GAAS Guide (2018)

Author: Joseph V. Carcello Ph.D., CPA, CM.A., CIA; Mark S. Beasley , CPA
Publisher: CCH U.S.
ISBN: 9780808046967
Published In: October 2017
Format: Paperback , 960 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

New Edition is available now !

Description
Contents
Author

Details

Describes today's engagement standards, practices, and procedures in use today.

CCH's GAAS Guide (2015) describes the engagement standards, practices, and procedures in use today, including Statements on Auditing Standards (SASs) and their Interpretations, Statements on Standards for Attestation Engagements (SSAEs) and their Interpretations, and Statements on Standards on Accounting and Review Services (SSARS) and their Interpretations.

The GAAS Guide (2015) reflects the latest available professional standards. Most importantly, changes in auditing standards and the related Codification of Statements on Auditing Standards resulting from the Auditing Standards Board’s (ASB) Clarity and Convergence Project.

This edition includes coverage of:

SAS-122 (essentially all of the AU-C sections) (Clarification and Recodification), issued in October 2011
SAS-123 (AU-C 200, AU-C 230, AU-C 260, AU-C 705, AU-C 720, AU 915, and AU-C 935) (Omnibus Statement on Auditing Standards — 2011), issued in October 2011
SAS-124 (AU-C 910) (Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country), issued in October 2011
SAS-125 (AU-C 905) (Alert that Restricts the Use of the Auditor’s Written Communication), issued in December 2011
SAS-126 (AU-C 570) (The Auditor’s Consideration of the Entity’s Ability to Continue as a Going Concern), issued in July 2012
SAS-127 (AU-C 600 and AU-C 800) (Omnibus Statement on Auditing Standards—2013), issued in January 2013.

SAS-122 is particularly noteworthy as it represents the culmination of the ASB’s efforts to clarify the auditing standards and to largely converge its standards with the standards of the International Auditing and Assurance Standards Board (IAASB). Designated by the new “AU-C” section numbering, the recodified, clarified standards numbers are the same as the equivalent ISA numbers for clarified SASs that are based on equivalent ISAs (AU-C section numbers for clarified SASs with no equivalent ISAs have been assigned new numbers).

The GAAS Guide incorporates these new requirements throughout the affected auditing standards and includes coverage of AICPA pronouncements for the following standards:

SAS-127 (AU-C 600 and AU-C 900) (Omnibus Statement on Auditing Standards—2013)
SSAE-17 (AT 301) (Reporting on Compiled Prospective Financial Statements When the Practitioner’s Independence Is Impaired)
SSARS-20 (Revised Applicability of Statements on Standards for Accounting and Review Services)

All the exhibit materials in the book appear on the accompanying CD-ROM. All the sample letters, reports, and checklists found in this guide can be printed and customized to meet all your auditing, attestation, compilation, and review engagement needs.

The GAAS Guide meets accounting industry standards as overseen by the AICPA's peer review system (the book reproduces a letter by the book's peer reviewer).

This book can be used in conjunction with the GAAS Update Service.

AU-C Preface: Preface to the Codification of Statements on Auditing Standards: Principles Underlying an Audit Conducted in Accordance with Generally Accepted Auditing Standards
AU-C 200: General Principles and Responsibilities
AU-C 300: Risk Assessment and Response to Assessed Risks
AU-C 500: Audit Evidence
AU-C 600: Using the Work of Others
AU-C 700: Audit Conclusions and Reporting
AU-C 800: Special Considerations
AU-C 900: Special Considerations in the United States
AT Section: Statements on Standards for Attestation Engagements
AR Section: Statements on Standards for Accounting and Review Services

Joseph V. Carcello, Ph.D., CPA, CMA, CIA, is a William B. Stokely Distinguished Scholar and a Professor in the Department of Accounting and Information Management at the University of Tennessee. Dr. Carcello has published more than 40 articles in academic and professional journals. He is the co-author of a funded research study by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission titled Fraudulent Financial Reporting: 1987-1997, An Analysis of U.S. Public Companies. Dr. Carcello also is the co-author of a research monograph published by the AICPA’s Auditing Standards Board titled Fraud-Related SEC Enforcement Actions Against Auditors: 1987-1997.

Dr. Carcello has taught continuing professional education courses for two of the Big 4 accounting firms, the AICPA, the Institute of Internal Auditors, the Institute of Management Accountants, and the Tennessee and Florida Societies of CPAs. He was a member of the Independence Standards Board’s Task Force on Accepting Employment with an Audit Client. Dr. Carcello currently serves on the Institute of Internal Auditors’ Board of Research Advisors.

Mark S. Beasley is the Deloitte Professor of Enterprise Risk Management and Professor of Accounting in the Department of Accounting at North Carolina State University, in Raleigh, N.C., where he teaches auditing courses in the undergraduate and masters programs. He currently serves as a member of the COSO Board. Dr. Beasley received a BS in accounting from Auburn University and a Ph.D. from Michigan State University.

He is a Certified Public Accountant (CPA) in North Carolina and has worked in public accounting, where he was an Audit Manager with Ernst & Young. Dr. Beasley also worked as a Technical Manager with the AICPA’s Auditing Standards Division, in New York City. He is a member of the American Institute of Certified Public Accountants, the American Accounting Association, the Institute of Internal Auditors, and the Association of Certified Fraud Examiners. Dr. Beasley also serves as Director of North Carolina State University’s Enterprise Risk Management Initiative, which provides thought leadership on enterprise risk management and its integration with strategy planning and governance.

Dr. Beasley

He recently served on COSO’s Enterprise Risk Management project Advisory Council and the AICPA’s Antifraud Programs and Controls Task Force. He has previously served on Auditing Standards Board task forces, including the SAS No. 99 Fraud Task Force. Dr. Beasley is the co-author of several continuing education courses, an auditing textbook, and an auditing casebook.