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Wiley Practitioner's Guide to GAAS 2020

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Страница 1Страница 2Страница 3Страница 4 CONTENTS List of Tables Guide Pages Страница 9 ABOUT THE AUTHOR 1 AU-C 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C SECTION 200 REQUIREMENTS Management’s Responsibilities Auditor’s Objectives Ethical Requirements Professional Judgment and Skepticism Professional Judgment Professional Skepticism Sufficient Appropriate Audit Evidence and Audit Risk COMPLYING WITH GAAS Gaas and the Gaas Hierarchy Interpretive Publications Other Auditing Publications Notes 2 AU-C 210 Terms of Engagement SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C SECTION 210 FUNDAMENTAL REQUIREMENTS Engagement Acceptance Preconditions Limitation of Scope Agreement on Terms Initial Audits, Including Reaudits Recurring Audits Change in Terms Report Layout Required by Law or Regulation AU-C 210 ILLUSTRATION Illustration 1. Example of an Audit Engagement Letter (from AU-C 210.A42) Notes 3 AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards SCOPE DEFINITIONS OF TERMS OBJECTIVE OF AU-C SECTION 220 REQUIREMENTS Quality Control Standards System of Quality Control Elements of Quality Control Independence Acceptance and Continuance of Client Relationships Assignment of Engagement Teams Direction, Supervision, and Performance Engagement Performance Reviewing Work Consultation Engagement Quality Control Review Difference of Opinion Monitoring Documentation 4 AU-C 230 Audit Documentation SCOPE DEFINITIONS OF TERMS OBJECTIVE OF AU-C SECTION 230 REQUIREMENTS Requirement for Audit Documentation Form, Content, and Extent of Audit Documentation The Audience Sufficiency of Audit Documentation Documentation of Significant Findings Departures from a Relevant Requirement Factors to Consider in Determining the Nature and Extent of Audit Documentation Documentation of Report Release Date and Revisions Ownership and Confidentiality Standardization of Audit Documentation Preparation of Audit Documentation Related Accounts Client Preparation of Audit Documentation Quality of Audit Documentation Oral Explanations Audit Documentation Deficiencies Documentation Requirements in Other Sections INTERPRETATIONS Providing Access to or Copies of Audit Documentation to a Regulator AU-C 230 ILLUSTRATIONS Illustration 1. Auditor’s Written Communication to Client When the Auditor May Wish and in Some Cases May be Required to Provide Access (Adapted from AU-C 9230.02 and Footnote 4) Illustration 2. Auditor’s Letter to Regulator (from AU-C 9230.06) Illustration 3. Written Communication to the Client When Regulator May Request Access to Audit Documentation When Not Required by Law or Regulation (from AU-C 9230.13) Illustration 4. Audit Documentation Requirements in Other AU-C Sections (from AU-C 230.A30) Note 5 AU-C 240 Consideration of Fraud in a Financial Statement Audit SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C SECTION 240 REQUIREMENTS Description and Characteristics of Fraud The Typical Fraudster Responsibilities of the Auditor Professional Skepticism Engagement Team Discussion about Fraud (Brainstorming) Obtaining Information Needed to Identify Fraud Risks Inquiries of Management Inquiries of Internal Auditors Inquiries of Others within the Organization Inquiries of Those Charged with Governance Considering the Results of Analytical Procedures Considering Fraud Risk Factors Considering Other Information Identifying Fraud Risks Attributes Presumption about Improper Revenue Recognition as a Fraud Risk Consideration of the Risk of Management Override of Controls Assessing Identified Risks Responding to the Results of the Assessment Overall Response to Risk Adjusting the Nature, Timing, and Extent of Audit Procedures to Address Risk Examples of Responses to Identified Risks of Misstatements from Fraudulent Financial Reporting Examples of Responses to Identified Risks of Misstatements Arising from Misappropriation of Assets Addressing the Risk of Management Override Evaluating Audit Evidence Evaluating Analytical Procedures Evaluating Fraud Risk at or Near the Completion of Fieldwork Communication about Possible Fraud to Management and Those Charged with Governance Situation 1 Situation 2 Situation 3 Documentation Antifraud Programs and Controls Culture of Honesty and Ethics Evaluating Antifraud Programs and Controls Develop an Appropriate Oversight Process AU-C 240 ILLUSTRATIONS Illustration 1. Risk Factors—Fraudulent Financial Reporting Opportunities Attitudes/Rationalizations Illustration 2. Risk Factors—Misappropriation of Assets Incentives/Pressures Opportunities Attitudes/Rationalizations Illustration 3. Worksheet to Identify Fraudulent Entries or Adjustments (Adapted from Au-C 240.49) Illustration 4. List of Circumstances That May Indicate the Possibility of Fraud (from Au-C 240 Appendix C) Illustration 5. Example Program for Management Override of Internal Control Notes 6 AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements SCOPE DEFINITION OF TERM OBJECTIVES OF AU-C SECTION 250 REQUIREMENTS Management’s Responsibilities Auditor’s Responsibilities Categories of Laws and Regulations Audit Procedures Response to Identified or Suspected Noncompliance with Laws and Regulations Evaluation of Detected or Suspected Noncompliance with Laws and Regulations Reporting Identified or Suspected Noncompliance Internal Communications Effect on the Audit Report External Communications Documentation 7 AU-C 260 The Auditor’s Communication with Those Charged with Governance SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C SECTION 260 REQUIREMENTS Those Charged with Governance Matters to Be Communicated Overview of the Planned Scope and Timing of the Audit Significant Findings Communication Process Form of Communication and Documentation Timing of Communication Evaluating the Communication Process Qualitative Aspects of