Wiley Practitioner′s Guide to GAAS 2019
Covering all SASs, SSAEs, SSARSs, PCAOB Auditing Standards, and Interpretations
Wiley Regulatory Reporting Series

The definitive reference for clarified standards application and compliance, fully updated for 2019

The Wiley Practitioner's Guide to GAAS 2019 is the comprehensive and user-friendly guide to Generally Accepted Auditing Standards. Fully updated to reflect all new standards, practices, and statements—including Statements on Standards for Accounting and Review Services (SSARS) and Statements on Standards for Attestation Engagements (SSAE)—this essential resource offers practitioners a clear and complete reference in a single volume. This book provides complete coverage of relevant areas including audit planning and documentation, audit evaluation and evidence, examination and review engagements, and more to help auditors interpret and apply current auditing standards while maintaining full compliance with GAAS.

General auditing standards are subject to frequent updates and divergent interpretations, yet practitioners need to keep pace with the latest changes if compliance is to be maintained. Employing a logical organizational structure, this guide defines and interprets each clarified standard and explains its relation to the engagement process. Practice notes, checklists, questionnaires, and relevant real-world examples demonstrate how each section is applied. This indispensable resource provides in-depth guidance on GAAS interpretation, application, and compliance to help you:

• Identify and apply each auditing, SSAE and SSARS section

• Understand new requirements in clarified attestation standards
• Access technical alerts, interpretation summaries, and individual section descriptions and definitions
• Employ techniques to maintain compliance with each standard

TheWiley Practitioner's Guide to GAAS2019 provides auditing professionals with the expert guidance and up-to-date information necessary to save you time, streamline your workload, and maximize your job performance. 

Preface—Organization and Key Changes ix

About the Author xi

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 33

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 199

AU-C 510 Opening Balances—Initial Audit Engagements, Including Reaudit Engagements 215

AU-C 520 Analytical Procedures 223

AU-C 530 Audit Sampling 237

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 299

AU-C 580 Written Representations 315

AU-C 585 Consideration of Omitted Procedures after the Report Release Date 329

AU-C 600 Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) 335

AU-C 610 Using the Work of Internal Auditors 355

AU-C 620 Using the Work of an Auditor’s Specialist 367

AU-C 700 Forming an Opinion and Reporting on Financial Statements 377

AU-C 705 Modifications to the Opinion in the Independent Auditor’s Report 391

AU-C 706 Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report 409

AU-C 708 Consistency of Financial Statements 417

AU-C 720 Other Information in Documents Containing Audited Financial Statements 421

AU-C 725 Supplementary Information in Relation to the Financial Statements as a Whole 425

AU-C 730 Required Supplementary Information 431

AU-C 800 Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 437

AU-C 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement 447

AU-C 806 Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements 457

AU-C 810 Engagements to Report on Summary Financial Statements 465

AU-C 905 Alert That Restricts the Use of the Auditor’s Written Communication 475

AU-C 910 Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country 481

AU-C 915 Reports on Application of Requirements of an Applicable Financial Reporting Framework 487

AU-C 920 Letters for Underwriters and Certain Other Requesting Parties 493

AU-C 925 Filings with the U.S. Securities and Exchange Commission under the Securities Act of 1933 531

AU-C 930 Interim Financial Information 537

AU-C 935 Compliance Audits 565

AU-C 940 An Audit of Internal Control over Financial Reporting That is Integrated with an Audit of Financial Statements 577

AU-C 945 Auditor Involvement with Exempt Offering Documents 603

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 663

AT-C 305 Prospective Financial Information 677

AT-C 310 Reporting on Pro Forma Financial Information 689

AT-C 315 Compliance Attestation 703

AT-C 320 Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting 713

AT-C [Designated for AT Section 701 Management’s Discussion and Section 395 Analysis] (MD&A)—A Summary 729

AR-C 60 General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services 737

AR-C 70 Preparation of Financial Statements 745

AR-C 80 Compilation Engagements 753

AR-C 90 Review of Financial Statements 777

AR-C 100 Special Considerations—International Reporting Issues 815

AR-C 120 Compilation of Pro Forma Financial Information 823

Appendix A Cross-References to SASs, SSAEs, and SSARSs 829

Appendix B List of Aicpa Audit and Accounting Guides and Aicpa Statements of Position—Auditing and Attestation 831

Appendix C Other Auditing Publications 833

Index 835

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.