CCH Efficient Auditing of Private Companies

A detailed guide to planning, carrying out and completing an audit, Efficient Auditing of Private Companies (print version) is now in its 6th edition and has been fully updated with all aspects of the new financial reporting standard in the UK, FRS 102. The book includes lessons learnt and recent changes including example working papers, analytical procedures and an acceptable level of difference. With the advent of FRS102, the book will be fully updated for the following:

• The impact of financial instruments audit
• The impact of transition to FRS 102
• Changes to group audit because of new financial reporting requirements
• All the new audit requirements and recommendations since the last issue

Contents:

This new edition builds on the previously published Clarified ISA version of the same title and focuses on areas picked up in the QAD's reports as well as SWAT UK's extensive client experience of common problems and pitfalls, including the top 20 problems identified at file review. The title helps with tailoring the audit approach to ensure the most efficient and cost effective audit possible.

The guidance is structured into three main areas:

• Planning - a step by step guide through the ISA requirements and what they mean in practice
• Carrying out the audit - what tests need to be carried out and how these translate from the ISAs
• Completion - a review of all the information pulled together to successfully complete the audit

Changes since the last edition of this title include:

• Updates throughout the title for changes due to the introduction of FRS 102
• Updated for revised ethical standards
• Greater detail on analytical procedures
• Guidance amended throughout to refer, where applicable, to common problems SWAT UK has found on file reviews and also areas of weakness highlighted by the QAD
• The guidance references the PCAS and Kestrian audit methodologies but is also applicable for those using other audit systems as a guide on how to do an audit efficiently and cost effectively.