This latest resource to understanding GAAS addresses the toughest part of an accountant's job-identifying, interpreting, and applying the many audit, artist, review, and compilation standards relevant to particular engagement. Wiley Practitioner's Guide to GAAS 2008 offers the accounting professional a clear, accessible distillation of the official language of those standards, Statement son Standards for Attestation Engagements (SSAEs), and Statements on Standards for Accounting and review Services (SSARSs)-as well as advice on exactly when and how to remain fully compliant with each. The only GAAS reference organized according to practitioners' actual use of the Statements on Auditing Standards, Wiley Practitioner's Guide to GAAS 2008 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 illustrates how the fundamental requirements of each section are applied. Other key features include: 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 mandates Easy-to-read capsule summary of interpretations, plus selected AICPA practice alerts and advisories Helpful techniques for remaining complaint with each standard New in GAAS 2008! SAS No.113 Omnibus-2006 SAS No.114 The Auditor's Communication with Those Charged with Governance (section) 380 More guidance on the Risk Assessment Standards Tips and examples for communicating internal control maters Updated guidance from the PCAOB And more
Preface
Summary of Key Changes
The Auditor's responsibilities and Functions, Introduction to GAASS and the General Standards
Appointment or the Independent Auditor
Audit Risk and Materiality in conducting an Audit
Communications between Predecessor and Successor Auditors consideration of Fraud in a Financial Statement Audit
Illegal Act by Clients
Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement the Auditor's Consideration
of the Internal Audit Function in an Audit of Financial Statements
Service Organizations
Communication of Internal Control Related Matters Noted in an Audit
Evidential Matter
Performing Procedures
Auditing Fair Value Measurements and Disclosures
Analytical Procedures
The Confirmation Process
Inventories
Auditing Derivative Instruments, Hedging Activities, and Investments in Securities
Management Representations
Related Parties
Using the Work of a Specialist
Inquiry of Client's Lawyer Concerning Litigation, Claims, and Assessments
Audit Documentation
The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern
Auditing Accounting Estimates
Audit Sampling
The Auditor's Communication with Those Charged with Governance
Consideration of Mitted Procedures After the Report Date
Adherence to GAAP (410) and the Meaning of "Present Fairly in Conformity with GAAP" (411) Consistency
of Application of Generally Accepted Accounting Principles
Adequacy of Disclosure in Financial Statements
Association with Financial Statements
Reports on Audited Financial Statements
Dating of the Independent Auditor's report
Restricting the Use of an Auditor's Report
Reporting on Financial Statement Prepared for Use in Other Countries
Part of Audit Performed by Other Independent Auditors
Lack of Conformity with Generally Accepted Accounting Principles
Other Information in Documents Containing Audited Financial Statements
Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents
Reporting on Condensed Financial Statements and Selected Financial Data
Required Supplementary Information
Subsequent Events
Subsequent Discovery of Facts Existing at the Date of the Auditor's Report
Special Reports
Reports on the Application of Accounting Principles
Letters for Underwriters and Certain Other Requesting Parties
Filings under Federal Securities Statutes
Interim Financial Information
Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial
Assistance
Public Warehouses: controls and Auditing Procedures for Goods Held
Attestation Engagements
Agreed-upon Procedures Engagements
Financial Forecasts and Projections
Reporting on Pro Forma Financial Information
Reporting on an Entity's Internal Control over Financial reporting
Compliance Attestation
Management's Discussion and Analysis (MD&A) Compilation and Review of Financial Statements
Compilations of Specified Elements, Accounts, or Items of a Financial Statement
Compilation of Pro Forma Financial Information
Reporting on Comparative Financial Statements
Compilation Reports on Financial Statements included in Certain Prescribed Forms
Communication s between Predecessor and Successor Accountants
Reporting on Personal Financial Statements Included in Written Personal Financial Plans
Appendix A PCAOB Auditing Standards
Appendix B Cross-References to SASs, SSAEs, and SSARSs
Appendix C List of AICPA Audit and Accounting Guides and Auditing Statements of Position
Appendix D
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