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Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

Name: Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations
Author: Joanne M. Flood
ISBN: 9781118277263

by Joanne M. Flood

January 2013

Intermediate to advanced

1204 pages

41h 48m

English

Wiley

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Cover
Contents
Title
Copyright
Preface
About the Author
Organization and Key Changes
AU 100–230: The Auditor’s Responsibilities and Functions, Introduction to GAAS, and the General Standards (Including the Quality Control Standards)
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C 200 Definitions of TermsAU-C 220 Definitions of TermsObjectives of AU Sections 100–230Objectives of AU-C Section 200Objectives of AU-C Section 220Fundamental RequirementsDefining Professional Requirements in Statements on Auditing StandardsInterpretationsTechniques for ApplicationAU Illustrations
AU 311: Planning and Supervision
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsObjectives of AU Section 311Objectives of AU-C Section 300Fundamental RequirementsInterpretationsTechniques for ApplicationAU IllustrationAU-C 210 Illustration
AU 312: Audit Risk and Materiality in Conducting an Audit
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 312Objective of AU-C Section 320Objectives of AU-C Section 450Fundamental RequirementsInterpretationsProfessional Issues Task Force Practice AlertsTechniques for Application

AU 314: Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 314Objectives of AU-C Section 315Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustrations
AU 315: Communications Between Predecessor and Successor Auditors
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesApplicabilityAU Definitions of TermsAU-C Section 510 Definitions of TermsObjectives of AU Section 315Objectives of AU-C Section 510Fundamental RequirementsInterpretationsProfessional Issues Task Force Practice AlertsTechniques for ApplicationAU IllustrationsAU-C 510 Illustrations
AU 316: Consideration of Fraud in a Financial Statement Audit
AU Effective Date and ApplicabilityAU-C Effective DateAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 316Objectives of AU-C Section 240Fundamental RequirementsInterpretationsProfessional Issues Task Force Practice AlertsTechniques for ApplicationAU Illustrations
AU 317: Illegal Acts by Clients
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C 250 Definitions of TermsObjectives of AU Section 317Objectives of AU-C Section 250Fundamental RequirementsInterpretationsTechniques for Application
AU 318: Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C 330 Definitions of TermsObjectives of AU Section 318Objective of AU-C Section 330Fundamental RequirementsInterpretationsTechniques for Application
AU 322: The Auditor’s Consideration of the Internal Audit Function in an Audit of Financial Statements
AU Effective Date and ApplicabilityAU-C StatusDefinitions of TermsObjectives of AU Section 322Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustrations
AU 324: Service Organizations
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 324Objectives of AU-C Section 402Fundamental Requirements: User AuditorsFundamental Requirements: Service AuditorsAU InterpretationsProfessional Issues Task Force Practice AlertTechniques for Application: User AuditorsTechniques for Application: Service AuditorsAU Illustrations
AU 325: Communicating Internal Control Related Matters Identified in an Audit
AU Effective Date and ApplicabilityAU-C Effective DateAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 325Objectives of AU-C Section 265Fundamental RequirementsInterpretationsTechniques for ApplicationAU IllustrationsAU-C 265 Illustrations
AU 326: Audit Evidence
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 326Objective of AU-C Section 500Fundamental RequirementsInterpretations
AU 328: Auditing Fair Value Measurements and Disclosures
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 328Objective of AU-C Section 540Fundamental RequirementsInterpretationsTechniques for Application
AU 329: Analytical Procedures
AU Effective Date and ApplicabilityAU-C Effective DateAU Definitions of TermsAU-C Definition of TermObjectives of AU Section 329Objectives of AU-C Section 520Fundamental RequirementsInterpretationsProfessional Issues Task Force Practice AlertsTechniques for ApplicationAU Illustrations
AU 330: The Confirmation Process
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 330Objective of AU-C Section 505Fundamental RequirementsInterpretationsProfessional Issues Task Force Practice AlertTechniques for ApplicationAU Illustrations
AU 331: Inventories
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 331Objectives of AU-C Section 501Fundamental Requirements: ObservationFundamental Requirements: ReportingInterpretationsProfessional Issues Task Force Practice AlertTechniques for ApplicationAU Illustrations
AU 332: Auditing Derivative Instruments, Hedging Activities, and Investments in Securities
AU Effective Date and ApplicabilityAU-C Effective DateAU Definitions of TermsAU-C 501 Definitions of TermsObjectives of AU Section 332Objectives of AU-C Section 501Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustrations
AU 333: Management Representations
AU Effective Date and ApplicabilityAU-C Effective DateAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 333Objectives of AU-C Section 580Fundamental RequirementsInterpretationsTechniques for ApplicationAU IllustrationsAU-C 580 Illustrations
