Issued under the authority of Accounting and Review Services Committee (ARSC) and a go-to guide for accountants performing preparation, compilation and review engagements, this version contains the most up-to-date guidance, including the recently issued Statement on Standards for Accounting and Review Services (SSARS) No. 22, Compilation of Pro Forma Financial Information, and SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services – 2016. This edition also contains some enhancive updates related to materiality in review engagements, professional skepticism, and more illustrative accountant’s reports.
Issued under the authority of Accounting and Review Services Committee (ARSC) and a go-to guide for accountants performing preparation, compilation and review engagements, this version contains the most up-to-date guidance, including the recently issued Statement on Standards for Accounting and Review Services (SSARS) No. 22, Compilation of Pro Forma Financial Information, and SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services – 2016. This edition also contains some enhancive updates related to materiality in review engagements, professional skepticism, and more illustrative accountant’s reports.
This annual Alert covers the latest developments in the preparation, compilation and review engagements, including current exposure drafts from Accounting and Review Services Committee (ARSC), and common deficiencies identified during peer reviews. Reviewed by ARSC chair, it also addresses the latest and emerging practice issues, and provides valuable information regarding accounting and reporting developments. Key benefits of this title include: Discussion of two new exposure drafts. Current practice issues in SSARS engagements. Ethics updates. Peer review common findings. Additional SSARS engagement resources
This annual Alert covers the latest developments in the preparation, compilation and review engagements, including current exposure drafts from Accounting and Review Services Committee (ARSC), and common deficiencies identified during peer reviews. Reviewed by ARSC chair, it also addresses the latest and emerging practice issues, and provides valuable information regarding accounting and reporting developments. Key benefits of this title include: Discussion of two new exposure drafts. Current practice issues in SSARS engagements. Ethics updates. Peer review common findings. Additional SSARS engagement resources
The clearest, easiest-to-use guide to understanding all the clarified standards, including the new attestation standards—fully updated! This comprehensive guide to understanding Generally Accepted Auditing Standards (GAAS) is not just about auditing. It addresses the toughest part of an accountant's job—identifying, interpreting, and applying the many audit, attest, review, compilation, and preparation standards relevant to a particular engagement. Wiley Practitioner's Guide to GAAS 2017 offers a clear and accessible distillation of the official language of GAAS, Statements on Standards for Attestation Engagements (SSAEs), and Statements on Standards for Accounting and Review Services (SSARSs)—as well as advice on exactly how to remain fully compliant with each. Wiley Practitioner's Guide to GAAS 2017 is organized according to the logical arrangement of the clarified standards, presenting each section individually, and explaining how it is related to the engagement process. Guidance is offered on the entire process, in the form of practice notes, checklists, questionnaires, and real-world examples, illustrating how the fundamental requirements of each section are applied. Other key features include: A brief identification of each auditing, SSAE, and SSARS section, with effective dates and tips on how to apply it Highlights of new requirements in the clarified attestation standards Concise listing and descriptions of each section's specific mandates, including definitions Easy-to-read capsule summary of interpretations, plus selected technical alerts Helpful techniques for remaining compliant with each standard New in GAAS 2017: In 2016, the AICPA's Auditing Standards Board completed a major stage of its clarity project and issued SSAE No. 18. The new guidance is effective for reports dated May 1, 2017. SSAE No. 18 replaces the attestation standards, introducing major new requirements that will change practice. In this transition year, guidance on the extant attestation standards is also included. Wiley Practitioner's Guide to GAAS 2017 is completely updated to reflect all the clarified standards and provide valuable implementation information.
Do you need to be compliant with all the professional standards surrounding engagements performed in accordance with Statements on Standards for Accounting and Review Services (SSARSs)? Written by expert authors, one of whom participated heavily in the standard setting, this title is a practice-oriented review of the latest developments related to SSARS Nos. 21, 22, and 23, the last two of which were issued in 2016. A go-to reference for training staff and managing preparation, compilation, and review engagements, this course includes case studies and lively discussion among the experienced participants, making this class informative and practical. This book helps: Identify the professional standards and risk factors relevant to the planning of preparation, compilation, and review engagements. Identify responses to preparation, compilation, and review engagement practice issues that comply with all applicable professional standards.
