Wiley Practitioner’s Guide to GAAS 2023: Covering All SASs, SSAEs, SSARSs, and Interpretations
- Length: 1056 pages
- Edition: 2
- Language: English
- Publisher: Wiley
- Publication Date: 2023-04-04
- ISBN-10: 1394152701
- ISBN-13: 9781394152704
- Sales Rank: #144445 (See Top 100 Books)
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.
COVER TITLE PAGE COPYRIGHT PREFACE—ORGANIZATION AND KEY CHANGES RESOURCES ATTESTATION STANDARDS ACCOUNTING AND REVIEW STANDARDS PUBLICATION CURRENCY ABOUT THE AUTHOR 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-C 200 REQUIREMENTS COMPLYING WITH GAAS NOTES 2 AU-C 210 Terms of Engagement TECHNICAL ALERT SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 210 FUNDAMENTAL REQUIREMENTS AU-C 210 ILLUSTRATION NOTES 3 AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards TECHNICAL ALERT SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 220 REQUIREMENTS 4 AU-C 230 Audit Documentation SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 230 REQUIREMENTS INTERPRETATIONS AU-C 230 ILLUSTRATIONS NOTE 5 AU-C 240 Consideration of Fraud in a Financial Statement Audit TECHNICAL ALERT SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 240 REQUIREMENTS AU-C 240 ILLUSTRATIONS NOTES 6 AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements SCOPE DEFINITION OF TERM OBJECTIVES OF AU-C 250 REQUIREMENTS 7 AU-C 260 The Auditor's Communication with Those Charged with Governance SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 260 REQUIREMENTS 8 AU-C 265 Communicating Internal Control Related Matters Identified in an Audit SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 265 REQUIREMENTS MANAGEMENT RESPONSE INTERPRETATIONS AU-C 265 ILLUSTRATIONS 9 AU-C 300 Planning an Audit TECHNICAL ALERT SCOPE OBJECTIVES OF AU-C 300 REQUIREMENTS NOTES 10 AU-C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement SCOPE TECHNICAL ALERT DEFINITIONS OF TERMS OBJECTIVES OF AU-C 315 OVERVIEW REQUIREMENTS AU-C 315 ILLUSTRATIONS 11 AU-C 320 Materiality in Planning and Performing an Audit SCOPE DEFINITION OF TERM OBJECTIVES OF AU-C 320 OVERVIEW REQUIREMENTS 12 AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 330 OVERVIEW REQUIREMENTS 13 AU-C 402 Audit Considerations Relating to an Entity Using a Service Organization SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 402 REQUIREMENTS AU-C 402 ILLUSTRATION—AUDIT PROGRAM FOR AN AUDITOR'S REVIEW OF A SERVICE AUDITOR'S REPORT NOTE 14 AU-C 450 Evaluation of Misstatements Identified during the Audit SCOPE DEFINITIONS OF TERMS OBJECTIVE OF AU-C 450 REQUIREMENTS 15 AU-C 500 Audit Evidence TECHNICAL ALERT SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 500 REQUIREMENTS INTERPRETATIONS 16 AU-C 501 Audit Evidence—Specific Considerations for Selected Items TECHNICAL ALERT SCOPE OBJECTIVES OF AU-C 501 DEFINITION OF TERM REQUIREMENTS—INVESTMENTS IN SECURITIES AND DERIVATIVE INSTRUMENTS REQUIREMENTS—INVENTORY EXISTENCE AND CONDITION AU-C 501 ILLUSTRATIONS—INVENTORY OBSERVATION REQUIREMENTS—LITIGATION, CLAIMS, AND ASSESSMENTS INVOLVING THE ENTITY AU-C 501 ILLUSTRATION—LITIGATION, CLAIMS, AND ASSESSMENTS REQUIREMENTS—SEGMENT REPORTING REQUIREMENTS—MANAGEMENT'S SPECIALIST 17 AU-C 505 External Confirmations SCOPE DEFINITIONS OF TERMS OBJECTIVE OF AU-C 505 REQUIREMENTS AU-C 505 ILLUSTRATIONS 18 AU-C 510 Opening Balances—Initial Audit Engagements, Including Reaudit Engagements SCOPE DEFINITIONS OF TERMS OBJECTIVE OF AU-C 510 REQUIREMENTS AU-C 510 