Auditing Handbook 2013

Author: CPA Australia
Publisher: Pearson
ISBN: 9781486006540
Published In: December 2012
Format: Paperback
Jurisdiction: Australia ? Disclaimer:
Countri(es) stated herein are used as reference only

Out of stock

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Contents
Author

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The essential guide for auditing practitioners

The 2013 CPA Auditing, Assurance and Ethics Handbook provides a comprehensive listing of legally enforceable Australian Auditing, Assurance, Professional and Ethical pronouncements. These include all Australian Auditing Standards (ASAs) applicable to audits for financial reporting periods commencing on or after 1 January 2011, as well as Standards on Review and Assurance Engagements, Auditing and Assurance Guidance Statements, and Accounting Professional and Ethical Statements including the Code of Ethics for Professional Accountants,updated to 15 November 2012.

The enhanced companion website for this title, will be updated throughout 2013 with any late breaking changes to the Auditing, Assurance, Professional and Ethical pronouncements along with technical editor notes. Students may also use the Student Self Test quizzes aligned to particular ASAs with hints & references back to the Handbook as practice and preparation for exams.

New to this Edition:

New standards for 2013 handbook:

·         GS020 Special Consideratons in Auditing Financial Instruments

·         Explanatory Guide: Opening Balances

·         ASAE 3410 Assurance in Greenhouse Gas Statements

·         ASRS 4450 Comfort Letter Engagements

·         APES 325 Risk Management for Firms

·         APES Guidance Note 40 Ethical Conflicts in the workplace

Revised standards

·         ASA 570 Going Concern

·         APES 110 Code of ethics for professional accountants

·         APES 210 Conformity with Auditing and Assurance Standards

·         APES 225 Valuation Services

·         APES 330 Insolvency Services

Deleted standards since 2012 Handbook

·         AGS 1030 Auditing Derivative Financial Instruments

·         RMS 1 Risk Management Joint Guidance Note

·         GN1 Members in Business Guidance Statement
Foreword

Principal Addresses

About the Technical Editors

Preface ....

Institutional Framework – Auditing

.................. Understanding Financial Statement Audits – A Guide for Financial Statement Users

POL 1....... The AuASB Consultative Process ............................................

Auditing and Assurance Standards (ASQC 1, ASAs and AUSs^{^[1]}) ........

100-199 .... Introductory Matters

.................. Foreword to AUASB Pronouncements ...................................

.................. AUASB Glossary .....................................................................

.................. Framework for Assurance Engagements ..................................

ASQC 1.... Quality Control for Firms that Perform Audits and Reviews of
Financial Reports and Other Financial Information, and Other
Assurance Engagements ...........................................................

ASA 101... Preamble to Australian Auditing Standards .............................

ASA 102... Compliance with Ethical Requirements when Performing Audits,
Reviews and Other Assurance Engagements ...........................

200-299..... General Principles and Responsibilities

ASA 200... Overall Objectives of the Independent Auditor and the Conduct
of an Audit in Accordance with Australian Auditing Standards

ASA 210 .. Agreeing the Terms of Audit Engagements .............................

ASA 220... Quality Control for an Audit of a Financial Report and Other
Historical Financial Information ...............................................

ASA 230... Audit Documentation ...............................................................

ASA 240 .. The Auditor’s Responsibilities Relating to Fraud in an Audit of
a Financial Report .....................................................................

ASA 250... Consideration of Laws and Regulations in an Audit of a Financial
Report .......................................................................................

ASA 260... Communication with Those Charged with Governance ..........

ASA 265... Communicating Deficiencies in Internal Control to Those Charged
with Governance and Management ..........................................

300-499..... Risk Assessment and Response to Assessed Risks

ASA 300... Planning an Audit of a Financial Report ..................................

ASA 315... Identifying and Assessing the Risks of Material Misstatement
through Understanding the Entity and Its Environment .........

ASA 320... Materiality in Planning and Performing an Audit ....................

ASA 330... The Auditor’s Responses to Assessed Risks ............................

