Wiley Cpaexcel Exam Review 2018 Study Guide: Auditing and Attestation

Auditing and Attestation
 
 
John Wiley & Sons Inc (Verlag)
  • erschienen am 15. Dezember 2017
 
  • Buch
  • |
  • Softcover
  • |
  • 528 Seiten
978-1-119-48067-9 (ISBN)
 
The Wiley CPAexcel Study Guide: Auditing and Attestation provides detailed study text to help you identify, focus on, and master specific topic areas that are essential for passing the AUD section of the 2018 CPA Exam.







Covers the complete AICPA content blueprint in Auditing and Attestation (AUD)
Authored and compiled by the same leading university accounting professors who author the Wiley CPAexcel online course
Explains every CPA Exam topic tested on the Auditing and Attestation (AUD) section of the CPA Exam (one volume)
Organized in Bite-Sized Lessons so you can learn faster and remember more of what you learn
Updated for 2018 so you have the most accurate, up-to-date content available for the Auditing and Attestation (AUD) section on this year s exam
Maps perfectly to the Wiley CPAexcel Review Course; may be used to complement the online course or as a standalone study tool
Study text only and does NOT include practice questions or practice exams. Use in conjunction with the Wiley CPAexcel Exam Review 2018 Test Bank: Auditing and Attestation, which includes interactive multiple-choice questions and task-based simulations.
  • Englisch
  • New York
  • |
  • USA
  • Für Beruf und Forschung
  • Höhe: 282 mm
  • |
  • Breite: 216 mm
  • |
  • Dicke: 25 mm
  • 476 gr
978-1-119-48067-9 (9781119480679)
1119480671 (1119480671)
weitere Ausgaben werden ermittelt
About the Authors ix


About the Auditing and Attestation Professors x


Welcome to Auditing and Attestation xi


Ethics, Professional Responsibilities, and General Principles 1


AICPA Code of Professional Conduct 2


Introduction and Preface 2


Members in Public Practice 5


MIPPs Introduction and Conceptual Framework 5


MIPPs Nonindependence Rules 7


Conflicts of Interest, Directorships, and Gifts 7


Reporting Income and Subordination of Judgment 9


Advocacy, Third-Party Service Providers (TSPs), General Standards, and Accounting Principles 10


