Wiley Practitioner's Guide to GAAS 2017

Covering all SASs, SSAEs, SSARSs, and Interpretations

Joanne M. Flood

• Publisher: Wiley
• Year: 2017
• Print ISBN:
  9781119373773
• Edition: 1
• eBook ISBN:
  9781119373698
• Topic: Business
• Subtopic: Auditing
• Index: Business

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 2017 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 2017 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

New in GAAS 2017:

In 2016, the AICPA's Auditing Standards Board completed a major stage of its clarity project and issued SSAE No. 18. The new guidance is effective for reports dated May 1, 2017. SSAE No. 18 replaces the attestation standards, introducing major new requirements that will change practice. In this transition year, guidance on the extant attestation standards is also included. Wiley Practitioner's Guide to GAAS 2017 is completely updated to reflect all the clarified standards and provide valuable implementation information.

Index

• acceptance. see engagement acceptance
• accountant's reports, financial forecasts and projections
• accountant's responsibilities, Securities Act 1933 filings
• accounting and review engagements. see also Statements on Standards for Accounting and Review Services
  • financial statement preparation
  • general principles
• accounting considerations
  • related parties
  • subsequent events and facts discovered
• accounting estimates
  • biases that could result in fraud
  • changes
  • circumstances identification
  • communication
  • definition
  • disclosures
  • documentation
  • fair value
  • illustrations
  • management's intent and ability
  • outcomes of
  • qualitative aspects
  • reasonableness
  • requirements
  • risk assessments
  • significant assumptions
  • specialist engagements
  • testing
  • valuation models
• accounting policies and practices
• accounting principle, changes
• accounting records
• accounts receivable
• activity-level control testing
• addressee, of auditor's report
• adequacy, specialists legal opinions
• adjustment, procedures and fraud risk assessment
• adverse opinions
  • compliance engagements
  • financial forecasts and projections
  • financial statements
  • internal control over financial reporting
  • internal controls
  • modifications
  • other-matter paragraphs
  • prospective financial statements
  • separate reports
  • summary financial statements
  • supplementary information
• aged schedules of accounts rec...

Table of contents

• Cover
• Series Page
• Title Page
• Copyright
• Preface
• About the Author
• Organization and Key Changes
• AU-C 200: Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards
• AU-C 210: Terms of Engagement
• AU-C 220: Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards
• AU-C 230: Audit Documentation
• AU-C 240: Consideration of Fraud in a Financial Statement Audit
• AU-C 250: Consideration of Laws and Regulations in an Audit of Financial Statements
• AU-C 260: The Auditor's Communication with Those Charged with Governance
• AU-C 265: Communicating Internal Control Related Matters Identified in an Audit
• AU-C 300: Planning an Audit
• AU-C 315: Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
• AU-C 320: Materiality in Planning and Performing an Audit
• AU-C 330: Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained
• AU-C 402: Audit Considerations Relating to an Entity Using a Service Organization
• AU-C 450: Evaluation of Misstatements Identified during the Audit
• AU-C 500: Audit Evidence
• AU-C 501: Audit Evidence—Specific Considerations for Selected Items
• AU-C 505: External Confirmations
• AU-C 510: Opening Balances—Initial Audit Engagements, Including Reaudit Engagements
• AU-C 520: Analytical Procedures
• AU-C 530: Audit Sampling
• AU-C 540: Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures
• AU-C 550: Related Parties
• AU-C 560: Subsequent Events and Subsequently Discovered Facts
• AU-C 570: The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern
• AU-C 580: Written Representations
• AU-C 585: Consideration of Omitted Procedures after the Report Release Date
• AU-C 600: Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
• AU-C 610: Using the Work of Internal Auditors
• AU-C 620: Using the Work of an Auditor's Specialist
• AU-C 700: Forming an Opinion and Reporting on Financial Statements
• AU-C 705: Modifications to the Opinion in the Independent Auditor's Report
• AU-C 706: Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor's Report
• AU-C 708: Consistency of Financial Statements
• AU-C 720: Other Information in Documents Containing Audited Financial Statements
• AU-C 725: Supplementary Information in Relation to Financial Statements as a Whole
• AU-C 730: Required Supplementary Information
• AU-C 800: Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
• AU-C 805: Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
• AU-C 806: Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements
• AU-C 810: Engagements to Report on Summary Financial Statements
• AU-C 905: Alert That Restricts the Use of the Auditor's Written Communication
• AU-C 910: Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country
• AU-C 915: Reports on Application of Requirements of an Applicable Financial Reporting Framework
• AU-C 920: Letters for Underwriters and Certain Other Requesting Parties
• AU-C 925: Filings with the US Securities and Exchange Commission under the Securities Act of 1933
• AU-C 930: Interim Financial Information
• AU-C 935: Compliance Audits
• AU-C 940: An Audit of Internal Control over Financial Reporting That Is Integrated with an Audit of Financial Statements
• AT-C: Preface
• AT-C 105: Concepts Common to All Attestation Engagements
• AT-C 205: Examination Engagements
• AT-C 210: Review Engagements
• AT-C 215: Agreed-Upon Procedures Engagements
• AT-C 305: Prospective Financial Information
• AT-C 310: Reporting on Pro Forma Financial Information
• AT-C 315: Compliance Attestation
• AT-C 320: Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control over Financial Reporting
• AT-C Section 395: (Designated for AT Section 701) Management's Discussion and Analysis (MD&A)—A Summary
• AT 20: Defining Professional Requirements in Statements on Standards for Attest Engagements
• AT 50: SSAE Hierarchy
• AT 101: Attest Engagements
• AT 201: Agreed-Upon Procedures Engagements
• AT 301: Financial Forecasts and Projections
• AT 401: Reporting on Pro Forma Financial Information
• AT 501: An Examination of an Entity's Internal Control over Financial Reporting That Is Integrated with an Audit of Its Financial Statements
• AT 601: Compliance Attestation
• AT 701: Management's Discussion and Analysis (MD&A)—A Summary
• AT 801: Reporting on Controls at a Service Organization
• AR-C 60: General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services
• AR-C 70: Preparation of Financial Statements
• AR-C 80: Compilation Engagements
• AR-C 90: Review of Financial Statements
• AR-C 120: Compilation of Pro Forma Financial Information
• Appendix A: Cross-References to SASs, SSAEs, and SSARSs
• Appendix B: List of AICPA Audit and Accounting Guides and AICPA Statements of Position—Auditing and Attestation
• Appendix C: Other Auditing Publications
• Index
• End User License Agreement