GAAS Guide (2020) A Comprehensive Restatement of Standards for Auditing, Attestation, Compilation, and Review

Author: Joseph V. Carcello Ph.D., CPA, CM.A., CIA; Mark S. Beasley , CPA
Publisher: CCH U.S.
ISBN: 9780808052524
Published In: September 2019
Format: Paperback , 960 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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CCH's GAAS Guide 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 2020 Edition of CCH's GAAS Guide has been updated to reflect the latest available professional standards. This edition reflects all the changes resulting from the AICPA's efforts to clarify auditing, attestation, preparation, compilation, and review standards. It includes coverage of recently issued Statements on Auditing Standards, Statements on Standards for Accounting and Review Services (SSARS), and Statements on Standards for Attestation Engagements (SSAEs).

The 2020 Edition of the GAAS Guide incorporates these requirements throughout the affected standards and includes coverage of the following:

Statements on Auditing Standards No. 133, Auditor Involvement with Exempt Offering Documents
Statements on Standards for Attestation Engagements No. 18, Attestation Standards: Clarification and Recodification
Statements on Standards for Accounting and Review Services No. 24, Omnibus Statement on Standards for Accounting and Review Services—2018
The 2020 GAAS Guide also highlights recently issued audit and SSARS interpretations, and it summarizes current exposure drafts of proposed new standards.

The extensive coverage of these AICPA standards is particularly relevant to CPAs who serve nonpublic entity clients. The guidance contained in this edition is also relevant to CPAs who serve public company clients. Although the Public Company Accounting Oversight Board (PCAOB) is responsible for establishing professional standards applicable to audits of public companies, this edition includes summaries of issues having implications for audits of public companies. These summaries, labeled “Public Company Implication,” are incorporated throughout the coverage of the AICPA's AU-Cs. CPAs who audit public companies will find that these summaries help them identify key differences between audits of public and nonpublic companies.

Our summaries of PCAOB Auditing Standards reflect the most recently issued standards including PCAOB AS-3101 (The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards) issued in June 2017, including the requirement that auditors communicate critical audit matters (CAMs) in the auditor’s report. Our summaries also discuss a number of PCAOB exposure drafts and recently issued Staff Alerts, other notices and PCAOB staff guidance. Note: The PCAOB reorganized its Auditing Standards using a topical structure and a single integrated numbering system. We use that new numbering system when we refer to specific PCAOB Auditing Standards.

Owing to the attention focused on corporate scandals involving allegations of fraudulent financial reporting, the need for auditors to detect material misstatements due to fraud is critical. To help sensitize CPAs to issues affecting auditor responsibility for fraud, this edition contains “Fraud Pointers,” which integrate fraud issues related to a particular professional standard's requirement. This should aid CPAs in considering fraud risks throughout the entire audit engagement.

To keep CPAs abreast of potential changes affecting the AICPA Professional Standards and other developments affecting auditing practice, this edition contains overviews of outstanding exposure drafts. Throughout the book, highlights labeled “Important Notice for 2020” explain key elements of potential changes, including proposed redrafts of existing professional standards and other regulatory changes, alerting CPAs to issues that may affect their engagements.

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).

Topics and Content

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.