ASA 402... Audit Considerations Relating to an Entity Using a Service
Organisation .............................................................................

ASA 450... Evaluation of Misstatements Identified during the Audit .......

500-599..... Audit Evidence

ASA 500 .. Audit Evidence ........................................................................

ASA 501 .. Audit Evidence – Specific Considerations for Inventory and
Segment Information ................................................................

ASA 502... Audit Evidence – Specific Considerations for Litigation and Claims

ASA 505... External Confirmations ............................................................

ASA 510... Initial Audit Engagements – Opening Balances ......................

ASA 520... Analytical Procedures ...............................................................

ASA 530... Audit Sampling ........................................................................

ASA 540 .. Auditing Accounting Estimates, Including Fair Value Accounting
Estimates, and Related Disclosures ..........................................

ASA 550... Related Parties ..........................................................................

ASA 560... Subsequent Events ...................................................................

ASA 570.... Going Concern ..........................................................................

ASA 580... Written Representations ...........................................................

600-699..... Using the Work of Others

ASA 600 .. Special Considerations – Audits of a Group Financial Report
(Including the Work of Component Auditors) ........................

ASA 610 .. Using the Work of Internal Auditors .......................................

ASA 620 .. Using the Work of an Auditor’s Expert ...................................

700-799..... Audit Conclusions and Reporting

ASA 700... Forming an Opinion and Reporting on a Financial Report ......

ASA 705 .. Modifications to the Opinion in the Independent Auditor’s Report

ASA 706 .. Emphasis of Matter Paragraphs and Other Matter Paragraphs in
the Independent Auditor’s Report ...........................................

ASA 710 .. Comparative Information – Corresponding Figures and Comparative Financial Reports

ASA 720 .. The Auditor’s Responsibilities Relating to Other Information in
Documents Containing an Audited Financial Report ..............

800-899..... Specialised Areas

ASA 800 .. Special Considerations – Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks ..............................................................................

AUS 804... The Audit of Prospective Financial Information ......................

ASA 805 .. Special Considerations – Audits of Single Financial Statements and
Specific Elements, Accounts or Items of a Financial Statement

ASA 810 .. Engagements to Report on Summary Financial Statements .....

AUS 810... Special Purpose Reports on the Effectiveness of Control
Procedures^{^[2]} ...............................................................................

Auditing and Assurance Guidance Statements (AGSs and GSs) ..........

AGS 1014. Privity Letter Requests .............................................................

AGS 1062. Reporting in Connection with Proposed Fundraisings .............

GS 001...... Concise Financial Reports under the Corporations Act 2001 ..

GS 002...... Special Considerations in the Audit of Risk Management
Requirements for Registrable Superannuation Entities and
Licensees ..................................................................................

GS 003...... Audit and Review Requirements for Australian Financial Services
Licensees under the Corporations Act 2001 .............................

GS 004...... Audit Implications of Prudential Reporting Requirements for
General Insurers ........................................................................

GS 005...... Using the Work of an Actuary .................................................

GS 006...... Electronic Publication of the Auditor’s Report ........................

GS 007...... Audit Implications of the Use of Service Organisations for
Investment Management Services ............................................

GS 008...... The Auditor’s Report on a Remuneration Report under
Section 300A of the Corporations Act 2001 ............................

GS 009...... Auditing Self-Managed Superannuation Funds .......................

GS 010...... Responding to Questions at an Annual General Meeting ........

GS 011...... Third Party Access to Audit Working Papers ..........................

GS 012...... Prudential Reporting Requirements for Auditors of Authorised
Deposit-taking Institutions .......................................................

GS 013...... Special Considerations in the Audit of Compliance Plans of
Managed Investment Schemes .................................................

GS 014...... Auditing Mortgage Schemes ....................................................

GS 015...... Audit Implications of Accounting for Investments in Associates

GS 016 ..... Bank Confirmation Requests ...................................................

GS 017 ..... Prudential Reporting Requirements for Auditors of a Life
Company ..................................................................................

