The most comprehensive and up-to-date guide to critical auditing standards, practices, and procedures for 2023
The American Institute of Certified Public Accountants (AICPA) sets the Generally Accepted Auditing Standardsor GAASunder which U. S. audits are conducted. Auditors must comply with and understand every aspect of GAAS 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 Practitioners Guide to GAAS 2023 delivers a thorough description and analysis of not only auditing standardsSASsbut also SSAEs, SSARSs, and the Interpretations necessary to fully understand all the latest professional standards. The 2023Guide offers the most recent revisions to the standards, including those on:Audit evidenceAuditing accounting estimatesUse of pricing evidenceInquiries of predecessor auditorsQuality managementMateriality,SSAE direct examination engagements, andPractitioners review reports.Practical direction on the steps necessary to help you comply with GAASComprehensive guidance on the entire auditing process, from start to finishExplanations of all attestation and review, compilation, and preparation standardsA glossary of relevant terminology for each subject
It explains the standards clearly and accurately, providing explicit information on how to conduct your engagements efficiently, effectively, and properlyall in one resource.
In addition,Wiley Practitioners Guide to GAAS 2023 provides readers with:
A crucial resource for accountants and auditors who are looking for a comprehensive explanation of the information used daily,Wiley Practitioners Guide to GAAS 2023 is an invaluable resource written to save you time and simplify your compliance with professional standards.
PrefaceOrganization and Key Changes ix
About the Author xv
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 17
4 AU-C 230 Audit Documentation 25
5 AU-C 240 Consideration of Fraud in a Financial Statement Audit 37
6 AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements 67
7 AU-C 260 The Auditors Communication with Those Charged with Governance 73
8 AU-C 265 Communicating Internal Control Related Matters Identified in an Audit 81
9 AU-C 300 Planning an Audit 91
10 AU-C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 99
11 AU-C 320 Materiality in Planning and Performing an Audit 129
12 AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained 135
13 AU-C 402 Audit Considerations Relating to an Entity Using a Service Organization 165
14 AU-C 450 Evaluation of Misstatements Identified during the Audit 173
15 AU-C 500 Audit Evidence 179
16 AU-C 501 Audit EvidenceSpecific Considerations for Selected Items 185
17 AU-C 505 External Confirmations 211
18 AU-C 510 Opening BalancesInitial Audit Engagements, Including Reaudit Engagements 227
19 AU-C 520 Analytical Procedures 235
20 AU-C 530 Audit Sampling 249
21 AU-C 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 275
22 AU-C 550 Related Parties 293
23 AU-C 560 Subsequent Events and Subsequently Discovered Facts 307
24 AU-C 570 The Auditors Consideration of an Entitys Ability to Continue as a Going Concern 321
25 AU-C 580 Written Representations 337
26 AU-C 585 Consideration of Omitted Procedures after the Report Release Date 351
27 AU-C 600 Special ConsiderationsAudits of Group Financial Statements (Including the Work of Component Auditors) 357
28 AU-C 610 Using the Work of Internal Auditors 381
29 AU-C 620 Using the Work of an Auditors Specialist 395
30 AU-C 700 Forming an Opinion and Reporting on Financial Statements 405
31 AU-C 701 Communicating Key Audit Matters in the Independent Auditors Report 431
32 AU-C 703 Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA 439
33 AU-C 705 Modifications to the Opinion in the Independent Auditors Report 475
34 AU-C 706 Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditors Report 499
35 AU-C 708 Consistency of Financial Statements 513
36 AU-C 720 Other Information in Documents Containing Audited Financial Statements 517
37 AU-C 725 Supplementary Information in Relation to the Financial Statements as a Whole 523
38 AU-C 730 Required Supplementary Information 531
39 AU-C 800 Special ConsiderationsAudits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 537
40 AU-C 805 Special ConsiderationsAudits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement 551
41 AU-C 806 Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements 565
42 AU-C 810 Engagements to Report on Summary Financial Statements 573
43 AU-C 905 Alert That Restricts the Use of the Auditors Written Communication 583
44 AU-C 910 Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country 591
45 AU-C 915 Reports on Application of Requirements of an Applicable Financial Reporting Framework 597
46 AU-C 920 Letters for Underwriters and Certain Other Requesting Parties 603
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 735
55 AT-C 206 Direct Examination Engagements 759
56 AT-C 210 Review Engagements 769
57 AT-C 215 Agreed-Upon Procedures Engagements 787
58 AT-C 305 Prospective Financial Information 805
59 AT-C 310 Reporting on Pro Forma Financial Information 819
60 AT-C 315 Compliance Attestation 833
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 Managements 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 907
67 AR-C 100 Special ConsiderationsInternational Reporting Issues 949
68 AR-C 120 Compilation of Pro Forma Financial Information 959
Appendix A Definitions of TermsAU-C Standards 965
Appendix B Definitions of TermsAT-C Standards 987
Appendix C Definitions of TermsAR-C Standards 997
Appendix D Interpretive Publications and Other Auditing Publications 1003
Index 1005