Discreditable Acts 12


Fees 14


Advertising and Confidentiality 16


Form of Organization and Names 18


MIPPs Independence Rules 20


Introduction to MIPPs Independence Rules 20


Network Firms and Affiliates 22


Reissues, Engagement Letters, ADR, and Unpaid Fees 24


Financial Interests 25


Overview and Unsolicited Financial Interests 25


Mutual Funds and Retirement Plans 27


Partnerships, 529s, Trust and Estates, Employee Benefit Plans 29


Depository Accounts, Brokerage Accounts, and Insurance Policies 31


Loans, Leases, and Business Relationships 32


Family Relationships 34


Employment Relationships 36


Current Employment 36


Subsequent Employment 38


Other Associations and Relationships 40


Nonaudit Services 42


Code Provisions 42


Specific Services 45


Members in Business 51


Other Members 54


Requirements of SEC and PCAOB 55


Securities and Exchange Commission (SEC) 55


Public Company Accounting Oversight Board (PCAOB) 61


Requirements of GAO and DOL 64


Government Accountability Office (GAO) 64


Department of Labor (DOL) 72


Assessing Risk and Developing a Planned Response 75


Financial Statement Audits 76


Accounting vs. Auditing 76


GAAS and Principles 78


Professional Standards 80


Quality Control Standards (SQCS) 82


Overview of Audit Process 84


Overview of Auditor s Report 85


Different Types of Engagements 89


PCAOB Responsibilities 90


PCAOB on Engagement Quality Review 92


Planning Activities 94


Pre-Engagement Planning Issues 94


Planning and Supervision 99


Materiality 101


Audit Risk 103


Analytical Procedures 106


Detecting Fraud 108


Fraud: Evaluation and Communication 113


Detecting Illegal Acts 115


Using the Work of a Specialist 117


Required Communications with Those Charged with Governance 120


PCAOB on Communications with Audit Committees 123


Internal Control Concepts and Standards 126


Obtaining an Understanding of Internal Control 126


Evaluating Internal Control 128


Assessing Control Risk Under AICPA Standards 131


Performing Procedures in Response to Assessed Risks 135


Required Communications 138


Using the Work of an Internal Audit Function 141


Performing Further Procedures and Obtaining Evidence 145


Internal Control: Transaction Cycles 146


Specific Transaction Cycles 146


Revenue/Receipts Sales 148


Revenue/Receipts Cash 150


Expenditures/Disbursements 152


Payroll Cycle 155


Miscellaneous Cycles 157


Audit Evidence: Concepts and Standards 159


Overview of Substantive Procedures 159


The Nature of Evidence 163


Assertions and Types of Audit Procedures 167


PCAOB Risk Assessment Audit Standards 170


Evaluation of Misstatements Identified During the Audit 174


Audit Documentation 176


PCAOB on Audit Documentation 180


Confirmation 182


Accounting Estimates 184


Fair Value Estimates 186


Lawyer s Letters 188


Management Representations Letters 191


Related-Party Issues 194


PCAOB on Related Parties 197


Subsequent Events and Related Issues 200


Going Concern Issues 203


Audit Evidence: Specific Audit Areas 207


Introduction to Auditing Individual Areas 207


Cash 209


Accounts Receivable 212


Inventory 214


Investments in Securities and Derivative Instruments 217


Fixed Assets 220


Current Liabilities 221


Long-Term Liabilities 223


Stockholders Equity 224


Payroll 225


Audit Sampling 227


Introduction to Sampling 227


Attributes Sampling 229


Variables Sampling 231


Probability-Proportional-to-Size (PPS) Sampling 235


Example Problems 237


Difference Estimation Problem 237


Difference Estimation Solution 238


Ratio Estimation Problem 239


Ratio Estimation Solution 240


MPU Estimation Problem 241


MPU Estimation Solution 242


PPS Sampling Problem 243


PPS Sampling Solution 244


IT (Computer) Auditing 245


IT Controls General Controls 245


IT Controls Application Controls 247


IT Evidence-Gathering Procedures 249


Other IT Considerations 251


Forming Conclusions and Reporting 253


Audit Reports 254


Introduction to Audit Reports 254


PCAOB on Audit Reports 261


Audits of Group Financial Statements 263


Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs 267


Qualified for Scope Limitation 270


Qualified for Misstatement 273


Adverse Opinion 275


Disclaimer of Opinion 277


Consistency of Financial Statements 280


PCAOB on Evaluating Consistency of Financial Statements 282


Opening Balances Initial Audits 284


Other Information Along with Financial Statements 288


Supplementary Information Related to Financial Statements 290


Required Supplementary Information 292


PCAOB on Auditing Supplemental Information 294


Alert to Restrict Report 297


Financial Statements Using Another Country s Framework 299


Reporting on Summary Financial Statements 301


Interim Financial Information 304


Sample Reports 309


Unmodified Opinion (Reference to Legal Requirements) 309


Unmodified Opinion (No Reference to Legal Requirements) 311


Unmodified Opinion (Sentence by Sentence) 313


Unmodified in Current Year, Balance Sheet in Prior Year 315


Unmodified in Prior Year, Qualified in Current Year 317


Qualified for Scope 319


Qualified for Material Misstatement 321


Qualified for Inadequate Disclosure 323


Adverse Opinion 324


Disclaimer of Opinion for Scope 326


Unmodified on B/S, Disclaimer on I/S and Cash Flows 327


Emphasis-of-Matter Paragraph 329


Other-Matter Paragraph 331


Reference to Component Auditor 333


Single Financial Statement 334


Specific Element (Special Purpose Framework) 335


Incomplete Presentation 336


Application of Accounting Principles (Second Opinion) 337


Report on Summary Financial Statements 338


Review Report on Interim Financial Statements 339


Other Reports 340


Reports on Application of Requirements of Framework 340


F/S with Special Purpose Frameworks 343


Audits of Single F/S and Specific Elements, Accounts, or Items 346


Reporting on Compliance with Requirements in an F/S Audit 349


Service Organizations User Auditors 353


Service Organizations Service Auditors 355


Comfort Letters 358


Government Auditing Standards 363


Compliance Audits 367


SSARSs General Principles 370


SSARSs Preparation of Financial Statements 373


SSARSs Compilation Engagements 375


SSARSs Review Engagements 379


SSARSs Other Topics 383


Sample Reports 387


F/S Prepared on Cash Basis 387


F/S Prepared on Regulatory Basis (for General Use) 388


Profit Participation 390


Sample Review Report on Financial Statements 391


Sample Compilation Report on Financial Statements 392


Separate Report on Compliance (No Instances of Noncompliance) 393


Separate Report on Compliance (with Noncompliance Identified) 394


Combined Report on Audited Financial Statements and Compliance Issues 395


Other Professional Services 397


AICPA on Reporting on Internal Control in an Integrated Audit 397


PCAOB on Reporting on Internal Control in an Integrated Audit 407


PCAOB on Reporting Whether a Previously Reported Material Weakness Continues to Exist 413


Auditing Employee Benefit Plans 416


Introduction to Attestation Standards 421


Attestation Standards Common Concepts 424


Examination Engagements 427


Examination Reports 431


Review Engagements 435


Review Reports 438


Agreed ]Upon Procedures Engagements 442


Prospective Financial Information 447


Pro Forma Financial Information 454


Compliance Attestation 459


Management s Discussion and Analysis (MD&A) 463


Assurance Services 467


Sample Reports 469


Examination of Forecast 469


AUP of Forecast 470


Compilation of Forecast 471


Examination of Pro Forma 472


Review of Pro Forma 473


Examination for Compliance 474


AUP for Compliance 475


Example Management Report (with No Material Weaknesses Reported) 476


Unmodified Opinions on Financial Statements and ICFR (Combined Report) 477


Unmodified Opinion on ICFR (Separate Report on ICFR) 479


Adverse Opinion on ICFR (Separate Report on ICFR) 481


Examination of MD&A 483


Review of MD&A 484


Index 485

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