Accounting Practices Accounting Policies Accounting Estimates Financial Statement Disclosures Related Matters Other AU-C Sections 8 AU-C 265 Communicating Internal Control Related Matters Identified in an Audit SCOPE DEFINITIONS OF TERMS OBJECTIVE OF AU-C SECTION 265 REQUIREMENTS Determining Whether Deficiencies in Internal Control Have Been Identified Determination of Deficiency Severity Indicators of Material Weakness Communication of Internal Control Related Matters Timing Content MANAGEMENT RESPONSE INTERPRETATIONS Communication of Significant Deficiencies and Material Weaknesses Prior to the Completion of the Compliance Audit for Participants in Office of Management and Budget Single-Audit Pilot Project Communication of Significant Deficiencies and Material Weaknesses Prior to the Completion of the Compliance Audit for Auditors Who Are Not Participants in Office of Management and Budget Pilot Project Appropriateness of Identifying No Significant Deficiencies or No Material Weaknesses in an Interim Communication AU-C 265 ILLUSTRATIONS Illustration 1. Examples of Circumstances That May Be Control Deficiencies, Significant Deficiencies, or Material Weaknesses Failures in the Operation of Internal Control Illustration 2. Auditor’s Communication Regarding Significant Deficiencies and Material Weaknesses (Au-C 265.A38) Illustration 3. Auditor’s Communication Indicating That No Material Weaknesses Were Identified (AU-C 265.A39) 9 AU-C 300 Planning an Audit SCOPE OBJECTIVE OF AU-C SECTION 300 REQUIREMENTS Preliminary Engagement Activities The Overall Audit Strategy Communications with Those Charged with Governance and Management The Audit Plan Determining the Extent of Involvement of Professionals Possessing Specialized Skills Additional Considerations in Initial Audit Engagements Documentation Matters to Consider in Developing an Audit Strategy AU-C 300.A25 Appendix—Considerations in Establishing the Overall Audit Characteristics of the Engagement Reporting Objectives, Timing of the Audit, and Nature of Communications Significant Factors, Preliminary Engagement Activities, and Knowledge Gained on Other Engagements Nature, Timing, and Extent of Resources 10 AU-C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement SCOPE TECHNICAL ALERT Failure to Gain an Understanding of Internal Control Improperly Assessing Control Risk Insufficient Risk Assessment Failure to Link Procedures Performed to the Risk Assessment DEFINITIONS OF TERMS OBJECTIVE OF AU-C SECTION 315 OVERVIEW REQUIREMENTS Step 1. Perform Risk Assessment Procedures Updating Information from Prior Periods Discussion by the Audit Team Understanding the Entity and Its Environment Understanding the Entity’s Internal Control Distinguishing between Evaluation of Design and Tests of Controls The Five Components of Internal Control The Five Components of Internal Control – 1. Control Environment The Five Components of Internal Control – 2. The Entity’s Risk Assessment Process The Five Components of Internal Control – 3. The Entity’s Information System The Five Components of Internal Control – 4. Control Activities The Five Components of Internal Control – 5. Monitoring Step 2. Identification of Significant Risks Risks for Which Substantive Procedures Alone Do Not Provide Sufficient Appropriate Audit Evidence Step 3. Assessing the Risk of Material Misstatement How to Consider Internal Control When Assessing Risks Revision of Risk Assessment Documentation Examples of Matters to Consider When Obtaining an Understanding of the Entity and Its Environment The Economy The Client’s Industry The Client’s Business: New Client Visit to Administrative Office Visit to Facility The Client’s Business: Continuing Client Discussions with Client Management Using a Risk-Based, Top-Down Approach to Evaluate Internal Control Lessons from SOX 404 A Top-Down Approach to Evaluating Controls Effect of IT on Internal Control IT General Controls IT General Controls That Are Unlikely to Affect the Financial Statements IT General Controls That May Affect the Financial Reporting Process General Controls Directly Related to Financial Information AU-C 315 ILLUSTRATIONS Illustration 1. Risk Assessment Questionnaire Illustration 2. Example Control Objectives Note Страница 248 12 AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained SCOPE DEFINITIONS OF TERMS OBJECTIVE OF AU-C SECTION 330 OVERVIEW REQUIREMENTS Overall Responses Designing Further Audit Procedures Tests of Controls Nature Timing Extent Substantive Procedures Timing of Substantive Procedures Extent of Substantive Procedures Evaluating the Sufficiency and Appropriateness of the Audit Evidence Obtained Documentation Testing at Interim Dates Convenience-Timed Tests Misstatements Detected at Interim Dates Considering Control Risk When Testing at an Interim Date Length of Remaining Period Designing Audit Procedures Tests of Internal Control Operating Effectiveness Test Design Considerations Risk-Based Approach to Designing Tests Information Technology Application Controls Shared Activities Sample Sizes and Extent of Tests Sample Sizes for Tests of Transactions Statistical Sampling Principles Sample Sizes for Tests of Other Controls Types of Tests Inquiry and Focus Groups Tests of Transactions Reconciliations Observation Evaluating Test Results Examples of Evidential Matter That May Support the Specific Assertions Embodied in Financial Statements 13 AU-C 402 Audit Considerations Relating to an Entity Using a Service Organization SCOPE DEFINITIONS OF TERMS OBJECTIVES OF AU-C SECTION 402 REQUIREMENTS Types of Service Auditor’s Reports Reports on Controls Placed in Operation (Type 1) Report on Controls Placed in Operation and Tests of Operating Effectiveness (Type 2) Considerations in Using a Service Auditor’s Report AU-C 402 ILLUSTRATION—AUDIT PROGRAM FOR AN AUDITOR’S REVIEW OF A SERVICE AUDITOR’S REPORT Страница 294Страница 295{buyButton}

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