Audit and Accounting Manual

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The AICPA Audit and Accounting Manual is developed and updated exclusively for small-and medium size CPA firms and demonstrates useful techniques and procedures when performing audit engagements.

Updated as of June 1, 2012, the manual includes:

• Guidance on internal controls
• Audit documentation guidelines
• Illustrative confirmation letters
• Illustrative engagement and representation letters
• Illustrative auditor’s reports
• Guidance on quality control and a full reprint of the AICPA’s Practice Aid, Establishing and Maintaining a System of Quality Control for a CPA Firm’s Accounting and Auditing Practice
• And much more!

As an added feature, the Audit and Accounting Manual includes all Audit Risk Alerts published by the AICPA, including Understanding the Clarified Auditing Standards — Audit Risk Alert. This particular alert is an important tool for helping auditors prepare for and transition to the clarified auditing standards. The audit risk alerts update CPAs on recent practice issues and professional standards that affect industry specific engagements. The audit risk alerts also help plan and perform audits by identifying significant business risks that may result in the material misstatement of a client's financial statements.

This manual has been fully conformed to reflect the new standards resulting from the Clarity Project. Fully incorporating the clarified auditing standards into this year’s edition of the guide enables auditors to further their understanding of these recently issued auditing standards, as well as begin updating their audit methodologies, resources, and tools prior to the clarified auditing standards’ effective date. Additionally, this approach gives auditors the opportunity to review and understand the changes made by their third-party audit methodology and resource providers, if applicable. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits). Auditors should continue to use the previous edition of this manual (June 1, 2011 edition) until the clarified auditing standards become effective for the auditors’ engagements.