Easy-to-use coverage of auditing standards, practices, and procedures

Written by a leading author of auditing literature, Wiley Practitioner's Guide to GAAS 2010 offers the most authoritative coverage of the auditing standards, practices, and procedures used today. Readers will find clear explanations and interpretations organized in the same way practitioners use the Statements on Auditing Standards.

The only reference that offers the most comprehensive coverage of the auditing standards, practices, and procedures in clear, easy-to-understand language, this practical resource includes explanations, practice notes, practical illustrations, checklists, and questionnaires to guide readers through the auditing process. Presenting statements one by one and explaining how the standards are related, this material is regularly updated on a companion Web site.

Table of Contents

• Preface.
• Summary of Key Changes.
• The Auditor's responsibilities and Functions, Introduction to GAASS and the General Standards.
• Appointment or the Independent Auditor.
• Audit Risk and Materiality in conducting an Audit.
• Communications between Predecessor and Successor Auditors.
• consideration of Fraud in a Financial Statement Audit.
• Illegal Act by Clients.
• Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.
• the Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements.
• Service Organizations.
• Communication of Internal Control Related Matters Noted in an Audit.
• Evidential Matter.
• Performing Procedures.
• Auditing Fair Value Measurements and Disclosures.
• Analytical Procedures.
• The Confirmation Process.
• Inventories
• Auditing Derivative Instruments, Hedging Activities, and Investments in Securities.
• Management Representations.
• Related Parties.
• Using the Work of a Specialist.
• Inquiry of Client's Lawyer Concerning Litigation, Claims, and Assessments.
• Audit Documentation.
• The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern.
• Auditing Accounting Estimates.
• Audit Sampling.
• The Auditor's Communication with Those Charged with Governance.
• Consideration of Mitted Procedures After the Report Date.
• Adherence to GAAP (410) and the Meaning of "Present Fairly in Conformity with GAAP" (411)
• Consistency of Application of Generally Accepted Accounting Principles.
• Adequacy of Disclosure in Financial Statements.
• Association with Financial Statements.
• Reports on Audited Financial Statements.
• Dating of the Independent Auditor's report.
• Restricting the Use of an Auditor's Report.
• Reporting on Financial Statement Prepared for Use in Other Countries.
• Part of Audit Performed by Other Independent Auditors.
• Lack of Conformity with Generally Accepted Accounting Principles.
• Other Information in Documents Containing Audited Financial Statements.
• Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents.
• Reporting on Condensed Financial Statements and Selected Financial Data.
• Required Supplementary Information.
• Subsequent Events.
• Subsequent Discovery of Facts Existing at the Date of the Auditor's Report.
• Special Reports.
• Reports on the Application of Accounting Principles.
• Letters for Underwriters and Certain Other Requesting Parties.
• Filings under Federal Securities Statutes.
• Interim Financial Information.
• Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance.
• Public Warehouses: controls and Auditing Procedures for Goods Held.
• Attestation Engagements.
• Agreed-upon Procedures Engagements.
• Financial Forecasts and Projections.
• Reporting on Pro Forma Financial Information.
• Reporting on an Entity's Internal Control over Financial reporting.
• Compliance Attestation.
• Management's Discussion and Analysis (MD&A)
• Compilation and Review of Financial Statements.
• Compilations of Specified Elements, Accounts, or Items of a Financial Statement.
• Compilation of Pro Forma Financial Information.
• Reporting on Comparative Financial Statements.
• Compilation Reports on Financial Statements included in Certain Prescribed Forms.
• Communication s between Predecessor and Successor Accountants.
• Reporting on Personal Financial Statements Included in Written Personal Financial Plans.
• Appendix A. PCAOB Auditing Standards.
• Appendix B. Cross-References to SASs, SSAEs, and SSARSs.
• Appendix C. List of AICPA Audit and Accounting Guides and Auditing Statements of Position.
• Appendix D. Other Auditing Publications in the GAAs Hierarchy.
• Index.