AU 334: Related Parties
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 334Objectives of AU-C Section 550Fundamental RequirementsAU InterpretationsTechniques for ApplicationAU Illustrations
AU 336: Using the Work of a Specialist
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 336Objectives of AU-C Section 620Fundamental RequirementsAU InterpretationsTechniques for ApplicationAU Illustrations
AU 337: Inquiry of a Client’s Lawyer Concerning Litigation, Claims, and Assessments
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 337Objectives of AU-C Section 501Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustrations
AU 339: Audit Documentation
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU-C Definitions of TermsObjectives of AU Section 339Objectives of AU-C Section 230Fundamental RequirementsInterpretationsTechniques for ApplicationAU IllustrationsAU-C Illustration
AU 341: The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern
AU Effective Date and ApplicabilityAU-C Effective DateAU-C Definition of TermObjectives of AU Section 341Objectives of AU-C Section 570Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustration
AU 342: Auditing Accounting Estimates
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 342Objective of AU-C Section 540Fundamental RequirementsAU InterpretationTechniques for ApplicationAU Illustration
AU 350: Audit Sampling
AU Effective Date and ApplicabilityAU-C Effective DateAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 350Objectives of AU-C Section 530Fundamental RequirementsInterpretationsTechniques for Application: NonsamplingTechniques for Application: Nonstatistical Audit SamplingTechniques for Application: Statistical Audit SamplingReferences
AU 380: The Auditor’s Communication with Those Charged with Governance
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 380Objectives of AU-C Section 260Fundamental RequirementsInterpretationsProfessional Issues Task Force Practice AlertsTechniques for Application
AU 390: Consideration of Omitted Procedures After the Report Date
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 390Objectives of AU-C Section 585Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustration
AU 410: Adherence to GAAP
Effective Date and ApplicabilityEffective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 410Objectives of AU-C Section 700Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustration
AU 420: Consistency of Application of Generally Accepted Accounting Principles
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 420Objectives of AU-C Section 708Fundamental RequirementsInterpretations
AU 431: Adequacy of Disclosure in Financial Statements
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 431Objectives of AU-C Section 705Fundamental RequirementsInterpretationsTechniques for Application
AU 504: Association with Financial Statements
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsObjectives of AU Section 504Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustrations
AU 508: Reports on Audited Financial Statements
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 508Objectives of AU-C SectionsFundamental Requirements: Auditor’s Standard ReportFundamental Requirements: Explanatory Language Added to the Auditor’s Standard ReportFundamental Requirements: Departures from Unqualified OpinionsFundamental Requirements: Reports on Comparative Financial StatementsInterpretationsProfessional Issues Task Force Practice AlertsTechniques for ApplicationAU IllustrationsAU-C 700 IllustrationsAU-C 705 IllustrationsAU-C 706 IllustrationsList of AU-C Sections Containing Requirements for Emphasis-of-Matter ParagraphsList of AU-C Sections Containing Requirements for Other-Matter Paragraphs
AU 530: Dating of the Independent Auditor’s Report
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 530Objectives of AU-C Section 560Fundamental RequirementsInterpretationsTechniques for Application
AU 532: Restricting the Use of an Auditor’s Report
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 532Objectives of AU-C Section 905Fundamental RequirementsInterpretationsTechniques for ApplicationAU IllustrationAU-C 905 Illustrations
AU 534: Reporting on Financial Statements Prepared for Use in Other Countries
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 534Objectives of AU-C Section 910Fundamental RequirementsInterpretationsTechniques for ApplicationAU IllustrationsAU-C 910 Illustrations
AU 543: Part of Audit Performed by Other Independent Auditors
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsObjectives of AU Section 543Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustrations
AU-C 600: Special Considerations—Audits of group financial statements (including the work of component auditors)
AU-C Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU-C 600 Definitions of TermsObjectives of AU-C Section 600Fundamental RequirementsIllustrations
AU 544: Lack of Conformity with Generally Accepted Accounting Principles
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definition of TermAU-C Definitions of TermsObjectives of AU Section 544Objectives of AU-C Section 800Fundamental RequirementsInterpretations
AU 550: Other Information in Documents Containing Audited Financial Statements
