The most comprehensive and up-to-date guide to critical auditing standards, practices, and procedures for 2022
The American Institute of Certified Public Accountants (AICPA) sets the Generally Accepted Auditing Standards or GAAS under which U. S. audits are conducted in the United States. Auditors must comply with and understand every aspect of GAAS in order to comply with AICPA standards. As a result, it is crucial for CPAs to be up-to-date on all applicable guidelines, rules, and regulations.
Wiley Practitioner's Guide to GAAS 2022 delivers a thorough description and analysis of not only auditing standards - SASs, but also SSAEs, SSARSs, and the Interpretations necessary to fully understand all the latest professional standards. The guide offers the most recent revisions to the standards, including those on:
- Materiality,
- Audit reports,
- ERISA audits,
- SSAE direct examination engagements, and
- Practitioner’s review reports.
The Guide explains the standards clearly and accurately, providing explicit information on how to conduct your engagements efficiently, effectively, and properly - all in one resource.
In addition, Wiley Practitioner's Guide to GAAS 2022 provides readers with:
- Practical direction on the steps necessary to help you comply with GAAS
- Comprehensive guidance on the entire auditing process, from start to finish
- Explanations of all attestation and review, compilation, and preparation standards
- A glossary of relevant terminology for each subject
A crucial resource for accountants and auditors who are looking for a comprehensive explanation of the information used on a daily basis, Wiley Practitioner's Guide to GAAS 2022 is an invaluable resource written to save you time and simplify your compliance with professional standards.
Table of Contents
Preface ix
About the Author xi
1 AU-C 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards 1
2 AU-C 210 Terms of Engagement 7
3 AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards 15
4 AU-C 230 Audit Documentation 23
5 AU-C 240 Consideration of Fraud in a Financial Statement Audit 35
6 AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements 65
7 AU-C 260 The Auditor’s Communication with Those Charged with Governance 71
8 AU-C 265 Communicating Internal Control Related Matters Identified in an Audit 79
9 AU-C 300 Planning an Audit 89
10 AU-C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 95
11 AU-C 320 Materiality in Planning and Performing an Audit 125
12 AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained 131
13 AU-C 402 Audit Considerations Relating to an Entity Using a Service Organization 161
14 AU-C 450 Evaluation of Misstatements Identified during the Audit 169
15 AU-C 500 Audit Evidence 175
16 AU-C 501 Audit Evidence - Specific Considerations for Selected Items 181
17 AU-C 505 External Confirmations 217
18 AU-C 510 Opening Balances - Initial Audit Engagements, Including Reaudit Engagements 233
19 AU-C 520 Analytical Procedures 241
20 AU-C 530 Audit Sampling 255
21 AU-C 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 281
22 AU-C 550 Related Parties 295
23 AU-C 560 Subsequent Events and Subsequently Discovered Facts 309
24 AU-C 570 The Auditor’s Consideration of an Entity’s Ability to
Continue as a Going Concern 323
25 AU-C 580 Written Representations 339
26 AU-C 585 Consideration of Omitted Procedures after the Report Release Date 353
27 AU-C 600 Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) 359
28 AU-C 610 Using the Work of Internal Auditors 383
29 AU-C 620 Using the Work of an Auditor’s Specialist 397
30 AU-C 700 Forming an Opinion and Reporting on Financial Statements 407
31 AU-C 701 Communicating Key Audit Matters in the Independent Auditor’s Report 433
32 AU-C 703 Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA 441
33 AU-C 705 Modifications to the Opinion in the Independent Auditor’s Report 477
34 AU-C 706 Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report 501
35 AU-C 708 Consistency of Financial Statements 515
36 AU-C 720 Other Information in Documents Containing Audited Financial Statements 519
37 AU-C 725 Supplementary Information in Relation to the Financial Statements as a Whole 525
38 AU-C 730 Required Supplementary Information 533
39 AU-C 800 Special Considerations - Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 539
40 AU-C 805 Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement 553
41 AU-C 806 Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements 567
42 AU-C 810 Engagements to Report on Summary Financial Statements 575
43 AU-C 905 Alert That Restricts the Use of the Auditor’s Written Communication 585
44 AU-C 910 Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country 593
45 AU-C 915 Reports on Application of Requirements of an Applicable Financial Reporting Framework 599
46 AU-C 920 Letters for Underwriters and Certain Other Requesting Parties 605
47 AU-C 925 Filings with the U.S. Securities and Exchange Commission under the Securities Act of 1933 643
48 AU-C 930 Interim Financial Information 649
49 AU-C 935 Compliance Audits 677
50 AU-C 940 An Audit of Internal Control over Financial Reporting That Is Integrated with an Audit of Financial Statements 687
51 AU-C 945 Auditor Involvement with Exempt Offering Documents 713
52 AT-C Preface 717
53 AT-C 105 Concepts Common to All Attestation Engagements 721
54 AT-C 205 Assertion-Based Examination Engagements 737
55 AT-C 206 Direct Examination Engagements 761
56 AT-C 210 Review Engagements 771
57 AT-C 215 Agreed-Upon Procedures Engagements 789
58 AT-C 305 Prospective Financial Information 807
59 AT-C 310 Reporting on Pro Forma Financial Information 821
60 AT-C 315 Compliance Attestation 835
61 AT-C 320 Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting 845
62 AT-C 395 Management’s Discussion and Analysis 861
63 AR-C 60 General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services 869
64 AR-C 70 Preparation of Financial Statements 875
65 AR-C 80 Compilation Engagements 883
66 AR-C 90 Review of Financial Statements 905
67 AR-C 100 Special Considerations - International Reporting Issues 947
68 AR-C 120 Compilation of Pro Forma Financial Information 957
Appendix A Definitions of Terms - AU-C Standards 963
Appendix B Definitions of Terms - AT-C Standards 983
Appendix C Definitions of Terms - AR-C Standards 993
Appendix D Interpretive Publications and Other Auditing Publications 999
Index 1001
