The GAAS Guide describes the engagement standards, practices and procedures in use today—including Statements on Auditing Standards and their Interpretations, Statements on Standards for Attestation Engagements and their Interpretations, and Statements on Standards on Accounting and Review Services and their Interpretations.
The book’s sensible organization follows the arrangement of the AICPA’s Professional Standards.
Within each section, an organizational structure is used that is both simple and insightful. Each section begins with "Authoritative Pronouncements", listing the auditing-related documents that are pertinent to the section. An Overview is provided, followed by a Promulgated Procedures Checklist that identifies the essential professional responsibilities that must be satisfied in each part of an engagement. Under Analysis and Application of Reporting Standards, readers will find a concise discussion of how each specific promulgated procedure should be supplied. Finally, many of the sections have Practitioner’s Aids to help apply the promulgated standards to specific engagements.
Readers are alerted to key guidance within each section to help plan engagements. This guidance is classified as a Risk Assessment Point, an Engagement Strategy, a Planning Aid Reminder, or an Observation.
The GAAS Guide meets accounting industry standards overseen by the peer review system and contains a document covering the peer review of this book.
Features Include:
- "Fraud Pointers" that integrate fraud issues related to a particular professional standard’s requirement. This should aid CPAs in considering fraud risks throughout the entire audit engagement.
- New overviews of outstanding exposure drafts to help CPAs stay abreast of potential changes affecting AICPA professional standards
- "Important Notice for 2006 Engagements" that highlight key elements of possible changes to existing professional standards.
- Sample letters, reports, and checklists found in the text that can be printed and customized to meet all of your auditing needs.
- A cross-reference to the original pronouncements and a detailed topical index.
Subscribers can earn online CPE credits through the CCH Learning Center