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Joanne M. Flood - Wiley Practitioner's Guide to GAAS 2020

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Название:
Wiley Practitioner's Guide to GAAS 2020
Автор:
Joanne M. Flood
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unrecognised / на английском языке
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Wiley Practitioner's Guide to GAAS 2020: краткое содержание, описание и аннотация

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A comprehensive guide to GAAS for 2020, covering critical auditing standards, practices, and procedures Over the last few years, the AICPA has clarified
its professional standards, raising challenges for the accounting professional to stay current and in compliance. This edition will give auditors and accountants the knowledge and understanding they will need to competently perform and successfully complete their engagements. With this valuable resource, readers will have a comprehensive guide to the latest professional standards, practices, and procedures. The
provides an analysis of all SASs, SSAEs, SSARSs, and Interpretations. This one book provides all the most recent revisions to the standards, explaining them in a clear way that’s designed for greater understanding.
Whenever standards are changed, professionals need guidance on conducting engagements efficiently and effectively. This guide to GAAS and other professional standards provides helpful, systematic direction that saves auditors and accountants time and supports them in their jobs. Readers will have a comprehensive view of moving through the process of auditing, reviewing, compiling, and preparing financial statements and performing attestation services. In addition to explanations, readers will get a detailed discussion of current issues and gain the benefits of practice notes, illustrations, checklists, and questionnaires to reference. Practitioners will find:
Organization based on the way auditors use the Statements on Auditing Standards, ensuring efficiency and ease of navigation Comprehensive guidance through the auditing process Explanations of all attestation standards Updates and interpretations of Statements on Standards for Accounting and Review Services The
is a fully updated resource for completing audit, attestation, review, compilation, and preparation engagements successfully.

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If the successor auditor receives a limited response, that auditor should consider the implications of the limited response in deciding whether to accept the engagement. (AU-C 210.12)

Recurring Audits

For a recurring audit, the auditor should evaluate whether the terms of the engagement need to be changed. The auditor should also remind the client about the existing terms of engagement. (AU-C 210.13)

Change in Terms

If the client requests a change in the terms, the auditor must ensure that there is a reasonable justification for the change. So, too, if prior to completion of an audit, the client requests a change to an engagement with a lower level of assurance, the auditor must be satisfied that a reasonable justification for doing so exists. (AU-C 210.14 and .15)

Certain factors may warrant a change in the terms of engagement for a recurring engagement. These might include, for example, changes in:

Management or ownership,

Legal or regulatory requirements,

The size of the entity, or

The financial reporting framework.

(AU-C 210.A33)

If the terms are changed, the auditor and management should document in writing the mutually agreed-upon change. (AU-C 210.16) If, however, the auditor concludes there is no reasonable justification for a change in terms, and management does not allow the auditor to continue the original audit, the auditor must take these three steps:

1 Withdraw from the engagement.

2 Communicate the situation to those charged with governance.

3 Determine whether the auditor has any legal, contractual, or other obligation to report the circumstances to owners, regulators, or other parties.

(AU-C 210.17)

Report Layout Required by Law or Regulation

If the report prescribed by law or regulation does not align with GAAS in significant ways, the auditor must decide whether the format would mislead the users and if the report could be reworded to align with GAAS or alternatively whether the auditor could attach a separate report.

If none of those remedies are available, the auditor should decline the engagement unless required by law or regulation not to perform the engagement. (AU-C 210.18)

AU-C 210 ILLUSTRATION

Illustration 1. Example of an Audit Engagement Letter (from AU-C 210.A42)

The following is an example of an audit engagement letter for an audit of general purpose financial statements prepared in accordance with US GAAP. This letter is intended only to be a guide that may be used in conjunction with the considerations outlined in AU-C Section 210. The letter will vary according to individual requirements and circumstances and is drafted to refer to the audit of financial statements for a single reporting period. The auditor may seek legal advice about whether a proposed letter is suitable.
Auditor’s letterhead	Smith and Jones Certified Public Accountants October 7, 20XX
Addressed to the appropriate representative of those charged with governance	Brock Warner Plainsmen, Inc. 2320 Tiger Blvd. Lancaster, PA 19701
The objective and scope of the audit	You have requested that we audit the financial statements of Plainsmen, Inc., which comprise the balance sheet as of December 31, 20XX, and the related statements of income, changes in stockholders’ equity, and cash flows for the year then ended, and the related notes to the financial statements. We are pleased to confirm our acceptance and our understanding of this audit engagement by means of this letter. Our audit will be conducted with the objective of our expressing an opinion on the financial statements.
The responsibilities of the auditor	We will conduct our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or to error. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Because of the inherent limitations of an audit, together with the inherent limitations of internal control, an unavoidable risk exists that some material misstatements may not be detected, even though the audit is properly planned and performed in accordance with GAAS. In making our risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. However, we will communicate to you in writing concerning any significant deficiencies or material weaknesses in internal control relevant to the audit of the financial statements that we have identified during the audit.
The responsibilities of management and identification of the applicable financial reporting framework	Our audit will be conducted on the basis that [ management and, when appropriate, those charged with governance ] acknowledge and understand that they have responsibility:For the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America;For the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or to error; andTo provide us with:Access to all information of which [ management ] is aware that is relevant to the preparation and fair presentation of the financial statements such as records, documentation, and other matters;Additional information that we may request from [ management ] for the purpose of the audit; andUnrestricted access to persons within the entity from whom we determine it necessary to obtain audit evidence. As part of our audit process, we will request from [ management and, when appropriate, those charged with governance ] written confirmation concerning representations made to us in connection with the audit.
Other relevant information:
Insert other information, such as fee arrangements, billings, and other specific terms, as appropriate.
Reporting	[ Insert appropriate reference to the expected form and content of the auditor’s report. Example follows: ] We will issue a written report upon completion of our audit of Plainsmen, Inc.’s financial statements. Our report will be addressed to the board of directors of Plainsmen, Inc. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion, add an emphasis-of-matter or other-matter paragraph(s), or withdraw from the engagement. We also will issue a written report on [ insert appropriate reference to other auditors’ reports expected to be issued ] upon completion of our audit.
Signed Name and Title Date	Please sign and return the attached copy of this letter to indicate your acknowledgment of, and agreement with, the arrangements for our audit of the financial statements including our respective responsibilities. Smith and Jones. Acknowledged and agreed on behalf of Plainsmen, Inc. by _____________________________