration AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards AU-C Original Pronouncements Applicability AU-C 220 Definitions of Terms Objective of AU-C Section 220. RequirementsQuality Control Standards 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 Reviewing Work Difference of Opinion Assignment of Engagement Teams Monitoring AU-C 230 Audit Documentation AU-C Original Pronouncements AU-C 230 Definitions of Terms Objective of AU-C Section 230 Requirements Requirement for Audit Documentation Form, Content, and Extent of Audit Documentation The Audience. Sufficiency of Audit DocumentationDocumentation of Significant Findings Departures from a Relevant Requirement Factors to Consider in Determining the Nature and Extent of Audit Documentation Documentation of Report Release Date and Revisions Ownership and Confidentiality Standardization of Audit Documentation Preparation of Audit Documentation Related Accounts Client Preparation of Audit Documentation Quality of Audit Documentation Oral Explanations Audit Documentation Deficiencies Documentation Requirements in Other Sections Interpretations. Providing Access to or Copies of Audit Documentation to a Regulator (Issued July 1994 Revised June 1996 Revised October 2000 Revised January 2002 Revised December 2005 Revised December 15, 2012) AU-C Illustrations AU-C 240 Consideration of Fraud in a Financial Statement Audit AU-C Original Pronouncements AU-C 240 Definitions of Terms Objectives of AU-C Section 240 Requirements Description and Characteristics of Fraud Basic Requirement Professional Skepticism Engagement Team Discussion about Fraud (Brainstorming) Obtaining Information Needed to Identify Fraud Risks.