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 550Objective of AU-C Section 720Fundamental RequirementsInterpretationsIllustration
AU 551: Supplementary Information in Relation to the Financial Statements as a Whole
Effective Date and ApplicabilityEffective Date and ApplicabilityAU Definition of TermAU-C Definition of TermObjectives of AU Section 551Objective of AU-C Section 725Fundamental RequirementsAU-C InterpretationsAU IllustrationsAU-C 725 Illustrations
AU 552: Reporting on Condensed Financial Statements and Selected Financial Data
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 552Objectives of AU-C Section 810Fundamental RequirementsInterpretationsAU IllustrationsAU-C 810 Illustrations
AU 558: Required Supplementary Information
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 558Objectives of AU-C Section 730Fundamental RequirementsInterpretationsTechniques for ApplicationAU IllustrationsAU-C 730 Illustrations
AU 560: Subsequent Events
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives AU Section 560Objectives of AU-C Section 560Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustration
AU 561: Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 561Objective of AU-C Section 560Fundamental RequirementsInterpretationsTechniques for Application
AU 623: Special Reports
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 623Objectives of AU-C 623Fundamental Requirements: Financial Statements Prepared in Conformity with an OcboaFundamental Requirements: Specified Elements, Accounts, or Items of a Financial StatementFundamental Requirements: Compliance with Contractual or Regulatory Requirements Related to Audited Financial StatementFundamental Requirements: Special-Purpose Financial Presentations to Comply with Contractual Agreements or Regulatory ProvisionsFundamental Requirements: Circumstances Requiring Explanatory Language in an Auditor’s Special ReportFundamental Requirements: Financial Information Presented in Prescribed Forms or SchedulesAU InterpretationsAU IllustrationsAU-C Illustrations
AU 625: Reports on the Application of Accounting Principles
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesApplicabilityAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 625Objectives of AU-C Section 915Fundamental RequirementsInterpretationsTechniques for ApplicationAU IllustrationAU-C 915 Illustration
AU 634: Letters for Underwriters and Certain Other Requesting Parties
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesApplicabilityAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 634Objectives of AU-C Section 920Fundamental Requirements: GeneralFundamental Requirements: Format and Contents of Comfort LettersFundamental Requirements: Commenting in a Comfort Letter on Information other than Audited Financial StatementsFundamental Requirements: Other MattersInterpretationsTechniques for ApplicationAU IllustrationsAU-C 920 Illustrations
AU 711: Filings under Federal Securities Statutes
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 711Objectives of AU-C Section 711Fundamental RequirementsInterpretationsTechniques for ApplicationAU IllustrationAU-C 925 Illustration
AU 722: Interim Financial Information
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definition of TermObjectives of AU Section 722Objective of AU-C Section 930Fundamental Requirements: Review ProceduresFundamental Requirements: Communication with Audit CommitteesFundamental Requirements: Communication with Management and Audit CommitteesFundamental Requirements: Accountant’s ReportFundamental Requirements: Interim Financial Information Accompanying Audited Financial StatementsInterpretationsTechniques for ApplicationAU IllustrationsAU-C 930 Illustrations
AU 801: Compliance Auditing
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C 935 Definitions of TermsObjectives of AU Section 801Objectives of AU-C Section 935Fundamental RequirementsInterpretationsTechniques for ApplicationAU Illustration
AU 901: Public Warehouses: Controls and Auditing Procedures for Goods Held
AU Effective Date and ApplicabilityAU-C Effective Date and Summary of ChangesAU Definitions of TermsAU-C Definitions of TermsObjectives of AU Section 901Objective of AU-C Section 501Fundamental Requirements: Controls for WarehousemanFundamental Requirements: Warehouseman’s AuditorFundamental Requirements: Owner of GoodsFundamental Requirements: Owner’s AuditorInterpretations
AT 101: Attest Engagements
Effective Date and ApplicabilityDefinitions of TermsDefining Professional Requirements in Statements on Standards for Attestation EngagementsObjectives of Section 101Fundamental RequirementsComparison of Attestation Standards with GAASInterpretationsIllustrations: Examination ReportsIllustrations: Review Reports
AT 201: Agreed-Upon Procedures Engagements
Effective Date and ApplicabilityDefinitions of TermsObjectives of at Section 201Fundamental RequirementsInterpretationsTechniques for ApplicationIllustrations
AT 301: Financial Forecasts and Projections
Effective Date and ApplicabilityApplicabilityDefinitions of TermsObjectives of at Section 301Fundamental Requirements: GeneralFundamental Requirements: Compilation of Prospective Financial StatementsFundamental Requirements: Examination of Prospective Financial StatementsFundamental Requirements: Applying Agreed-Upon Procedures to Prospective Financial Statements (See Also at Section 201)Fundamental Requirements: OtherInterpretationsIllustrationsAppendices
AT 401: Reporting on Pro Forma Financial Information
