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    Independence & Ethics Alert Addressing Some Current Issues

    Report On an annual basis, the AICPA releases a variety of audit risk alerts that address specific issues that need to be addressed by practitioners when they are performing financial statement audits.
    Published on August 03, 2014

    AU-C Section 315 Identifying and Assessing Risks of Misstatement

    Report In implementing the clarified auditing technical literature guidance, auditors will notice some modifications associated with requirements that need to be addressed when understanding the reporting entity and its environment, along with assessing risks of material misstatement in the financial statements.
    Published on August 03, 2014

    AU-C Section 330 Responding To Assessed Risks & Evaluating Evidence

    Report In implementing the clarified auditing technical literature guidance, auditors will notice some modifications associated with requirements that need to be addressed when understanding how procedures need to be performed to address assessed risks of material misstatement in the financial statements and how they need to evaluate audit evidence that has
    Published on August 03, 2014

    AU-C Section 200 Overall Objectives in Audits Performed Using U.S. GAAS

    Report In implementing the clarified auditing technical literature guidance, auditors will notice some new guidance associated with overall objectives of financial statement audits.
    Published on August 03, 2014

    Practice Aid Related to Fraud Testing Journal Entries

    Report In December 2008, the AICPA Center for Audit Quality issued some practical implementation guidance that should be helpful in financial statement audits in addressing the fraud issue.
    Published on August 03, 2014

    Employee Benefit Plan Audit Update DOL Developments and New Reporting and Disclosure Recommendations

    Report Recently, the Employee Benefits Plan Security Administration has performed an assessment of firm quality based on firm size and provided their findings and suggestions. In addition, the Financial Reporting Executive Committee of the AICPA released an overhaul of the Employee Benefit Plan Accounting and Auditing Guide that includes several financial
    Published on August 04, 2014

    Auditing Construction Contracts

    Report One of the more challenging audits is that of construction companies and other companies using the percentage-of-completion method of accounting for long-term contracts. The focus of this report will be on some common audit issues and best practices for auditors engaged to audit construction entities.
    Published on August 04, 2014

    AU-C Section 240 Considering Fraud in Financial Statement Audits

    Report In implementing the clarified auditing technical literature guidance, practitioners will notice some new guidance associated with how they need to consider fraud-related matters in audits performed using U.S. GAAS.
    Published on August 03, 2014

    Attestation Standards A Quick Look at Forthcoming Guidance

    Report On July 24, 2013, the ASB released an exposure draft of proposed guidance that, when finalized, will be the beginning of the clarity work associated with the SSAEs; in this initial proposal, the subject matter-specific guidance in the attestation literature is not included, but that guidance will be exposed in
    Published on August 03, 2014

    SAS No. 117 Compliance Audits

    Report The Auditing Standards Board [ASB] has released SAS No. 117 [AU Section 801], entitled Compliance Audits.  The guidance in SAS No. 117 replaces the guidance in SAS No. 74, entitled Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance.
    Published on August 03, 2014

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