GAAS Practice Manual (2011)

The primary objective of the GAAS Practice Manual is to provide a complete, quick and valuable reference source for the practitioner of the currently effective pronouncements of Statements on Auditing Standards, Statements on Standards for Attestation Engagements, Statements on Standards on Accounting and Review Services, and the new PCAOB Auditing Standards - and the interpretations of those standards. Although the Sections in this book follow the sequence of sections presented in the AICPA's Professional Standards, the material is presented and analyzed in a different format. Each Section is divided into three major parts: (1) What Every Practitioner Should Know - which discusses the specific standard, its basic requirement and the practitioner's essential responsibilities; (2) Practice Issues and Frequently Asked Questions -which focuses on techniques for applying the standard by using a Q&A format. (3) Illustrations and Practice Aids - which includes checklists, questionnaires, sample working papers, sample correspondence, and sample accountant's reports. Many of the illustrations and practice aids in the book appear on the free, companion CD-ROM that comes with GAAS Practice Manual. The adaptable sample letters, reports and checklists found in the text can be printed and customized to meet all of your auditing needs. he 2011 edition is current through the following pronouncements: SAS-120 (Required Supplementary Information); SSAE-15 (An Examination of an Entity s Internal Control over Financial Reporting That Is Integrated with an Audit of Its Financial Statements); SSARS-19 (Compilation and Review Engagements). The 2011 edition also provides information on the AICPA's Accounting Standards Board (ASB) Clarity Project, which aims to clarify U.S. GAAS and converge them with international auditing standards.