Print this page Share

Wiley Practitioner's Guide to GAAS 2017: Covering all SASs, SSAEs, SSARSs, and Interpretations

ISBN: 978-1-119-37377-3
1040 pages
February 2017
Wiley Practitioner


The clearest, easiest-to-use guide to understanding all the clarified standards, including the new attestation standards—fully updated!

This comprehensive guide to understanding Generally Accepted Auditing Standards (GAAS) is not just about auditing. It addresses the toughest part of an accountant's job—identifying, interpreting, and applying the many audit, attest, review, compilation, and preparation standards relevant to a particular engagement.

Wiley Practitioner's Guide to GAAS 2017 offers a clear and accessible distillation of the official language of GAAS, Statements on Standards for Attestation Engagements (SSAEs), and Statements on Standards for Accounting and Review Services (SSARSs)—as well as advice on exactly how to remain fully compliant with each.

Wiley Practitioner's Guide to GAAS 2017 is organized according to the logical arrangement of the clarified standards, presenting each section individually, and explaining how it is related to the engagement process. Guidance is offered on the entire process, in the form of practice notes, checklists, questionnaires, and real-world examples, illustrating how the fundamental requirements of each section are applied.

Other key features include:

  • A brief identification of each auditing, SSAE, and SSARS section, with effective dates and tips on how to apply it
  • Highlights of new requirements in the clarified attestation standards
  • Concise listing and descriptions of each section's specific mandates, including definitions
  • Easy-to-read capsule summary of interpretations, plus selected technical alerts
  • Helpful techniques for remaining compliant with each standard

New in GAAS 2017:

In 2016, the AICPA's Auditing Standards Board completed a major stage of its clarity project and issued SSAE No. 18. The new guidance is effective for reports dated May 1, 2017. SSAE No. 18 replaces the attestation standards, introducing major new requirements that will change practice. In this transition year, guidance on the extant attestation standards is also included. Wiley Practitioner's Guide to GAAS 2017 is completely updated to reflect all the clarified standards and provide valuable implementation information.

See More

Table of Contents

Preface ix

About the Author xi

Organization and Key Changes xiii

AU-C 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards 1

AU-C 210 Terms of Engagement 9

AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards 15

AU-C 230 Audit Documentation 21

AU-C 240 Consideration of Fraud in a Financial Statement Audit 31

AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements 59

AU-C 260 The Auditor’s Communication with Those Charged with Governance 65

AU-C 265 Communicating Internal Control Related Matters Identified in an Audit 71

AU-C 300 Planning an Audit 81

AU-C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 87

AU-C 320 Materiality in Planning and Performing an Audit 115

AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained 119

AU-C 402 Audit Considerations Relating to an Entity Using a Service Organization 149

AU-C 450 Evaluation of Misstatements Identified during the Audit 159

AU-C 500 Audit Evidence 163

AU-C 501 Audit Evidence—Specific Considerations for Selected Items 167

AU-C 505 External Confirmations 201

AU-C 510 Opening Balances—Initial Audit Engagements, Including Reaudit Engagements 217

AU-C 520 Analytical Procedures 225

AU-C 530 Audit Sampling 239

AU-C 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures 263

AU-C 550 Related Parties 275

AU-C 560 Subsequent Events and Subsequently Discovered Facts 287

AU-C 570 The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern 301

AU-C 580 Written Representations 317

AU-C 585 Consideration of Omitted Procedures after the Report Release Date 331

AU-C 600 Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) 337

AU-C 610 Using the Work of Internal Auditors 357

AU-C 620 Using the Work of an Auditor’s Specialist 371

AU-C 700 Forming an Opinion and Reporting on Financial Statements 381

AU-C 705 Modifications to the Opinion in the Independent Auditor’s Report 395

AU-C 706 Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report 413

AU-C 708 Consistency of Financial Statements 421

AU-C 720 Other Information in Documents Containing Audited Financial Statements 425

AU-C 725 Supplementary Information in Relation to Financial Statements as a Whole 429

AU-C 730 Required Supplementary Information 435

AU-C 800 Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 441

AU-C 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement 451

AU-C 806 Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements 463

AU-C 810 Engagements to Report on Summary Financial Statements 471

AU-C 905 Alert That Restricts the Use of the Auditor’s Written Communication 481

AU-C 910 Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country 487

AU-C 915 Reports on Application of Requirements of an Applicable Financial Reporting Framework 493

AU-C 920 Letters for Underwriters and Certain Other Requesting Parties 499

AU-C 925 Filings with the US Securities and Exchange Commission under the Securities Act of 1933 537

AU-C 930 Interim Financial Information 543

AU-C 935 Compliance Audits 569

AU-C 940 An Audit of Internal Control over Financial Reporting That Is Integrated with an Audit of Financial Statements 581

AT-C Preface 607

AT-C 105 Concepts Common to All Attestation Engagements 621

AT-C 205 Examination Engagements 627

AT-C 210 Review Engagements 649

AT-C 215 Agreed-Upon Procedures Engagements 665

AT-C 305 Prospective Financial Information 677

AT-C 310 Reporting on Pro Forma Financial Information 691

AT-C 315 Compliance Attestation 705

AT-C 320 Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting 715

AT-C 395 (Designated for AT Section 701) Management’s Discussion and Analysis (MD&A)—A Summary 731

AT 20 Defining Professional Requirements in Statements on Standards for Attest Engagements 739

AT 50 SSAE Hierarchy 741

AT 101 Attest Engagements 745

AT 201 Agreed-Upon Procedures Engagements 769

AT 301 Financial Forecasts and Projections 781

AT 401 Reporting on Pro Forma Financial Information 809

AT 501 An Examination of an Entity’s Internal Control over Financial Reporting That Is Integrated with an Audit of Its Financial Statements 823

AT 601 Compliance Attestation 847

AT 701 Management’s Discussion and Analysis (MD&A)—A Summary 861

AT 801 Reporting on Controls at a Service Organization 869

AR-C 60 General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services 891

AR-C 70 Preparation of Financial Statements 899

AR-C 80 Compilation Engagements 907

AR-C 90 Review of Financial Statements 931

AR-C 120 Compilation of Pro Forma Financial Information 969

Appendix A Cross-References to SASs, SSAEs, and SSARSs 975

Appendix B List of AICPA Audit and Accounting Guides and AICPA Statements of Position—Auditing and Attestation 977

Appendix C Other Auditing Publications 979

Index 981

See More

Author Information

Joanne Flood, MBA, CPA, Rockville Center, NY has accounting experience within both a Big 4 international firm and a small firm. She has worked as a senior manager in the AICPA's Professional Development group. Joanne received her MBA in Accounting Summa Cum Laude from Adelphi University.
While in public accounting, she worked on major clients in retail, manufacturing, and finance and on small business clients in construction, manufacturing, and professional services. At the AICPA, she managed the development and wrote courses in the accounting and auditing product line. She also wrote and produced training materials in a wide variety of media, including print, video, and audio, and pioneered the AICPA's elearning product line.

See More
Back to Top