Audit Guide: Assessing & Responding To Audit Risk In a Financial Statement Audit
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Audit Guide: Assessing & Responding To Audit Risk In a Financial Statement Audit

By AICPA
John Wiley & Sons November 2016

Specifications

ISBN-13
9781941651339
Publisher
John Wiley & Sons
Publication
November 2016
Format
Paperback , 576 pages
Jurisdiction
U.S. ? Countri(es) for reference only

Details

Want to ensure effective and efficient execution of the Risk Assessment
Standards? AICPA has the resources you need:

  • Audit Risk Assessment Tool (available online only)
  • Assessing and Responding to Audit Risk in a Financial Statement Audit - AICPA Audit Guide

The Audit Risk Assessment Tool walks an experienced auditor through the risk assessment procedures and documents those decisions necessary to prepare an effective and efficient audit program. Designed to be used in lieu of cumbersome checklists, it provides a top down risk-based approach to the identification of high risk areas to allow for appropriate tailoring of audit programs which will result in audit efficiencies. The tool is available in the Online Subscription format and includes access to the full Risk Assessment Guide.

The AICPA Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit is the definitive source for guidance on applying the core principles of the risk-based audit methodology that must be used on all financial statement audits. This guide is written in an easy-to-understand style that enables auditors of all experience levels to find answers to the issues they encounter in the field. Unique insights, examples and a comprehensive case study clarify critical concepts and requirements.

Table of Contents

Part I Authoritative and Nonauthoritative Guidance on the Auditor’s Risk Assessment in a Financial Statement Audit

1 Overview of Applying the Audit Risk Standards .01-.42

2 Key Concepts Underlying the Auditor’s Risk Assessment Process .01-.122

3 Planning and Performing Risk Assessment Procedures .01-.147

4 Understanding the Client, Its Environment, and Its Internal Control .01-.89

5 Risk Assessment and the Design of Further Audit Procedures .01-.76

6 Performing Further Audit Procedures .01-.125

7 Evaluating Audit Findings, Audit Evidence, and Deficiencies in Internal Control .01-.79

Part II Additional Resources

Appendix

A Considerations in Establishing the Overall Audit Strategy

B Understanding the Entity and Its Environment

C Internal Control Components

D Exhibit—Management Antifraud Programs and Controls: Guidance to Help Prevent, Deter, and Detect Fraud

E Illustrative Financial Statement Assertions and Examples of Substantive Procedures Illustrations for Inventories of a Manufacturing Company

F Consideration of Prior Year Uncorrected Misstatements

G Assessing the Severity of Identified Deficiencies in Internal Control

H Examples of Circumstances That May Be Deficiencies, Significant Deficiencies, or Material Weaknesses

I Suggestions for Conducting Inquiries

J Matters to Consider in Determining Performance Materiality

Part III Illustrative Audit Documentation Case Study

Appendix

K Illustrative Audit Documentation Case Study: Young Fashions, Inc.

K-1 Young Fashions: Understanding of Entity and Its Environment

K-2 Young Fashions: Evaluation of Entity-Level Controls

K-3 Young Fashions: Understanding of Internal Control—IT General Controls

K-4 Young Fashions: Evaluation of Activity-Level Controls—Wholesale Sales

K-5 Young Fashions: Assessing Risks of Material Misstatement and Linkage to Further Audit Procedures

K-6 Young Fashions: Evaluation of Uncorrected Misstatements and Assessment of Control Deficiencies

L Schedule of Changes Made to the Text From the Previous Edition

Index of Pronouncements and Other Technical Guidance

Subject Index

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.

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