ILLUSTRATIONS 19 AU-C 520 Analytical Procedures SCOPE DEFINITION OF TERM OBJECTIVES OF AU-C 520 OVERVIEW REQUIREMENTS AU-C 520 ILLUSTRATIONS 20 AU-C 530 Audit Sampling SCOPE DEFINITIONS OF TERMS OBJECTIVE OF AU-C 530 OVERVIEW REQUIREMENTS NONSAMPLING TECHNIQUES NONSTATISTICAL AUDIT SAMPLING TECHNIQUES STATISTICAL AUDIT SAMPLING TECHNIQUES NOTES 21 AU-C 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures TECHNICAL ALERT SCOPE DEFINITIONS OF TERMS OBJECTIVE OF AU-C 540 OVERVIEW REQUIREMENTS NOTE 22 AU-C 550 Related Parties SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 550 OVERVIEW REQUIREMENTS AU-C 550 ILLUSTRATION—RELATED-PARTY CHECKLIST 23 AU-C 560 Subsequent Events and Subsequently Discovered Facts SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 560 OVERVIEW REQUIREMENTS AU-C 560 ILLUSTRATION—SUBSEQUENT EVENTS CHECKLIST 24 AU-C 570 The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern SCOPE DEFINITION OF TERM OBJECTIVES OF AU-C 570 RESPONSIBILITY FOR THE EVALUATION OF THE ENTITY'S ABILITY TO CONTINUE AS A GOING CONCERN REQUIREMENTS AU-C 570 ILLUSTRATION—GOING CONCERN CHECKLIST 25 AU-C 580 Written Representations TECHNICAL ALERT SCOPE DEFINITION OF TERM OBJECTIVES OF AU-C 580 REQUIREMENTS AUDITOR'S RELATIONSHIP WITH A SMALL OR NONPUBLIC CLIENT AU-C 580 ILLUSTRATIONS NOTE 26 AU-C 585 Consideration of Omitted Procedures after the Report Release Date SCOPE DEFINITION OF TERM OVERVIEW OBJECTIVES OF AU-C 585 REQUIREMENTS DETERMINING IMPORTANCE OF OMITTED PROCEDURES AU-C 585 ILLUSTRATION—APPLYING THE OMITTED PROCEDURE 27 AU-C 600 Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) SCOPE INTRODUCTION DEFINITIONS OF TERMS OBJECTIVES OF AU-C 600 OVERVIEW REQUIREMENTS INTERPRETATIONS AU-C 600 ILLUSTRATIONS 28 AU-C 610 Using the Work of Internal Auditors SCOPE OBJECTIVES OF AU-C 610 DEFINITIONS OF TERMS OVERVIEW REQUIREMENTS AU-C 610 ILLUSTRATIONS 29 AU-C 620 Using the Work of an Auditor's Specialist SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 620 REQUIREMENTS QUALIFICATIONS OF A SPECIALIST—COMPETENCE, CAPABILITIES, OBJECTIVITY INTERPRETATIONS AU-C 620 ILLUSTRATIONS 30 AU-C 700 Forming an Opinion and Reporting on Financial Statements SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 700 REQUIREMENTS: FORMING AN OPINION REQUIREMENTS: AUDITOR'S REPORT REQUIREMENTS: REPORTS ON COMPARATIVE FINANCIAL STATEMENTS INTERPRETATIONS AU-C 700 ILLUSTRATIONS 31 AU-C 701 Communicating Key Audit Matters in the Independent Auditor's Report SCOPE DEFINITION OF TERM REQUIREMENTS OBJECTIVES OF AU-C 701 COMMUNICATING KEY AUDIT MATTERS IN THE AUDITOR'S REPORT NOTE 32 AU-C 703 Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA OVERVIEW SCOPE OBJECTIVES OF AU-C 703 REQUIREMENTS EVALUATION OF REPORTABLE FINDINGS AU-C 703 ILLUSTRATIONS 33 AU-C 705 Modifications to the Opinion in the Independent Auditor's Report SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 705 REQUIREMENTS AU-C 705 ILLUSTRATIONS 34 AU-C 706 Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor's Report SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 706 REQUIREMENTS AU-C 706 ILLUSTRATIONS 35 AU-C 708 Consistency of Financial Statements SCOPE DEFINITION OF TERM OBJECTIVES OF AU-C 708 REQUIREMENTS 36 AU-C 720 Other Information in Documents Containing Audited Financial Statements SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 720 REQUIREMENTS ILLUSTRATIONS: OTHER INFORMATION SECTIONS TO BE INCLUDED IN AUDITOR'S REPORTS