Designed specifically to help practitioners prevail in the current climate of intense scrutiny, Knowledge-Based Audits of Commercial Entitites, formerly Knowledge-Based Audit Procedures, presents the conservative and 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. Based on the AICPA's Auditing Standards Board's risk assessment standards, the 2012 Edition features the latest audit tools and includes current information on the ASB's Clarity Project, which aims to clarify U.S. GAAS and converge them with international auditing standards.

The 2012 edition of Knowledge-Based Audits of Commercial Entitites is updated for auditing pronouncements through SAS-121 and includes current updates to FASB Accounting Codification™. In addition, the CD-ROM, which includes the audit workpapers, have been revised to reflect the effects of the new pronouncements. PCAOB's Auditing Standards are also discussed.

Knowledge-Based Audits of Commercial Entitites meets accounting industry standards overseen by the peer review system and contains a document covering the peer review of this book.
 

Topics and Content

• Chapter 1: Auditing and Quality Control Standards and the KBA Methodology
• Chapter 2: Financial Statement Assertions, Audit Evidence, and Audit Documentation
• Chapter 3: Pre-Engagement Procedures and Audit Planning
• Chapter 4: Risk Assessment Procedures: Obtaining an Understanding of the Entity and Its Environment
• Chapter 5: Assessing the Risks of Material Misstatement
• Chapter 6: Performing Audit Procedures in Response to Assessed Risks
• Chapter 7: Extent of Audit Procedures and Sampling
• Chapter 8: Analytical Procedures
• Chapter 9: Cash
• Chapter 10: Investments in Securities, Derivative Instruments, and Hedging Activities
• Chapter 11: Accounts Receivable and Sales
• Chapter 12: Inventory
• Chapter 13: Property, Plant, and Equipment
• Chapter 14: Prepaid Expenses, Deferred Charges, Intangibles, and Other Assets
• Chapter 15: Accounts Payable and Purchases
• Chapter 16: Payrolls and Other Liabilities
• Chapter 17: Income Taxes
• Chapter 18: Debt Obligations
• Chapter 19: Equity
• Chapter 20: Revenue and Expenses
• Chapter 21: General Audit Procedures
• Chapter 22: Evaluating and Concluding the Audit
• Chapter 23: Auditor

Reports
Accounting Resources on the Web
Cross-Reference to Original Pronouncements
Index