Wiley Practitioner's Guide to GAAS 2011: Covering all SASs, SSAEs, SSARSs, and Interpretations
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Auditing / Forensic Accounting

Wiley Practitioner's Guide to GAAS 2011 Covering all SASs, SSAEs, SSARSs, and Interpretations

By Steven M. Bragg
John Wiley & Sons November 2010

Specifications

ISBN-13
9780470558140
Publisher
John Wiley & Sons
Publication
November 2010
Format
Paperback , 913 pages
Jurisdiction
U.S. ? Countri(es) for reference only

Details

The clearest, easiest-to-use guide to understanding GAAS 2011 on the market-fully updated

This latest resource to understanding GAAS addresses the toughest part of the job-identifying, interpreting, and applying the many audit, attest, review, and compilation standards relevant to a particular engagement.

  • A brief identification of each SAS, SSAE, and SSARS, with its effective date and tips on when to apply it
  • A convenient and comprehensive glossary of official definitions, which are usually scattered throughout a standard
  • Behind-the-scenes explanations of the reasons for each pronouncement and brief explanations of the basic ideas of the section
  • Concise listing and descriptions of each standard’s specific mandate
  • Easy-to-read capsule summary of interpretations, plus selected AICPA practice alerts and advisories
  • Helpful techniques for remaining compliant with each standard
  • Examples and illustrations for testing internal controls
  • The only GAAS reference organized according to practitioners’ actual use of the Statements on Auditing Standards (SASs), Wiley Practitioner’s Guide to GAAS 2011 presents each statement individually, explaining how the standards are related and offering guidance on the entire engagement process in the form of practice notes, checklists, questionnaires, and real-world examples that illustrate how the fundamental requirements of each section are applied.

Table of Contents

Preface.

About the Author.

Summary of Key Changes.

100-230 The Auditor’s Responsibilities and Functions, Introduction to GAAS and the General Standards.

311 Planning and Supervision.

312 Audit Risk and Materiality in Conducting an Audit.

314 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.

315 Communications between Predecessor and Successor Auditors.

316 Consideration of Fraud in a Financial Statement Audit.

317 Illegal Acts by Clients.

318 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained.

322 The Auditor’s Consideration of the Internal Audit Function in an Audit of Financial Statements.

324 Service Organizations.

325 Communicating Internal Control Related Matters Identified in an Audit.

326 Evidential Matter.

328 Auditing Fair Value Measurements and Disclosures.

329 Analytical Procedures.

330 The Confirmation Process.

331 Inventories.

332 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities.

333 Management Representations.

334 Related Parties.

336 Using the Work of a Specialist.

337 Inquiry of Client’s Lawyer Concerning Litigation, Claims, and Assessments.

339 Audit Documentation.

341 The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern.

342 Auditing Accounting Estimates.

350 Audit Sampling.

380 The Auditor’s Communication with Those Charged with Governance.

390 Consideration of Omitted Procedures After the Report Date.

410/411 Adherence to GAAP (410) and the Meaning of “Present Fairly in Conformity with GAAP” (411).

420 Consistency of Application of Generally Accepted Accounting Principles.

431 Adequacy of Disclosure in Financial Statements.

504 Association with Financial Statements.

508 Reports on Audited Financial Statements.

530 Dating of the Independent Auditor’s Report.

532 Restricting the Use of an Auditor’s Report.

534 Reporting on Financial Statements Prepared for Use in Other Countries.

543 Part of Audit Performed by Other Independent Auditors.

544 Lack of Conformity with Generally Accepted Accounting Principles.

550 Other Information in Documents Containing Audited Financial Statements.

551 Supplementary Information in Relation to the Financial Statements as a Whole.

552 Reporting on Condensed Financial Statements and Selected Financial Data.

558 Required Supplementary Information.

560 Subsequent Events.

561 Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report.

623 Special Reports.

625 Reports on the Application of Accounting Principles.

634 Letters for Underwriters and Certain Other Requesting Parties.

711 Filings under Federal Securities Statutes.

722 Interim Financial Information.

801 Compliance Audits.

901 Public Warehouses: Controls and Auditing Procedures for Goods Held.

2101 Attest Engagements.

2201 Agreed-Upon Procedures Engagements.

2301 Financial Forecasts and Projections.

2401 Reporting on Pro Forma Financial Information.

2501 An Examination of an Entity’s Internal Control over Financial Reporting That Is Integrated with an Audit of Its Financial Statements.

2601 Compliance Attestation.

2701 Management’s Discussion and Analysis (MD&A)—A Summary.

3100 Compilation and Review of Financial Statements.

3110 Compilations of Specified Elements, Accounts, or Items of a Financial Statement.

3120 Compilation of Pro Forma Financial Information.

3200 Reporting on Comparative Financial Statements.

3300 Compilation Reports on Financial Statements Included in Certain Prescribed Forms.

3400 Communications between Predecessor and Successor Accountants.

3600 Reporting on Personal Financial Statements Included in Written Personal Financial Plans.

PCAOB 1 References in Auditor’s Reports to the Standards of the Public Company Accounting Oversight Board.

PCAOB 3 Audit Documentation.

PCAOB 4 Reporting on Whether a Previously Reported Material Weakness Continues to Exist.

PCAOB 5 An Audit of Internal Control Over Financial Reporting That Is Integrated with an Audit of Financial Statements.

PCAOB 6 Evaluating Consistency of Financial Statements.

PCAOB 7 Engagement Quality Review.

Appendix A Cross-References to SASs, SSAEs, and SSARSs.

Appendix B List of AICPA Audit and Accounting Guides and Auditing Statements of Position.

Appendix C Other Auditing Publications in the GAAS Hierarchy.

Index.

About the Author

Steven Bragg, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and auditor at Deloitte & Touche. He received a master’s degree in finance from Bentley College, an MBA from Babson College, and a bachelor’s degree in economics from the University of Maine. He has been the twotime president of the Colorado Mountain Club.

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