This resource provides interpretive guidance and implementation strategies for all preparation, compilation examination and agreed upon procedures on prospective financial information: Helps with establishing proven best-practices. Provides practical tools and resources to assist with compliance. Exposes potential pitfalls associated with independence and ethics requirements. SSAE No. 18 SSARS No. 23 Preparation and compilation engagements now fall under the SSARSs The attestation engagements require an assertion from the responsible party
New standards for financial statement presentation and revenue recognition have created many not-for-profit financial reporting changes. Combine those with today's technology-centered environment and the ever-present scrutiny of exempt organizations by the IRS and watchdog and rating agencies, and accountants, auditors, and financial managers may wonder how they'll ever tackle all the associated risks. This alert takes discusses the important developments affecting not-for-profit entities in 2018, and the issues auditors may face. It's jam-packed with targeted discussions of current economic, accounting, and auditing issues affecting nonprofits, as well as changes on the horizon. Topics range from business environment issues like cybersecurity to accounting and auditing challenges like implementation of FASB's new financial statement standard (ASU No. 2016-14) and valuation of gifts-in-kind. This alert also covers legislative and regulatory issues like UBIT, debt-financed property rules, and tax reform provisions of interest to exempt organizations, as well as the new auditing standard on auditor involvement with exempt offering documents. Among other topics, this alert focuses on risks related to recent nonprofit industry trends, financial statement presentation changes, revenue recognition, and fair value issues. A discussion of tax reform provisions affecting exempt organizations is also included as well as information on emerging issues such as: Revenue recognition for grants and contracts Phase 2 of FASB's not-for-profit financial statement presentation project Changes to the auditor's report Cybersecurity Blockchain and other transformative technology Awareness of key trends affecting the nonprofit environment informs audit planning, risk management, strategic planning, and oversight, thereby promoting greater success and sustainability of not-for-profit entities.
CCH's GAAS Guide describes the engagement standards, practices, and procedures in use today, including Statements on Auditing Standards (SASs) and their Interpretations, Statements on Standards for Attestation Engagements (SSAEs) and their Interpretations, and Statements on Standards on Accounting and Review Services (SSARS) and their Interpretations. The 2020 Edition of CCH's GAAS Guide has been updated to reflect the latest available professional standards. This edition reflects all the changes resulting from the AICPA's efforts to clarify auditing, attestation, preparation, compilation, and review standards. It includes coverage of recently issued Statements on Auditing Standards, Statements on Standards for Accounting and Review Services (SSARS), and Statements on Standards for Attestation Engagements (SSAEs). The 2020 Edition of the GAAS Guide incorporates these requirements throughout the affected standards and includes coverage of the following: ? Statements on Auditing Standards No. 133, Auditor Involvement with Exempt Offering Documents ? Statements on Standards for Attestation Engagements No. 18, Attestation Standards: Clarification and Recodification ? Statements on Standards for Accounting and Review Services No. 24, Omnibus Statement on Standards for Accounting and Review Services--2018 The 2020 GAAS Guide also highlights recently issued audit and SSARS interpretations, and it summarizes current exposure drafts of proposed new standards. Included in the coverage of recently issued audit and SSARS standards and interpretations includes: ? Statements on Auditing Standards No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements ? Statements on Auditing Standards No. 135, Omnibus Statement on Auditing Standards--2019 Omnibus Statement on Auditing Standards--2019The extensive coverage of these AICPA standards is particularly relevant to CPAs who serve nonpublic entity clients. The guidance contained in this edition is also relevant to CPAs who serve public company clients. Although the Public Company Accounting Oversight Board (PCAOB) is responsible for establishing professional standards applicable to audits of public companies, this edition includes summaries of issues having implications for audits of public companies. These summaries, labeled "Public Company Implication," are incorporated throughout the coverage of the AICPA's AU-Cs. CPAs who audit public companies will find that these summaries help them identify key differences between audits of public and nonpublic companies. Our summaries of PCAOB Auditing Standards reflect the most recently issued standards including PCAOB AS-3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards, issued in June 2017, including the requirement that auditors communicate critical audit matters (CAMs) in the auditor's report. Our summaries also discuss a number of PCAOB exposure drafts and recently issued Staff Alerts, other notices and PCAOB staff guidance. Note: The PCAOB reorganized its Auditing Standards using a topical structure and a single integrated numbering system. We use that new numbering system when we refer to specific PCAOB Auditing Standards. Owing to the attention focused on corporate scandals involving allegations of fraudulent financial reporting, the need for auditors to detect material misstatements due to fraud is critical. To help sensitize CPAs to issues affecting auditor responsibility for fraud, this edition contains "Fraud Pointers," which integrate fraud issues related to a particular professional standard's requirement. This should aid CPAs in considering fraud risks throughout the entire audit engagement. To keep CPAs abreast of potential changes affecting the AICPA Professional Standards and other developments affecting auditing practice, this edition contains overviews of outstanding exposure drafts. Throughout the book, highlights labeled "Important Notice for 2020" explain key elements of potential changes, including proposed redrafts of existing professional standards and other regulatory changes, alerting CPAs to issues that may affect their engagements.
Updated as of April 1, 2018, this comprehensive, step-by-step guide provides a plain English approach to conducting an audit. This one-stop-shop summarizes applicable requirements and delivers how-to advice to help practitioners plan and perform an audit. A valuable resource featuring new updates for the issuance of SAS No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, this guide provides illustrative examples, sample forms, and helpful techniques that small-and medium-sized firms need to streamline their audit engagements. Key benefits include: Comprehensive and step-by-step guidance on the performance of an audit Contains numerous alerts that address the current year developments in a variety of areas Illustrative examples and forms to facilitate hands-on performance of the audit
