Wiley Practitioner's Guide to GAAS 2017: Covering All SASs, SSAEs, SSARSs, and Interpretations

Joanne M. Flood

John Wiley & Sons, Feb 28, 2017 - Business & Economics - 1040 pages

The clearest, easiest-to-use guide to understanding all the clarified standards, including the new attestation standards—fully updated!

This comprehensive guide to understanding Generally Accepted Auditing Standards (GAAS) is not just about auditing. It addresses the toughest part of an accountant's job—identifying, interpreting, and applying the many audit, attest, review, compilation, and preparation standards relevant to a particular engagement.

Wiley Practitioner's Guide to GAAS 2017 offers a clear and accessible distillation of the official language of GAAS, Statements on Standards for Attestation Engagements (SSAEs), and Statements on Standards for Accounting and Review Services (SSARSs)—as well as advice on exactly how to remain fully compliant with each.

Wiley Practitioner's Guide to GAAS 2017 is organized according to the logical arrangement of the clarified standards, presenting each section individually, and explaining how it is related to the engagement process. Guidance is offered on the entire process, in the form of practice notes, checklists, questionnaires, and real-world examples, illustrating how the fundamental requirements of each section are applied.

Other key features include:

• A brief identification of each auditing, SSAE, and SSARS section, with effective dates and tips on how to apply it
• Highlights of new requirements in the clarified attestation standards
• Concise listing and descriptions of each section's specific mandates, including definitions
• Easy-to-read capsule summary of interpretations, plus selected technical alerts
• Helpful techniques for remaining compliant with each standard

New in GAAS 2017:

In 2016, the AICPA's Auditing Standards Board completed a major stage of its clarity project and issued SSAE No. 18. The new guidance is effective for reports dated May 1, 2017. SSAE No. 18 replaces the attestation standards, introducing major new requirements that will change practice. In this transition year, guidance on the extant attestation standards is also included. Wiley Practitioner's Guide to GAAS 2017 is completely updated to reflect all the clarified standards and provide valuable implementation information.

Contents

• Overall Objectives of the Independent Auditor and the Conduct of: 1
• Terms of Engagement: 9
• Quality Control for an Engagement Conducted in Accordance with: 15
• Audit Documentation: 21
• Consideration of Fraud in a Financial Statement Audit: 31
• Contents: 39
• Consideration of Laws and Regulations in an Audit of Financial: 59
• The Auditors Communication with Those Charged with Governance: 65
• Communicating Internal Control Related Matters Identified in: 71
• Planning an Audit: 81
• Understanding the Entity and Its Environment and Assessing: 87
• Materiality in Planning and Performing an Audit: 115
• Audit Considerations Relating to an Entity Using a Service: 149
• Evaluation of Misstatements Identified during the Audit: 159
• Audit EvidenceSpecific Considerations for Selected Items: 167
• External Confirmations: 201
• Opening BalancesInitial Audit Engagements Including Reaudit: 217
• Analytical Procedures: 225
• Audit Sampling: 239
• Auditing Accounting Estimates Including Fair Value Accounting: 263
• Related Parties: 275
• Subsequent Events and Subsequently Discovered Facts: 287
• The Auditors Consideration of an Entitys Ability to Continue as: 301
• Written Representations: 317
• Consideration of Omitted Procedures after the Report Release Date: 331
• Special ConsiderationsAudits of Group Financial Statements: 337
• Using the Work of Internal Auditors: 357
• Using the Work of an Auditors Specialist: 371
• Forming an Opinion and Reporting on Financial Statements: 381
• Modifications to the Opinion in the Independent Auditors Report: 395
• EmphasisofMatter Paragraphs and OtherMatter Paragraphs in: 413
• Consistency of Financial Statements: 421
• Supplementary Information in Relation to Financial Statements as: 429
• Required Supplementary Information: 435
• Special ConsiderationsAudits of Financial Statements Prepared: 441
• Special ConsiderationsAudits of Single Financial Statements: 451
• Reporting on Compliance with Aspects of Contractual Agreements: 463
• Engagements to Report on Summary Financial Statements: 471
• Alert That Restricts the Use of the Auditors Written Communication: 481
• Financial Statements Prepared in Accordance with a Financial: 487
• Reports on Application of Requirements of an Applicable Financial: 493
• Letters for Underwriters and Certain Other Requesting Parties: 499
• Filings with the US Securities and Exchange Commission under: 537
• Interim Financial Information: 543
• Compliance Audits: 569
• An Audit of Internal Control over Financial Reporting That: 581
• ATC Preface: 607
• Concepts Common to All Attestation Engagements: 621
• Examination Engagements: 627
• Review Engagements: 649
• AgreedUpon Procedures Engagements: 665
• Prospective Financial Information: 677
• Reporting on Pro Forma Financial Information: 691
• Compliance Attestation: 705
• Reporting on an Examination of Controls at a Service Organization: 715
• Designated for AT Section 701 Managements Discussion: 731
• Defining Professional Requirements in Statements on Standards: 739
• Attest Engagements: 745
• AgreedUpon Procedures Engagements: 769
• Financial Forecasts and Projections: 781
• Reporting on Pro Forma Financial Information: 809
• An Examination of an Entitys Internal Control over Financial: 823
• Compliance Attestation: 847
• Managements Discussion and Analysis MDAA Summary: 861
• Reporting on Controls at a Service Organization: 869
• General Principles for Engagements Performed in Accordance with: 891
• Preparation of Financial Statements: 899
• Compilation Engagements: 907
• Review of Financial Statements: 931
• Compilation of Pro Forma Financial Information: 969
• Appendix A CrossReferences to SASs SSAEs and SSARSs: 975
• Index: 981

About the author

Joanne Flood, MBA, CPA, Rockville Center, NY has accounting experience within both a Big 4 international firm and a small firm. She has worked as a senior manager in the AICPA's Professional Development group. Joanne received her MBA in Accounting Summa Cum Laude from Adelphi University. While in public accounting, she worked on major clients in retail, manufacturing, and finance and on small business clients in construction, manufacturing, and professional services. At the AICPA, she managed the development and wrote courses in the accounting and auditing product line. She also wrote and produced training materials in a wide variety of media, including print, video, and audio, and pioneered the AICPA's elearning product line.

Bibliographic information

• Title: Wiley Practitioner's Guide to GAAS 2017: Covering All SASs, SSAEs, SSARSs, and Interpretations; Wiley Regulatory Reporting; Wiley practitioner's guide to GAAS
• Author: Joanne M. Flood
• Publisher: John Wiley & Sons, 2017
• ISBN: 1119373778, 9781119373773
• Length: 1040 pages
• Subjects: Business & Economics / Accounting / General; Business & Economics / Auditing; Business & Economics / General