Wiley CPAexcel Exam Review April 2017 Study Guide: Auditing and Attestation

The Wiley CPAexcel Study Guide: Auditing and Attestation arms CPA test–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 AUD Explains every topic tested with 656 pages of study text, 502 multiple–choice questions, and 38 task–based simulations in AUD Organized in Bite–Sized Lesson format with 142 lessons in AUD Maps perfectly to the Wiley CPAexcel online course; may be used to complement the course or as a stand–alone study tool INDICE: 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 .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 .Internal Control Concepts 1 126 .Internal Control Concepts 2 128 .Internal Control Standards 1 131 .Internal Control Standards 2 135 .Internal Control 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 .Nature of Evidence 1 163 .Nature of Evidence 2 167 .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 206 .Introduction to Auditing Individual Areas 206 .Cash 208 .Accounts Receivable 211 .Inventory 213 .Investments in Securities and Derivative Instruments 216 .Fixed Assets 219 .Current Liabilities 220 .Long–Term Liabilities 222 .Stockholders Equity 223 .Payroll 224 .Audit Sampling 226 .Introduction to Sampling 226 .Attributes Sampling 228 .Variables Sampling 230 .Probability–Proportional–to–Size (PPS) Sampling 234 .Example Problems 236 .Difference Estimation Problem 236 .Difference Estimation Solution 237 .Ratio Estimation Problem 238 .Ratio Estimation Solution 239 .MPU Estimation Problem 240 .MPU Estimation Solution 241 .PPS Sampling Problem 242 .PPS Sampling Solution 243 .IT (Computer) Auditing 244 .IT Controls General Controls 244 .IT Controls Application Controls 246 .IT Evidence Gathering Procedures 248 .Other IT Considerations 250 .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 386 .F/S Prepared on Cash Basis 386 .F/S Prepared on Regulatory Basis (for General Use) 387 .Profit Participation 389 .Sample Review Report on Financial Statements 390 .Sample Compilation Report on Financial Statements 391 .Separate Report on Compliance (No Instances of Noncompliance) 392 .Separate Report on Compliance (with Noncompliance Identified) 393 .Combined Report on Audited Financial Statements and Compliance Issues 394 .Other Professional Services 396 .PCAOB on Reporting on Internal Control in an Integrated Audit 396 .PCAOB on Reporting Whether a Previously Reported Material Weakness Continues to Exist 402 .Attestation Standards 405 .Financial Forecasts and Projections 410 .Pro Forma Financial Information 414 .Compliance Attestation 417 .Reporting on Internal Control in an Integrated Audit 420 .Management s Discussion and Analysis (MD&A) 437 .Assurance Services 441 .Sample Reports 443 .Examination of Forecast 443 .AUP of Forecast 444 .Compilation of Forecast 445 .Examination of Pro Forma 446 .Review of Pro Forma 447 .Examination for Compliance 448 .AUP for Compliance 449 .Example Management Report (with No Material Weaknesses Reported) 450 .Unmodified Opinions on Financial Statements and ICFR (Combined Report) 451 .Unmodified Opinion on ICFR (Separate Report on ICFR) 453 .Adverse Opinion on ICFR (Separate Report on ICFR) 455 .Examination of MD&A 457 .Review of MD&A 458 .Multiple Choice Questions 459 .Task–Based Simulations 573 .Index 647

• ISBN: 978-1-119-36937-0
• Editorial: John Wiley & Sons
• Encuadernacion: Rústica
• Páginas: 672
• Fecha Publicación: 14/04/2017
• Nº Volúmenes: 1
• Idioma: Inglés