Effective Date and ApplicabilityDefinitions of TermsObjectives of Section 401Fundamental RequirementsInterpretationsTechniques for ApplicationIllustrations
AT 501: an Examination of an Entity’s Internal Control Over Financial Reporting That Is Integrated with an Audit of Its Financial Statements
Effective Date and ApplicabilityDefinitions of TermsObjectives of at Section 501Fundamental RequirementsReporting RequirementsInterpretationsIllustrations
AT 601: Compliance Attestation
Effective Date and ApplicabilityDefinitions of TermsObjectives of at Section 601Fundamental Requirements: General (Applicable to Both Agreed-Upon Procedures and Examination Engagements)Fundamental Requirements: Agreed-Upon Procedures EngagementFundamental Requirements: Examination EngagementInterpretationsTechniques for ApplicationIllustrations
AT 701: Management’s Discussion and Analysis (MD&A)—A Summary
Effective Date and ApplicabilityDefinition of TermObjectives of at Section 701Fundamental Requirements: ExaminationFundamental Requirements: ReviewInterpretationsIllustrations
AT 801: Reporting on Controls at a Service Organization
Effective Date and ApplicabilityDefinition of TermsObjectives of at Section 801Fundamental RequirementsIllustrations
AR 60–90: Compilation and Review of Financial Statements
Effective Date and ApplicabilityRecent DevelopmentsDefinitions of TermsObjectives and Limitations of Compilation and Review EngagementsFundamental RequirementsInterpretationsIllustrations: Traditional Compilation EngagementIllustrations: Review Engagement
AR 110: Compilation of Specified Elements, Accounts, or Items of a Financial Statement
Effective Date and ApplicabilityObjectives of AR Section 110Fundamental RequirementsIllustrations
AR 120: Compilation of Pro Forma Financial Information
Effective Date and ApplicabilityObjectives of AR Section 120Fundamental RequirementsIllustrations
AR 200: Reporting on Comparative Financial Statements
Effective Date and ApplicabilityDefinitions of TermsObjectives of AR Section 200Fundamental RequirementsInterpretationTechniques for ApplicationIllustrations
AR 300: Compilation Reports on Financial Statements Included in Certain Prescribed Forms
Effective Date and ApplicabilityDefinition of TermObjectives of AR Section 300Fundamental RequirementsInterpretationsIllustrations
AR 400: Communications between Predecessor and Successor Accountants
Effective Date and ApplicabilityDefinitions of TermsObjectives of AR Section 400Fundamental RequirementsInterpretationTechniques for ApplicationIllustration
AR 600: Reporting on Personal Financial Statements Included in Written Personal Financial Plans
Effective Date and ApplicabilityDefinitions of TermsObjectives of AR Section 600Fundamental RequirementsInterpretationIllustration
PCAOB 1: References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board
Effective Date and ApplicabilityDefinitions of TermsFundamental RequirementsOther PCAOB GuidanceInterpretation: Commission Guidance Regarding the Public Company Accounting Oversight Board’s Auditing and Related Professional Practice Standard No. 1Illustrations
PCAOB 3: Audit Documentation
Effective Date and ApplicabilityDefinitions of TermsObjectives of PCAOB Standard 3Fundamental Requirements
PCAOB 4: Reporting on Whether a Previously Reported Material Weakness Continues to Exist
Effective Date and ApplicabilityDefinitions of TermsObjectives of PCAOB Standard 4Fundamental RequirementsTechniques for ApplicationIllustrations
PCAOB 5: an Audit of Internal Control Over Financial Reporting That Is Integrated with an Audit of Financial Statements
Effective Date and ApplicabilityDefinitions of TermsObjectives of PCAOB Standard 5Fundamental RequirementsIllustrations
PCAOB 6: Evaluating Consistency of Financial Statements
Effective Date and ApplicabilityDefinitions of TermsObjectives of PCAOB Standard 6Fundamental Requirements
PCAOB 7: Engagement Quality Review
Effective Date and ApplicabilityDefinitions of TermsObjectives of PCAOB Standard 7Fundamental Requirements
PCAOB 8: Audit Risk
Effective Date and ApplicabilityDefinitions of TermsObjectives of PCAOB Standard 8Fundamental Requirements
PCAOB 9: Audit Planning
Effective Date and ApplicabilityDefinitions of TermsObjectives of PCAOB Standard 9Fundamental Requirements
PCAOB 10: Supervision of the Audit Engagement
Effective Date and ApplicabilityObjectives of PCAOB Standard 10Fundamental Requirements
PCAOB 11: Consideration of Materiality in Planning and Performing an Audit
Effective Date and ApplicabilityObjectives of PCAOB Standard 11Fundamental Requirements
PCAOB 12: Identifying and Assessing Risks of Material Misstatement
Effective Date and ApplicabilityDefinitions of TermsObjectives of PCAOB Standard 12Fundamental Requirements
PCAOB 13: The Auditor’s Responses to the Risks of Material Misstatement
Effective Date and ApplicabilityDefinitions of TermsObjectives of PCAOB Standard 13Fundamental Requirements
PCAOB 14: Evaluating Audit Results
Effective Date and ApplicabilityObjectives of PCAOB Standard 14Fundamental Requirements
PCAOB 15: Audit Evidence
Effective Date and ApplicabilityDefinitions of TermsObjectives of PCAOB Standard 15Fundamental Requirements
Appendix A: ASB Clarity Project: Extant AU Sections Mapped to the Clarified AU-C Sections
Appendix B: Cross-References to SASs, SSAEs, and SSARSs
Appendix C: List of AICPA Audit and Accounting Guides
Appendix D: Other Auditing Publications in the GAAS Hierarchy
Index

