Updated as of June 1, 2015, this valuable resource provides a plain English approach to conducting an audit. This one-stop-shop summarizes applicable requirements and delivers how-to advice to help practitioners plan and perform an audit. It provides illustrative examples, sample forms, and helpful techniques that small-and medium-size firms need to streamline their audit engagements.
Audit planning and documentation guidelines, including guidance on risk assessment and internal controls
Sample audit materiality worksheets, correspondence, external confirmations, and written representations
Illustrative engagement letters, external confirmations, and auditor’s reports that practitioners can utilize during their engagements
Templates for client assistance requests, time budgets, and audit file organization
Guidance on quality control and a full reprint of AICPA’s Practice Aid, Establishing and Maintaining a System of Quality Control for a CPA Firm’s Accounting and Auditing Practice
And much more
In addition, this edition includes 4 Audit Risk Alerts, which are designed to update CPAs on recent practice issues and professional standards and aid in identifying significant business risks that may result in the material misstatement of a client's financial statements. The Audit Risk Alerts include:
General Accounting and Auditing Developments
Understanding the Responsibilities of Auditors for Audits of Group Financial Statements
Compilation and Review Developments
Independence and Ethics Developments
Provides information on SAS No. 128, Using the work of internal auditors and ASU No. 2014-15, Presentation of Financial statement – Going Concern (subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.
Who Will Benefit:
Smaller and regional accounting firms need this product to understand auditing standards.
Smaller and regional auditing firms need this product to understand current year auditing risks.
Smaller and regional auditing firms need this product to streamline their process by utilizing illustrative examples and forms.
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