RELATING TO OTHER INFORMATION INCLUDED IN THE ANNUAL REPORT 37 AU-C 725 Supplementary Information in Relation to the Financial Statements as a Whole SCOPE DEFINITION OF TERM OBJECTIVES OF AU-C 725 REQUIREMENTS INTERPRETATION AU-C 725 ILLUSTRATIONS 38 AU-C 730 Required Supplementary Information SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 730 REQUIREMENTS AU-C 730 ILLUSTRATIONS 39 AU-C 800 Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 800 REQUIREMENTS ILLUSTRATIONS OF AUDITOR'S REPORTS ON SPECIAL PURPOSE FINANCIAL STATEMENTS 40 AU-C 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 805 REQUIREMENTS INTERPRETATION ILLUSTRATIONS OF AUDITOR'S REPORTS ON A SINGLE FINANCIAL STATEMENT AND A SPECIFIC ELEMENT OF A FINANCIAL STATEMENT NOTES 41 AU-C 806 Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 806 REQUIREMENTS AU-C 806 ILLUSTRATIONS 42 AU-C 810 Engagements to Report on Summary Financial Statements SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 810 REQUIREMENTS AU-C 810 ILLUSTRATIONS 43 AU-C 905 Alert That Restricts the Use of the Auditor's Written Communication SCOPE DEFINITION OF TERM OBJECTIVES OF AU-C 905 REQUIREMENTS AU-C 905 ILLUSTRATIONS 44 AU-C 910 Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country SCOPE AU-C DEFINITIONS OF TERMS OBJECTIVES OF AU-C 910 REQUIREMENTS ILLUSTRATIONS OF AUDITOR'S REPORTS ON FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH A FINANCIAL REPORTING FRAMEWORK GENERALLY ACCEPTED IN ANOTHER COUNTRY 45 AU-C 915 Reports on Application of Requirements of an Applicable Financial Reporting Framework SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 915 REQUIREMENTS ILLUSTRATION: ILLUSTRATIVE WRITTEN REPORT TO THE REQUESTING PARTY 46 AU-C 920 Letters for Underwriters and Certain Other Requesting Parties SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 920 OVERVIEW REQUIREMENTS: GENERAL REQUIREMENTS: FORMAT AND CONTENTS OF COMFORT LETTERS REQUIREMENTS: COMMENTING IN A COMFORT LETTER ON INFORMATION OTHER THAN AUDITED FINANCIAL STATEMENTS REQUIREMENTS: OTHER MATTERS AU-C 920 ILLUSTRATIONS 47 AU-C 925 Filings with the U.S. Securities and Exchange Commission under the Securities Act of 1933 SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 925 REQUIREMENTS ILLUSTRATION: ILLUSTRATIVE DISCLOSURES AND REPORTS (AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, AU-C 925.A15) 48 AU-C 930 Interim Financial Information SCOPE DEFINITION OF TERM OBJECTIVES OF AU-C 930 REQUIREMENTS AUDITOR'S REPORT INTERIM FINANCIAL INFORMATION ACCOMPANYING AUDITED FINANCIAL STATEMENTS DOCUMENTATION AU-C 930 ILLUSTRATIONS 49 AU-C 935 Compliance Audits SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 935 REQUIREMENTS AU-C 935 ILLUSTRATIONS 50 AU-C 940 An Audit of Internal Control over Financial Reporting That Is Integrated with an Audit of Financial Statements SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 940 REQUIREMENTS REPORTING REQUIREMENTS AU-C 940 ILLUSTRATIONS—ILLUSTRATIVE REPORTS NOTES 51 AU-C 945 Auditor Involvement with Exempt Offering Documents SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C 945 REQUIREMENTS 52 AT-C Preface AT-C ORGANIZATION AT-C PREFACE 53 AT-C 105 Concepts Common to All Attestation Engagements TECHNICAL ALERT SCOPE AND WRITTEN ASSERTION OBJECTIVES OF AT-C 105 DEFINITIONS OF TERMS REQUIREMENTS INTERPRETATIONS AT-C 105 ILLUSTRATIONS—PRACTITIONER'S AGREED-UPON PROCEDURES REPORTS 54 AT-C 205 Assertion-Based Examination