Wiley practitioner's guide to gaas 2012: covering all sass, ssaes, ssarss, and interpretations (paperback)

This latest resource to understanding generally accepted auditing standards (GAAS) addresses the toughest part of an accountant"s job-identifying, interpreting, and applying the many audit, attest, review, and compilation standards relevant to a particular engagement. Wiley Practitioner"s Guide to GAAS 2012 offers the accounting professional a clear, accessible distillation of the official language of those standards, Statements on Standards for Attestation Engagements (SSAEs), and Statements on Standards for Accounting and Review Services (SSARSs)-as well as advice on exactly when and how to remain fully compliant with each. The only GAAS reference organized according to practitioners" actual use of the Statements on Auditing Standards (SASs), Wiley Practitioner"s Guide to GAAS 2012 presents each statement individually, explaining how the standards are related and offering guidance on the entire engagement process in the form of practice notes, checklists, questionnaires, and real-world examples that illustrate how the fundamental requirements of each section are applied. Other key features include:

• A brief identification of each SAS, SSAE, and SSARS, with its effective date and tips onwhen to apply it

• A convenient and comprehensive glossary of official definitions, which are usually scattered throughout a standard

• Behind-the-scenes explanations of the reasons for each pronouncement and brief explanations of the basic ideas of the section

• Concise listing and descriptions of each standard"s specific mandates

• Easy-to-read capsule summary of interpretations, plus selected AICPA practice alerts and advisories

• Helpful techniques for remaining compliant with each standard

New in GAAS 2012!

• Detailed explanation of all new SAS standards

• Updated interpretations of new Statements on Standards for Accounting and Review Services Compilation and Review statements

• Guidance on SAS 120, Required Supplementary Information

• Guidance on SSAE 16, Reporting on Controls at a Service Organization

• Coverage of PCAOB Auditing Standards 7 through 15

• And more

About the Author xi

Summary of Key Changes xiii

100-230 The Auditor's Responsibilities and Functions, Introduction to GAAS and the General Standards (Including the Quality Control Standards) 1

311 Planning and Supervision 11

312 Audit Risk and Materiality in Conducting an Audit 23

314 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 39

315 Communications between Predecessor and Successor Auditors 67

316 Consideration of Fraud in a Financial Statement Audit 75

317 Illegal Acts by Clients 105

318 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained 111

322 The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements 139

324 Service Organizations 151

325 Communicating Internal Control Related Matters Identified in an Audit 169

326 Audit Evidence 179

328 Auditing Fair Value Measurements and Disclosures 185

329 Analytical Procedures 195

330 The Confirmation Process 211

331 Inventories 227

332 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities 241

333 Management Representations 257

334 Related Parties 273

336 Using the Work of a Specialist 285

337 Inquiry of Client's Lawyer Concerning Litigation, Claims, and Assessments 295

339 Audit Documentation 311

341 The Auditor"s Consideration of an Entity"s Ability to Continue as a Going Concern 323

342 Auditing Accounting Estimates 337

350 Audit Sampling 345

380 The Auditor's Communication with Those Charged with Governance 369

390 Consideration of Omitted Procedures After the Report Date 379

410/411 Adherence to GAAP (410) and the Meaning of "Present Fairly in Conformity with GAAP" (411) 385

420 Consistency of Application of Generally Accepted Accounting Principles 395

431 Adequacy of Disclosure in Financial Statements 401

504 Association with Financial Statements 403

508 Reports on Audited Financial Statements 411

530 Dating of the Independent Auditor's Report 443

532 Restricting the Use of an Auditor's Report...