Independence & Ethics Alert Addressing Some Current Issues
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 September 28, 2011
AU-C Section 315 Identifying and Assessing Risks of Misstatement
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 29, 2012
Attestation Standards A Quick Look at Forthcoming Guidance
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 28, 2013
Practice Aid Related to Fraud Testing Journal Entries
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 January 21, 2009
AU-C Section 240 Considering Fraud in Financial Statement Audits
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 June 06, 2012
AU-C Section 200 Overall Objectives in Audits Performed Using U.S. GAAS
In implementing the clarified auditing technical literature guidance, auditors will notice some new guidance associated with overall objectives of financial statement audits.
Published on May 23, 2012
Employee Benefit Plan Audit Update DOL Developments and New Reporting and Disclosure Recommendations
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 July 16, 2014
Auditing Construction Contracts
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 May 21, 2014
AU-C Section 330 Responding To Assessed Risks & Evaluating Evidence
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 September 26, 2012
SAS No. 117 Compliance Audits
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 December 23, 2009