Content preview from Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

PCAOB 14: Evaluating Audit Results1

EFFECTIVE DATE AND APPLICABILITY

Effective Date	This standard currently is effective.
Applicability	All audit planning.

OBJECTIVES OF PCAOB STANDARD 14

Public Company Accounting Oversight Board (PCAOB) Auditing Standard 14 sets the objective of evaluating the results of the audit to determine whether the evidence obtained is sufficient and appropriate to support the opinion to be expressed in the auditor’s report.

FUNDAMENTAL REQUIREMENTS

Evaluating the Results of the Audit of Financial Statements

When forming an opinion about whether financial statements are presented fairly in all material respects, the auditor should consider all relevant audit evidence, whether or not it appears to corroborate or contradict the assertions in the financial statements. This evaluation should include:

1. The results of those analytical procedures performed in the review of the financial statements

2. Misstatements accumulated during the audit (especially uncorrected ones)

3. Qualitative aspects of the company’s accounting practices

4. Conditions identified during the audit relating to the assessment of risk of material misstatement due to fraud

5. The presentation of the financial statements, including disclosures

6. The sufficiency and appropriateness of audit evidence obtained

Performing Analytical Procedures in the Overall Review

The auditor should read the financial statements and disclosures as part of an overall review and perform analytical ...

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Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

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