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

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

by Joanne M. Flood
April 2018
Beginner to intermediate content levelBeginner to intermediate
880 pages
28h 54m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 260 The Auditor's Communication with Those Charged with Governance

AU-C Original Pronouncements

Sources Statements on Auditing Standards (SASs) 122, 123, 125, and 128.

AU-C Definitions of Terms

Source: AU-C 260.06

  1. Management. The person(s) with executive responsibility for the conduct of the entity's operations. For some entities, management includes some or all of those charged with governance; for example, executive members of a governance board or an owner-manager.
  2. Those charged with governance. The person(s) or organization(s) (for example, a corporate trustee) with responsibility for overseeing the strategic direction of the entity and the obligations related to the accountability of the entity. This includes overseeing the financial reporting process. Those charged with governance may include management personnel; for example, executive members of a governance board or an owner-manager.

Objectives of AU-C Section 260

AU-C Section 260.05 states that the objectives of the auditor are to:

  1. communicate clearly with those charged with governance the responsibilities of the auditor regarding the financial statement audit and an overview of the planned scope and timing of the audit.
  2. obtain from those charged with governance information relevant to the audit.
  3. provide those charged with governance with timely observations arising from the audit that are significant and relevant to their responsibility to oversee the financial reporting process.
  4. promote effective ...
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Publisher Resources

ISBN: 9781119396482Purchase book