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Full Description
The Wiley CPAexcel Study Guidetest-takers with detailed text and skill-building problems to help identify, focus on, and master the specific topics that may need additional reinforcement to pass the AUD section of the CPA Exam.This essential study guide:Covers the complete AICPA content blueprint in AUDExplains every topic tested with 656 pages of study text, 502 multiple-choice questions, and 38 task-based simulations in AUDOrganized in Bite-Sized Lesson format with 142 lessons in AUDMaps perfectly to the Wiley CPAexcel online course; may be used to complement the course or as a stand-alone study tool
Contents
About the Authors ix About the Auditing and Attestation Professors xWelcome to Auditing and Attestation xiEthics, Professional Responsibilities, and General Principles 1AICPA Code of Professional ConductIntroduction and Preface 2Members in Public Practice 5MIPPs Introduction and Conceptual Framework 5MIPPs Nonindependence Rules 7Conflicts of Interest, Directorships, and Gifts 7Reporting Income and Subordination of Judgment 9Advocacy, Third-Party Service Providers (TSPs), General Standards, and Accounting Principles 10Discreditable Acts 12Fees 14Advertising and Confidentiality 16Form of Organization and Names 18MIPPs Independence Rules 20Introduction to MIPPs Independence Rules 20Network Firms and Affiliates 22Reissues, Engagement Letters, ADR, and Unpaid Fees 24Financial Interests 25Overview and Unsolicited Financial Interests 25Mutual Funds and Retirement Plans 27Partnerships, 529s, Trust and Estates, Employee Benefit Plans 29Depository Accounts, Brokerage Accounts, and Insurance Policies 31Loans, Leases, and Business Relationships 32Family Relationships 34Employment Relationships 36Current Employment 36Subsequent Employment 38Other Associations and Relationships 40Nonaudit Services 42Code Provisions 42Specific Services 45Members in Business 51Other Members 54Requirements of SEC and PCAOB 55Securities and Exchange Commission (SEC) 55Public Company Accounting Oversight Board (PCAOB) 61Requirements of GAO and DOL 64Government Accountability Office (GAO) 64Department of Labor (DOL) 72Assessing Risk and Developing a Planned Response 75Financial Statement Audits 76Accounting vs. Auditing 76GAAS and Principles 78Professional Standards 80Quality Control Standards (SQCS) 82Overview of Audit Process 84Overview of Auditor's Report 85Different Types of Engagements 89PCAOB Responsibilities 90PCAOB on Engagement Quality Review 92Planning Activities 94Pre-Engagement Planning Issues 94Planning and Supervision 99Materiality 101Audit Risk 103Analytical Procedures 106Detecting Fraud 108Fraud: Evaluation and Communication 113Detecting Illegal Acts 115Using the Work of a "Specialist" 117Required Communications with Those Charged with Governance 120PCAOB on Communications with Audit Committees 123Internal Control-Concepts and Standards 126Internal Control Concepts 1 126Internal Control Concepts 2 128Internal Control Standards 1 131Internal Control Standards 2 135Internal Control-Required Communications 138Using the Work of an Internal Audit Function 141Performing Further Procedures and Obtaining Evidence 145Internal Control: Transaction Cycles 146Specific Transaction Cycles 146Revenue/Receipts-Sales 148Revenue/Receipts-Cash 150Expenditures/Disbursements 152Payroll Cycle 155Miscellaneous Cycles 157Audit Evidence: Concepts and Standards 159Overview of Substantive Procedures 159Nature of Evidence 1 163Nature of Evidence 2 167PCAOB Risk Assessment Audit Standards 170Evaluation of Misstatements Identified During the Audit 174Audit Documentation 176PCAOB on Audit Documentation 180Confirmation 182Accounting Estimates 184Fair Value Estimates 186Lawyer's Letters 188Management Representations Letters 191Related-Party Issues 194PCAOB on Related Parties 197Subsequent Events and Related Issues 200Going-Concern Issues 203Audit Evidence: Specific Audit Areas 206Introduction to Auditing Individual Areas 206Cash 208Accounts Receivable 211Inventory 213Investments in Securities and Derivative Instruments 216Fixed Assets 219Current Liabilities 220Long-Term Liabilities 222Stockholders' Equity 