Engagements OVERVIEW OBJECTIVES OF AT-C 205 DEFINITIONS OF TERMS REQUIREMENTS ILLUSTRATION: PRACTITIONER'S EXAMINATION REPORT ON SUBJECT MATTER; UNMODIFIED OPINION INTERPRETATIONS ILLUSTRATIONS (AT-C 205.A121) 55 AT-C 206 Direct Examination Engagements TECHNICAL ALERT SCOPE OBJECTIVES OF AT-C 206 REQUIREMENTS EXHIBIT—ILLUSTRATIVE DIRECT EXAMINATION REPORTS (STATEMENT ON STANDARDS FOR ATTESTATION ON ENGAGEMENTS) 56 AT-C 210 Review Engagements TECHNICAL ALERT SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AT-C 210 REQUIREMENTS ILLUSTRATIONS—ILLUSTRATIVE PRACTITIONER'S REVIEW REPORTS 57 AT-C 215 Agreed-Upon Procedures Engagements SCOPE OBJECTIVES OF AT-C 215 REQUIREMENTS STATEMENT OF POSITION 21-1 ILLUSTRATIONS—ILLUSTRATIVE PRACTITIONER'S AGREED-UPON PROCEDURES REPORTS (AT-C 215.A77) NOTE 58 AT-C 305 Prospective Financial Information SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AT-C 305 OBJECTIVES OF AT-C 305 REQUIREMENTS REPORTS NOTE 59 AT-C 310 Reporting on Pro Forma Financial Information SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AN EXAMINATION ENGAGEMENT OBJECTIVES OF A REVIEW ENGAGEMENT REQUIREMENTS ILLUSTRATIONS NOTE 60 AT-C 315 Compliance Attestation SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AN EXAMINATION ENGAGEMENT OBJECTIVES OF AN AGREED-UPON PROCEDURES ENGAGEMENT REQUIREMENTS—EXAMINATION ENGAGEMENTS REQUIREMENTS: AGREED-UPON PROCEDURES ENGAGEMENT NOTE 61 AT-C 320 Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AT-C SECTION 320 REQUIREMENTS ILLUSTRATION: TYPE 1 SERVICE AUDITOR'S REPORT (ASSOCIATION OF INTERNATIONAL CERTIFIED PROFESSIONAL ACCOUNTANTS, AT-C SECTION 320/AICPA) 62 AT-C 395 Management's Discussion and Analysis SCOPE DEFINITION OF TERM OBJECTIVES OF AT-C 395 REQUIREMENTS: EXAMINATION REQUIREMENTS: REVIEW ILLUSTRATIONS NOTES 63 AR-C 60 General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services SCOPE DEFINITIONS OF TERMS OBJECTIVES AND LIMITATIONS OF SSARS ENGAGEMENTS FUNDAMENTAL REQUIREMENTS 64 AR-C 70 Preparation of Financial Statements SCOPE OBJECTIVES AND LIMITATIONS OF PREPARATION ENGAGEMENTS DEFINITIONS OF TERMS DETERMINING THE TYPE OF ENGAGEMENT REQUIREMENTS ILLUSTRATION—AN ENGAGEMENT LETTER FOR AN ENGAGEMENT TO PREPARE FINANCIAL STATEMENTS IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA 65 AR-C 80 Compilation Engagements SCOPE OBJECTIVES AND LIMITATIONS OF COMPILATION ENGAGEMENTS DEFINITIONS OF TERMS REQUIREMENTS ILLUSTRATION—CHECKLIST FOR A COMPILATION ENGAGEMENT ILLUSTRATIVE ENGAGEMENT LETTERS (ADAPTED FROM AR-C 80.A51) ILLUSTRATIVE EXAMPLES OF THE ACCOUNTANT'S COMPILATION REPORT ON FINANCIAL STATEMENTS ILLUSTRATIVE REPORT PARAGRAPHS—REQUIRED SUPPLEMENTARY INFORMATION (ADAPTED FROM AT-C 80) NOTE 66 AR-C 90 Review of Financial Statements SCOPE OBJECTIVES OF AR-C 90 DEFINITIONS OF TERMS REQUIREMENTS ILLUSTRATIONS: REVIEW ENGAGEMENT NOTES 67 AR-C 100 Special Considerations—International Reporting Issues SCOPE OBJECTIVES OF AR-C 100 DEFINITIONS REQUIREMENTS REPORTING 68 AR-C 120 Compilation of Pro Forma Financial Information SCOPE DEFINITION OF TERM OBJECTIVES OF AR-C SECTION 120 REQUIREMENTS ILLUSTRATIONS APPENDIX A: DEFINITIONS OF TERMS—AU-C STANDARDS NOTES APPENDIX B: DEFINITIONS OF TERMS—AT-C STANDARDS APPENDIX C: DEFINITIONS OF TERMS—AR-C STANDARDS APPENDIX D: INTERPRETIVE PUBLICATIONS AND OTHER AUDITING PUBLICATIONS1 AUDIT AND ACCOUNTING GUIDES NOTE INDEX END USER LICENSE AGREEMENT
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