Designed specifically to help practitioners prevail in the current climate of intense scrutiny, Audit Procedures presents the conservative and cost-effective approach needed to conduct a higher-quality audit of nonpublic commercial entities. Practical discussion and consideration of the day-to-day management of audit engagements enhance the quality of the auditor's practice while easy-to-read and easy-to-understand advice, procedures, and practice aids enable practitioners to put official pronouncements into action immediately. The 2008 Edition integrates Knowledge-Based Audits of Commercial Entities and explains the AICPA's Auditing Standards Board's new risk assessment standards, which represent significant changes to existing audit practice.

Checklists, questionnaires, workpapers, sample correspondence, and sample auditor's reports take the auditor through an engagement, from the initial evaluation of a client to the issuance of the auditor's report. Efficient cost-saving measures, featured throughout the book, help auditors perform a more effective audit. PCAOB's Auditing Standards are also discussed.

Audit Procedures comes with a free, companion CD-ROM that contains audit programs, correspondence and confirmation letters, practice aids, forms, checklists, Excel workpapers, and auditor's reports. The files on the CD-ROM can be used as templates and edited to suit the practitioner's needs.

The topical index and cross-reference section are both designed to locate needed information quickly.

Audit Procedures meets accounting industry standards overseen by the peer review system and contains a document covering the peer review of this book.

CPE credits are available through the CCH Learning Center (see the book Highlights for more information).

This book can be used in conjunction with the GAAS Update Service.

Topics and Contents

-Pre-Engagement Activities

-Overall Audit Approach, Audit Evidence and Workpapers

-Audit Planning

-Audit Risk and Materiality

-Risk Assessment Procedures : Obtaining An Understanding of the Entity and Its -Environment

-Performing Audit Procedures in Response to Assessed Risks

-Extent of Audit Procedures and Sampling

-Analytical Procedures

-Cash

-Investments in Securities, Derivative Instruments, and Hedging Activities

-Accounts Receivable and Sales

-Inventory

-Property, Plant, and Equipment

-Prepaid Expenses, Deferred Charges, Intangibles, and Other Assets

-Accounts Payable and Purchases

-Payrolls and Other Liabilities

-Income Taxes

-Debt Obligations

-Equity

-Revenue and Expenses

-General Audit Procedures

-Concluding the Audit

-Auditor's Reports