223Payroll 224Audit Sampling 226Introduction to Sampling 226Attributes Sampling 228Variables Sampling 230Probability-Proportional-to-Size (PPS) Sampling 234Example Problems 236Difference Estimation Problem 236Difference Estimation Solution 237Ratio Estimation Problem 238Ratio Estimation Solution 239MPU Estimation Problem 240MPU Estimation Solution 241PPS Sampling Problem 242PPS Sampling Solution 243IT (Computer) Auditing 244IT Controls-General Controls 244IT Controls-Application Controls 246IT Evidence-Gathering Procedures 248Other IT Considerations 250Forming Conclusions and Reporting 253Audit Reports 254Introduction to Audit Reports 254PCAOB on Audit Reports 261Audits of Group Financial Statements 263Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs 267Qualified for Scope Limitation 270Qualified for Misstatement 273Adverse Opinion 275Disclaimer of Opinion 277Consistency of Financial Statements 280PCAOB on Evaluating Consistency of Financial Statements 282Opening Balances-Initial Audits 284Other Information Along with Financial Statements 288Supplementary Information Related to Financial Statements 290Required Supplementary Information 292PCAOB on Auditing Supplemental Information 294Alert to Restrict Report 297Financial Statements Using Another Country's Framework 299Reporting on Summary Financial Statements 301Interim Financial Information 304Sample Reports 309Unmodified Opinion (Reference to Legal Requirements) 309Unmodified Opinion (No Reference to Legal Requirements) 311Unmodified Opinion (Sentence by Sentence) 313Unmodified in Current Year, Balance Sheet in Prior Year 315Unmodified in Prior Year, Qualified in Current Year 317Qualified for Scope 319Qualified for Material Misstatement 321Qualified for Inadequate Disclosure 323Adverse Opinion 324Disclaimer of Opinion for Scope 326Unmodified on B/S, Disclaimer on I/S and Cash Flows 327Emphasis-of-Matter Paragraph 329Other-Matter Paragraph 331Reference to Component Auditor 333Single Financial Statement 334Specific Element (Special Purpose Framework) 335Incomplete Presentation 336Application of Accounting Principles (Second Opinion) 337Report on Summary Financial Statements 338Review Report on Interim Financial Statements 339Other Reports 340Reports on Application of Requirements of Framework 340F/S with Special Purpose Frameworks 343Audits of Single F/S and Specific Elements, Accounts, or Items 346Reporting on Compliance with Requirements in an F/S Audit 349Service Organizations-User Auditors 353Service Organizations-Service Auditors 355Comfort Letters 358Government Auditing Standards 363Compliance Audits 367SSARSs-General Principles 370SSARSs-Preparation of Financial Statements 373SSARSs-Compilation Engagements 375SSARSs-Review Engagements 379SSARSs-Other Topics 383Sample Reports 386F/S Prepared on Cash Basis 386F/S Prepared on Regulatory Basis (for General Use) 387Profit Participation 389Sample Review Report on Financial Statements 390Sample Compilation Report on Financial Statements 391Separate Report on Compliance (No Instances of Noncompliance) 392Separate Report on Compliance (with Noncompliance Identified) 393Combined Report on Audited Financial Statements and Compliance Issues 394Other Professional Services 396PCAOB on Reporting on Internal Control in an Integrated Audit 396PCAOB on Reporting Whether a Previously Reported Material Weakness Continues to Exist 402Attestation Standards 405Financial Forecasts and Projections 410Pro Forma Financial Information 414Compliance Attestation 417Reporting on Internal Control in an Integrated Audit 420Management's Discussion and Analysis (MD&A) 437Assurance Services 441Sample Reports 443Examination of Forecast 443AUP of Forecast 444Compilation of Forecast 445Examination of Pro Forma 446Review of Pro Forma 447Examination for Compliance 448AUP for Compliance 449Example Management Report (with No Material Weaknesses Reported) 450Unmodified Opinions on Financial Statements and ICFR (Combined Report) 451Unmodified Opinion on ICFR (Separate Report on ICFR) 453Adverse Opinion on ICFR (Separate Report on ICFR) 455Examination of MD&A 457Review of MD&A 458Multiple Choice Questions 459Task-Based Simulations 573Index 647
