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

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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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Detect material misstatements by performing substantive procedures, which are substantive analytical procedures, tests of details, or a combination of both.

The auditor should use one or more types of the following audit procedures:

Inspection of records or documents such as checks, invoices, contracts, and minutes of meetings.

Inspection of tangible assets, such as inventory.

Observation of a process or procedure being performed by entity personnel.

Inquiry of knowledgeable persons inside or outside the entity.

Obtaining confirmation and other written representation from knowledgeable people within and outside the entity.

Recalculation by checking the mathematical accuracy of documents or records.

Reperformance of the entity’s procedures or controls.

Analytical procedures, as described in Section 520.

Scanning accounting data for unusual individual items

(AU-C 500.A14–.A23)

INTERPRETATIONS

The Effect of an Inability to Obtain Evidential Matter Relating to Income Tax Accruals

Occasionally, the client may not (a) prepare or maintain appropriate documentation of the calculation or contents of the income tax accrual, or (b) permit the auditor access to the documentation or necessary information, or to entity personnel with information about the income tax accrual.

In these circumstances, the client has imposed a scope limitation on the audit, and the auditor should determine the effect of the limitation on his or her ability to express an opinion on the financial statements. (AU-C 9500.04–.05) The auditor may express an unqualified opinion or a qualified opinion, or may disclaim an opinion.

The auditor should document all relevant information that he or she obtains about the income tax accrual. The documentation should include results of auditing procedures and should include significant elements of the client’s analysis of the tax contingencies or reserves. The documentation should be sufficient for an experienced auditor to understand the extent and results of auditing procedures performed. It should include the client’s analysis of tax contingencies and reserves, support for related disclosures, and support for assessing deferred tax assets. (AU-C 9500.12 and .13)

The opinion of the client’s legal counsel about the appropriateness of the income tax accrual is not sufficient competent evidential matter for the accrual. (AU-C 9500.16)

If a client is basing its position on a material tax accrual on an outside advisor’s opinion, the auditor should obtain the opinion, or the client’s summarization of that opinion. (AU-C 9500.19)

Similarly, an auditor cannot rely solely on the conclusions of a third-party tax advisor without careful consideration by the auditor. The auditor should have access to the tax advisor’s opinions and supporting evidence. (AU-C 9500.20)

If the auditor cannot obtain sufficient competent evidence, the auditor has a scope limitation. (AU-C 9500.22)

Auditor of Participating Employer in a Governmental Cost-Sharing Multiple-Employer Pension Plan

In June 2012, the Governmental Accounting Standards Board (GASB) issued statements No. 67 and No. 68 that change the reporting of public employee pension plans and the state and local governments that participate in those plans. In response, the Auditing Standards Board (ASB) issued three interpretations to assist plan and employer auditors in implementing those standards. Auditors of entities that have implemented the standards should reference AU-C Sections 9500, 9600, and 9805 for more information.

Auditor of Participating Employer in a Governmental Agent Multiple-Employer Pension Plan

In April 2014, the ASB issued this interpretation related to GASB No. 68. The Interpretation provides guidance on unaudited information provided by the plan’s management, the use of the plan auditor’s report as evidence by the employer auditor, and the evaluation of that information by the employer auditor.

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