Wiley Practitioner's Guide to GAAS 2016 provides full guidance toward the latest guidelines and applications of Generally Accepted Auditing Standards. With detailed coverage of the newest releases, this helpful reference explains each standard in clear, accessible language and highlights the ways in which the standards are related. Organized for easy navigation, each statement is presented individually along with explanation, practice notes, practical illustrations, checklists and questionnaires to guide you through the auditing process. The book is written to align with the Statements on Auditing Standards, and includes updates and interpretations of all new Statements for Accounting and Review Services Compilation and Review statements to help you ensure a complete and fully compliant audit.

Accounting standards are critical to the auditing process, but frequent revisions and new releases add a layer of complexity to compliance. This book provides interpretation and application notes for all GAAS standards, including all SASs, SSAEs, SSARSs and PCAOB.Get up to speed on the latest GAAS standardsWalk through each statement step-by-stepUtilize helpful tools to ensure full complianceGain a deeper understanding of each standard's applications

Identifying, interpreting, and applying the many standards relevant to a particular engagement can be the most difficult part of the auditor's job. This guide simplifies the process by combining the standards, explanations, tools, and expert advice into a single, easily navigated volume. For the auditor who needs to be up to date,Wiley Practitioner's Guide to GAAS 2016 presents clear, plain-language guidance toward the most recent GAAS standards, to help you find and understand the answers you need quickly.

Joanne Flood, MBA, CPA, Rockville Center, NY has accounting experience within both a Big 4 international firm and a small firm. She has worked as a senior manager in the AICPA's Professional Development group. Joanne received her MBA in Accounting Summa Cum Laude from Adelphi University.
While in public accounting, she worked on major clients in retail, manufacturing, and finance and on small business clients in construction, manufacturing, and professional services. At the AICPA, she managed the development and wrote courses in the accounting and auditing product line. She also wrote and produced training materials in a wide variety of media, including print, video, and audio, and pioneered the AICPA's elearning product line.

About the Author xi

Organization and Key Changes xiii

AU-C 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards 1

AU-C 210 Terms of Engagement 9

AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards 15

AU-C 230 Audit Documentation 21

AU-C 240 Consideration of Fraud in a Financial Statement Audit 31

AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements 59

AU-C 260 The Auditors Communication with Those Charged with Governance 65

AU-C 265 Communicating Internal Control Related Matters Identified in an Audit 71

AU-C 300 Planning an Audit 81

AU-C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 87

AU-C 320 Materiality in Planning and Performing an Audit 115

AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained 121

AU-C 402 Audit Considerations Relating to an Entity Using a Service Organization 151

AU-C 450 Evaluation of Misstatements Identified During the Audit 159

AU-C 500 Audit Evidence 165

AU-C 501 Audit EvidenceSpecific Considerations for Selected Items 169

AU-C 505 External Confirmations 203

AU-C 510 Opening BalancesInitial Audit Engagements, Including Reaudit Engagements 219

AU-C 520 Analytical Procedures 227

AU-C 530 Audit Sampling 241

AU-C 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures 265

AU-C 550 Related Parties 277

AU-C 560 Subsequent Events and Subsequently Discovered Facts 289

AU-C 570 The Auditors Consideration of an Entitys Ability to Continue as a Going Concern 303

AU-C 580 Written Representations 319

AU-C 585 Consideration of Omitted Procedures After the Report Release Date 333

AU-C 600 Special ConsiderationsAudits of Group Financial Statements (Including the Work of Component Auditors) 339

AU-C 610 Using the Work of Internal Auditors 359

AU-C 620 Using the Work of an Auditors Specialist 373

AU-C 700 Forming an Opinion and Reporting on Financial Statements 383

AU-C 705 Modifications to the Opinion in the Independent Auditors Report 397

AU-C 706 Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditors Report 415

AU-C 708 Consistency of Financial Statements 423

AU-C 720 Other Information in Documents Containing Audited Financial Statements 427

AU-C 725 Supplementary Information in Relation to Financial Statements as a Whole 431

AU-C 730 Required Supplementary Information 437

AU-C 800 Special ConsiderationsAudits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 443

AU-C 805 Special ConsiderationsAudits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement 455

AU-C 806 Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements 467

AU-C 810 Engagements to Report on Summary Financial Statements 475

AU-C 905 Alert That Restricts the Use of the Auditors Written Communication 485

AU-C 910 Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country 491

AU-C 915 Reports on Application of Requirements of an Applicable Financial Reporting Framework 497

AU-C 920 Letters for Underwriters and Certain Other Requesting Parties 503

AU-C 925 Filings with the US Securities and Exchange Commission Under the Securities Act of 1933 543

AU-C 930 Interim Financial Information 549

AU-C 935 Compliance Audits 575

AT 20 Defining Professional Requirements in Statements on Standards for Attest Engagements 587

AT 50 SSAE Hierarchy 589

AT 101 Attest Engagements 591

AT 201 Agreed-Upon Procedures Engagements 615

AT 301 Financial Forecasts and Projections 627

AT 401 Reporting on Pro Forma Financial Information 655

AT 501 An Examination of an Entitys Internal Control Over Financial Reporting That Is Integrated with an Audit of Its Financial Statements 667

AT 601 Compliance Attestation 691

AT 701 Managements Discussion and Analysis (MD&A)A Summary 705

AT 801 Reporting on Controls at a Service Organization 713

AR-C 60 General Principles for Engagements Performed in Accordance With Statements on Standards for Accounting and Review Services 735

AR-C 70 Preparation of Financial Statements 743

AR-C 80 Compilation Engagements 751

AR-C 90 Review of Financial Statements 773

AR 120 Compilation of Pro Forma Financial Information 807

PCAOB 1 References in Auditors Reports to the Standards of the Public Company Accounting Oversight Board 813

PCAOB 3 Audit Documentation 817

PCAOB 4 Reporting on Whether a Previously Reported Material Weakness Continues to Exist 823

PCAOB 5 An Audit of Internal Control Over Financial Reporting That Is Integrated with an Audit of Financial Statements 837

PCAOB 6 Evaluating Consistency of Financial Statements 857

PCAOB 7 Engagement Quality Review 861

PCAOB 8 Audit Risk 865

PCAOB 9 Audit Planning 867

PCAOB 10 Supervision of the Audit Engagement 871

PCAOB 11 Consideration of Materiality in Planning and Performing an Audit 873

PCAOB 12 Identifying and Assessing Risks of Material Misstatement 877

PCAOB 13 The Auditors Responses to the Risks of Material Misstatement 891

PCAOB 14 Evaluating Audit Results 899

PCAOB 15 Audit Evidence 905

PCAOB 16 Communicating with Audit Committees 909

PCAOB 17 Auditing Supplemental Information Accompanying Audited Financial Statements 915

PCAOB 18 Related Parties 919

Appendix A: Cross-References to SASs, SSAEs, and SSARSs 927

Appendix B: List of AICPA Audit and Accounting Guides and AICPA Statements of PositionAuditing and Attestation 929

Appendix C: Other Auditing Publications 931

Index 933