GS 018 ..... Franchising Code of Conduct – Auditor’s Reports .................

GS 019 ..... Auditing Fundraising Revenue of Not-for-Profit Entities .......

GS 020      Special Considerations in Auditing Financial Instruments

Explanatory Guides ...................................................................................

.................. Explanatory Guide: Auditor’s Reports ....................................

.................. Explanatory Guide to AUASB Standards Applicable to Review Engagements

Explanatory Guide: Opening Balances

Standards on Review Engagements (ASREs) .........................................

ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner
Who is Not the Auditor of the Entity ......................................

ASRE 2405 Review of Historical Information Other than a Financial Report

ASRE 2410 Review of a Financial Report Performed by the Independent
Auditor of the Entity ................................................................

ASRE 2415 Review of a Financial Report – Company Limited by Guarantee

Standards on Assurance Engagements (ASAEs) ....................................

ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information

ASAE 3100......................................................... Compliance Engagements

ASAE 3402 ...... Assurance Reports on Controls at a Service Organisation

ASAE 3410 Assurance on Greenhouse Gas Statements

ASAE 3500....................................................... Performance Engagements

Standard on Related Services (ASRS) .....................................................

ASRS 4400 Agreed-Upon Procedures Engagements to Report Factual Findings

ASRS 4450 Comfort Letter Engagements

Accounting Professional and Ethical Standards (APES) .......................

100-200..... All Members

APES 110        Code of Ethics for Professional Accountants (issued December 2010)

APES 205. Conformity with Accounting Standards ..................................

APES 210        Conformity with Auditing and Assurance Standards

APES 215. Forensic Accounting Services ..................................................

APES 220. Taxation Services (issued March 2011) ....................................

APES 225        Valuation Services

300............ Members in Public Practice

APES 305. Terms of Engagement ...............................................................

APES 310 Dealing with Client Monies ......................................................

APES 315. Compilation of Financial Information ......................................

APES 320. Quality Control for Firms .........................................................

APES 325 Risk Management for Firms

APES 330        Insolvency Services

APES 345. Reporting on Prospective Financial Information Prepared in
Connection with a Disclosure Document .................................

APES 350. Participation by Members in Public Practice in Due Diligence
Committees in Connection with a Public Document ...............

APES Guidance Note (APES GN)

APES GN 40 Ethical Conflicts in the Workplace - Considerations for Members in Business

Other Professional Statement (APS) ........................................................

.................. All Members

APS 12...... Statement of Financial Advisory Service Standards ....... 1786
Amir Ghandar, CPA, CA, BCom

Amir is CPA Australia’s policy adviser in the area of audit and assurance. He oversees audit and assurance policy, guidance and resource development. Amir participates in a number of policy forums in Australia and South East Asia and provides technical input to several standard setters and government institutions. Amir contributes regularly to CPA Australia’s INTHEBLACK and INPRACTICEjournals in addition to commentary in the financial press.

Prior to joining CPA Australia, Amir worked at Ernst & Young in Sydney and London. He has advised listed Australian and international companies, been involved in major transactions and corporate restructures, and has headed the audit division at a mid tier firm.

Amir has lectured in post graduate auditing and accounting courses for a number of years at major Australian universities including UNSW, UTS and Macquarie. He has also developed training courses and publications for professionals and directors across a range of topics including audit and financial governance.

Dr Eva Tsahuridu, BBus(Acc), MBA, PhD

Eva Tsahuridu is the Professional Standards and Governance Policy Adviser of CPA Australia. She oversees the policy, guidance and resource development in professional and ethical standards and governance. She participates in a number of forums on ethics and governance and is a technical adviser at the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC). She contributes to CPA Australia’s publications INTHEBLACK, INPRACTICE and Real Business.

Before she joined CPA Australia, Eva was an academic in Australian and European universities developing and teaching business ethics and governance courses and managing undergraduate and postgraduate programs. Eva published extensively in the areas of business ethics, governance and management in international journals, presented her work in international conferences and contributed to academic journals as a member of editorial boards and as a reviewer.