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Developed exclusively for small-and medium size CPA practices, the Audit and Accounting Manual is a must-have engagement manual containing useful techniques and procedures for the engagements you conduct, including compilations, reviews, and audits. This manual explains in a practical, plain English format engagement steps from planning to performing procedures to issuing your reports.
Updated as of June 1, 2009, this manual has been substantially revised to include detailed commentary on all relevant standards issued and effective as of that date, including Statement on Standards for Accounting and Review Services (SSARS) No. 17, Omnibus Statement on Standards for Accounting and Review Services—2008 which, among other changes, revises the definitions of compilation of financial statements, review of financial statements and third parties, and introduces definitions for those charged with governance and management. SSARS No. 17 also includes guidance regarding analytical procedures in a review engagement and an accountant's consideration of subsequent events and an entity's ability to continue as a going concern.
This manual has also been updated for Statement on Standards for Attestation Engagements (SSAE) No. 15, An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, which supersedes extant AT section 501A, Reporting on an Entity's Internal Control Over Financial Reporting. SSAE No. 15 converges the standards practitioners use for reporting on a nonissuer's internal control with Public Company Accounting Oversight Board Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That is Integrated with an Audit of Financial Statements.
As an added bonus, the Audit and Accounting Manual also includes all audit risk alerts published by the AICPA, including Audit Risk Alert Communicating Internal Control Related Matters in an Audit — Understanding SAS No. 115 and Audit Risk Alert Current Economic Crisis — Accounting and Auditing Considerations. The series of audit risk alerts keeps auditors updated on recent practice issues and professional standards that affect industry specific engagements. The audit risk alerts also help auditors identify significant business risks that may result in the material misstatement of a client's financial statements.
In addition, this manual includes:
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Introduction
.01 This manual has been prepared by the staff of the AICPAand issued as a nonauthoritative practice aid. The materials included in it are intended primarily as a reference source for conducting audit, review, and compilation engagements. The objective is to provide practitioners with the tools needed to help plan, perform, and report on their engagements. The manual is not intended to serve as a complete or comprehensive quality control system. The manual, where practicable, offers choices and alternatives rather than particular positions. The use of this or any other practice aid requires the exercise of individual professional judgment. The manual is not a substitute for the authoritative technical literature, and users are urged to refer directly to applicable authoritative pronouncements for the text of technical standards.
.02 This manual is intended to be used in connection with engagements of nonpublic entities and is not intended to be used in connection with audits of public entities that are required to be audited under standards set by the Public Company Accounting Oversight Board.
.03 Some sections of the manual include quotations from Statements on Auditing Standards and other authoritative pronouncements. Those quotations are intended only to illustrate certain matters, not to serve as a substitute for careful study of the relevant pronouncements. Users of this practice aid are urged to refer directly to applicable authoritative pronouncements when appropriate. References are made throughout the manual to the original authoritative pronouncements and to their section numbers in AICPA Professional Standards to help users locate those authoritative pronouncements.
.04 The authors hope that the manual will be helpful to practitioners in the conduct of their audit and accounting practice. However, no generalized material, such as that included in this manual, can be a substitute for development and implementation by a firm of a system of quality control, which is appropriately comprehensive and suitably designed in relation to the firm's organizational structure, its policies, and the nature of its practice.
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Customer Service
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