2008 Team Captain Packages

The 2008 version of all documents are in a PDF format. The PDF version will allow users to easily complete the checklists, eliminate formatting issues, allow users to save and print, and does not require the purchase of additional software. The latest version of Adobe Reader is available for free at http://www.adobe.com/products/acrobat/readstep2.html.

Hard copies of the documents will also be mailed in May. If you do not currently have a subscription for the manual or need to follow up on your subscription, you should contact CPA2Biz at www.cpa2biz.com.

General Notes:
The Summary Review Memorandum was updated to include a question on PCAOB inspections and reports.

Section 22,300, the “Financial Reporting and Disclosure Checklist,” is required for the general audit, and also the general review and compilation with full disclosure engagement checklists. It is not required for compilations that omit substantially all disclosures.

Revision to Government Auditing Standards
On February 1, 2007, the Comptroller General of the United States issued the 2007 revision of Government Auditing Standards, which supersedes the 2003 revision. The effective date for the 2007 revision of Government Auditing Standards is for financial audits and attestation engagements for periods beginning on or after January 1, 2008, and for performance audits beginning on or after January 1, 2008. Early implementation is permissible and encouraged. Additional checklists (22,110A and 22,120A) have been included for the 2007 GAGAS revisions. For those engagements that have not required implementation, auditors should adopt the terminology and definitions in SAS No. 112, Communicating Internal Control Related Matters Identified in an Audit, when reporting on internal control deficiencies and include in their reports material weaknesses and other significant deficiencies in order to promote consistency in communicating and reporting on internal control deficiencies. Updated Yellow Book report illustrations that reflect the new SAS No. 112 terminology and definitions have been posted on the GAQC Web site (http://gaqc.aicpa.org). Checklists 22,110 and 22,120 are still included for those engagements for periods ending prior to January 1, 2008, which continue to use the 2003 revision of Government Auditing Standards.

Update to HUD Audit Guide
At the time of the development of the checklists, HUD was, and still is, in the process of updating the HUD audit guide on a chapter-by-chapter basis. This approach by HUD has made it difficult to update the HUD checklist. The status of each chapter is included in the instructions to the HUD Checklist (Section 22,090), along with the related effective dates. Therefore, in reviewing chapters that have been updated by HUD, reviewers should use the HUD checklist in conjunction with the updated chapter from the HUD audit guide. Upon completion of the HUD audit guide overhaul, this checklist will be revised to be consistent with the guide. Reviewers should also note that although chapter 2 of the HUD audit guide has not been updated in its entirety as of the date of this checklist, HUD has issued two internal control illustrative auditor’s reports (Exhibits B and B-1) to incorporate terminology from SAS 112, Communicating Internal Control Related Matters Identified in an Audit.

Format Changes to Employee Benefit Plan Checklist
The Employee Benefit Plan Checklist has been rearranged so that the flow is more user-friendly for reviewers. Much of the content is still the same, but section I of the checklist now includes separate subsections relating to the Report and Financial Statements for a Defined Benefit Pension Plan, the Report and Financial Statements for a Defined Contribution Pension Plan, and the Report and Financial Statements for a Health and Welfare Plan.

Additional Documentation
As with the previous checklists in MS Word, if additional documentation is necessary for any checklist or practice aid item, the reviewer should attach separate pages, with the additional documentation, to the checklist or practice aid.

Digital Signature
The checklists and practice aids in PDF format allow the documents to be digitally signed. However, the documents can still be printed and signed manually, as well.

Dating of the Peer Review Manual
The documents which were updated in the current year are dated as of April 2008 (4/08). Note there are several practice aids that did not have any changes in the current year and therefore have retained the same dates as the previous manual.

For assistance in reviewing an audit engagement and completing the audit engagement checklists please refer to the 10-step reference guide.

The manual will be in effect through the adoption of the new standards, which are effective for peer reviews commencing on or after January 1, 2009.