Audit and Accounting Manual

Updated as of June 1, 2015, this valuable resource 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. It provides illustrative examples, sample forms, and helpful techniques that small-and medium-size firms need to streamline their audit engagements. Key Benefits: audit planning and documentation guidelines, including guidance on risk assessment and internal controls; sample audit materiality worksheets, correspondence, external confirmations, and written representations; illustrative engagement letters, external confirmations, and auditor's reports that practitioners can utilize during their engagements; templates for client assistance requests, time budgets, and audit file organization; guidance on quality control and a full reprint of AICPA's Practice Aid, Establishing and Maintaining a System of Quality Control for a CPA Firm's Accounting and Auditing Practice. In addition, this edition includes 4 Audit Risk Alerts, which are designed to update CPAs on recent practice issues and professional standards and aid in identifying significant business risks that may result in the material misstatement of a client's financial statements. The Audit Risk Alerts include: general Accounting and Auditing Developments; understanding the Responsibilities of Auditors for Audits of Group Financial Statements; compilation and Review Developments; independence and Ethics Developments. Updates Includes: provides information on SAS No. 128, Using the work of internal auditors and ASU No. 2014-15, Presentation of Financial statement - Going Concern (subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.