| Analytical Procedures
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Analytical Procedures, updated as of March 1, 2012, includes relevant guidance contained in applicable standards and other technical sources. The guide summarizes applicable requirements and practices, and delivers "how-to" advice for handling analytical procedures used in audits. The included case study illustrates the use of analytical procedures in planning and substantive testing, utilizing trend analysis, ratio analysis, reasonableness testing, and regression analysis. The appendices include a variety of examples of financial ratios and a comparison of the key provisions of the Risk Assessment Standards.
This AICPA Audit Guide 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).
As the March 1, 2012 edition of the guide is fully updated to conform with the new Clarified Standards, it would continue to be appropriate to treat, as authoritative, the auditing guidance contained in the previous edition, fully considering changes to auditing standards effective through December 14, 2012, for clients not subject to the new Clarified Auditing Standards.
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Paperback
Product# AAGANP12P
Online
Product# WAN-XX
eBook
Product# AAGANP12E
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Assessing and Responding to Audit Risk in a Financial Statement Audit
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The AICPA Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit is the definitive source for guidance on applying the core principles of the risk-based audit methodology that must be used on all financial statement audits. This guide is written in an easy-to-understand style that enables auditors of all experience levels to find answers to the issues they encounter in the field. Unique insights, examples and a comprehensive case study clarify critical concepts and requirements.
The Audit Risk Assessment Tool, which also includes the full Risk Assessment Guide and is available in the Online Subscription format, walks an experienced auditor through the risk assessment procedures and document those decisions necessary to prepare an effective and efficient audit program. Designed to be used in lieu of cumbersome checklists, it provides a top down risk-based approach to the identification of high risk areas to allow for appropriate tailoring of audit programs which will result in audit efficiencies.
To purchase the Audit Risk Assessment Tool along with the full Risk Assessment Guide, select the Online version of the Guide.
For more information on Risk Assessment, including more information on the Audit Risk Assessment Tool, visit the Financial Reporting Center's dedicated Risk Assessment area. |
Paperback
Product# AAGRAS12P
Online
Product# WRA-XX
eBook
Product# AAGRAS12E
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Audit Sampling
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The AICPA Audit Guide Audit Sampling summarizes applicable requirements and practices, and delivers "how-to" advice to help auditors apply nonstatistical and statistical sampling in auditing. The Guide includes case studies illustrating the use of different sampling methods, including classical variables sampling and monetary unit sampling, in real world situations.
This AICPA Audit Guide 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).
The appendixes include sampling tables and information about other testing considerations that practitioners encounter when using sampling techniques when performing audits, including sequential sampling for tests of controls and multilocation sampling considerations. A subject index has been added to the Guide for ease of use.
As the March 1, 2012 edition of the guide is fully updated to conform with the new Clarified Standards, it would continue to be appropriate to treat, as authoritative, the auditing guidance contained in the previous edition, fully considering changes to auditing standards effective through December 14, 2012, for clients not subject to the new Clarified Auditing Standards.
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Paperback
Product# AAGSAM12P
Online
Product# WAS-XX
eBook
Product# AAGSAM12E
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Auditing Revenue in Certain Industries
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The AICPA Audit & Accounting Guide Auditing Revenue in Certain Industries is developed by leading experts from industry and public practice. It provides guidance based on newly issued and effective accounting and auditing standards to assist practitioners in addressing audit and accounting issues commonly experienced in revenue recognition in the computer software and high-technology manufacturing industries.
This guide includes relevant guidance contained in applicable standards and other technical sources. This guide addresses complex revenue recognition issues, including:
- Contract accounting, including construction-type and production-type contracts
- Indicators of improper revenue recognition
- Tangible products delivered with software components and nonsoftware components
- Units of accounting, allocation of arrangement consideration, and VSOE, TPE, and BESP
- Auditing revenue assertions
- Auditing revenue transactions in the computer software industry and the high-technology manufacturing industries
The guide offers clear and practical guidance on recent developments in areas such as risk assessment, internal controls, and revenue recognition. All content is reviewed by industry experts and the appropriate AICPA senior committees.
This AICPA Audit Guide has been fully updated to reflect the new standards resulting from the Clarity Project. Fully incorporating the clarified auditing standards into this 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).
As the September 1, 2012 edition of the guide is fully updated to conform with the new Clarified Standards, it would continue to be appropriate to treat, as authoritative, the auditing guidance contained in the previous edition, fully considering changes to auditing standards effective through December 14, 2012, for clients not subject to the new Clarified Auditing Standards.
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Paperback
Product# AAGREV12P
Online
Product# WAR-XX
eBook
Product# AAGREV12E
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Government Auditing Standards and Circular A-133 Audits
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The Government Auditing Standards and Circular A-133 Audits Audit Guide provides information and guidance for auditors performing audits under Government Auditing Standards. In addition, it provides information related to compliance audits performed in accordance with OMB Circular A-133.
Updated as of February 1, 2012, the guide includes relevant guidance contained in applicable standards and other technical sources. This guide provides important information to those auditors performing an audit under Government Auditing Standards and OMB Circular A-133, including sample report wording. Information and sample report wording related to the requirements of SAS No. 119 (which is now fully effective for all entities) has been fully incorporated into guide content. In addition, this guide offers clear and practical guidance in areas such as internal control, sampling, and compliance auditing. All content is reviewed by industry experts and approved by the appropriate AICPA senior committee(s).
Updates significant to this edition include technical guidance contained in
- SAS No. 119, Supplementary Information in Relation to the Financial Statements as a Whole.
- Updated compliance considerations for auditors performing engagements that include Recovery Act awards.
In addition, information related to the 2011 revision to Government Auditing Standards and information on the recently adopted clarified auditing standards can be found in Appendix A and B of the guide respectively.
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Paperback
Product# AAGGAS12P
Online
Product# WRF-XX
eBook
Product# AAGGAS12E
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Special Considerations in Auditing Financial Instruments
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This new AICPA Audit Guide was developed by leading auditing and financial instrument experts in public practice and replaces the previous Audit Guide Auditing Derivative Instruments, Hedging Activities, and Investments in Securities to encompass a broader scope. It provides CPAs with crucial background information and a discussion of audit considerations relating to financial instruments.
Entities of all sizes may be subject to risks of material misstatement when using financial instruments. This Audit Guide provides practical assistance to auditors for developing their training programs and internal guidance that is useful in gaining a more in-depth understanding of financial instruments. Detailed implementation guidance is provided for assessing and responding to the risk of material misstatement related to financial instruments as well as guidance on reporting considerations. The implementation guidance in this Audit Guide is supplemented with a series of case studies to help you understand and apply the concepts.
This Audit Guide is based on the requirements of the new standards resulting from the Clarity Project. Fully incorporating the clarified auditing standards enables auditors to begin updating their audit methodologies, resources, and tools. 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).
The AICPA has made available certain sections of this guide, focusing on the following topics, for immediate download:
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Paperback
Product# AAGAFI12P
Online
Product# AAGFIO
eBook
Product# AAGAFI12E
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