Author Description

The GAAS Guide describes the engagement standards, practices and procedures in use today--including Statements on Auditing Standards and their Interpretations, Statements on Standards for Attestation Engagements and their Interpretations, and Statements on Standards on Accounting and Review Services and their Interpretations. The book's sensible organization follows the arrangement of the AICPA's Professional Standards. Within each section, an organizational structure is used that is both simple and insightful. Each section begins with "Authoritative Pronouncements", listing the auditing-related documents that are pertinent to the section. An Overview is provided, followed by a Promulgated Procedures Checklist that identifies the essential professional responsibilities that must be satisfied in each part of an engagement. Under Analysis and Application of Reporting Standards, readers will find a concise discussion of how each specific promulgated procedure should be supplied. Finally, many of the sections have Practitioner's Aids to help apply the promulgated standards to specific engagements. Within each section, readers are alerted to key guidance to help plan engagements. This guidance is classified as a Risk Assessment Point, an Engagement Strategy, a Planning Aid Reminder, or an Observation. To help sensitive CPAs to issues affecting auditor responsibility for fraud, this edition contains "Fraud Pointers" that integrate fraud issues related to a particular professional standard's requirement.This should aid CPAs in considering fraud risks throughout the entire audit engagement. Also, to help CPAs stay abreast of potential changes affecting AICPA professional standards, this edition contains new overviews of outstanding exposure drafts. These overviews, labeled "Important Notice for 2006 Engagements," highlight key elements of possible changes to existing professional standards. The sample letters, reports, and checklists found in the text can be printed and cus