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PCAOB Standards and Related Rules: 2017

PCAOB Standards and Related Rules: 2017

AICPA

ISBN: 978-1-945-49892-3

Feb 2018

1760 pages

Select type: Paperback

In Stock

$189.00

Description

Pursuant to PCAOB Release No. 2017-001, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards, dated June 1, 2017, the PCAOB adopted a new auditor reporting standard and related amendments that will require the auditor to provide new information about the audit and make the auditor's report more informative and relevant to investors and other financial statement users. The standard and related amendments were subsequently approved by the SEC on October 23, 2017, and are effective as of audits of fiscal years ending on or after December 15, 2017 (except for the “Critical Audit Matters” section of the standard and related amendments, which have a phased effective date).

This 2018 edition of the AICPA’s PCAOB Standards and Related Rules includes the newly approved standard The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion (AS 3101). In addition, this title also features updated staff guidance, included a new question and answers section, updated guidance for firms filing the new Form AP, and a new Staff Audit Practice Alert to assist auditors in applying PCAOB standards when auditing companies' implementation of the new FASB revenue accounting standard.

Table of Contents ix

Applicability of Public Company Accounting Oversight Board Standards 1

AUDITING—REORGANIZED

AS AS Cross-References to PCAOB Reorganized Auditing Standards 13

GENERAL AUDITING STANDARDS

AS 1000 General Principles and Responsibilities 25

AS 1001—Responsibilities and Functions of the Independent Auditor

AS 1005—Independence

AS 1010—Training and Proficiency of the Independent Auditor

AS 1015—Due Professional Care in the Performance of Work

AS 1100 General Concepts 37

AS 1101—Audit Risk

AS 1105—Audit Evidence

AS 1110—Relationship of Auditing Standards to Quality Control Standards

AS 1200 General Activities 51

AS 1201—Supervision of the Audit Engagement

AS 1205—Part of the Audit Performed by Other Independent Auditors

AS 1210—Using the Work of a Specialist

AS 1215—Audit Documentation

AS 1220—Engagement Quality Review

AS 1300 Auditor Communications . 87

AS 1301—Communications with Audit Committees

AS 1305—Communications About Control Deficiencies in an Audit of Financial Statements

AUDIT PROCEDURES

AS 2100 Audit Planning and Risk Assessment 111

AS 2101—Audit Planning

AS 2105—Consideration of Materiality in Planning and Performing an Audit

AS 2110—Identifying and Assessing Risks of Material Misstatement

AS 2200 Auditing Internal Control Over Financial Reporting  147

AS 2201—An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements

AS 2300 Audit Procedures in Response to Risks—Nature, Timing, and Extent  187

AS 2301—The Auditor’s Responses to the Risks of Material Misstatement,

AS 2305—Substantive Analytical Procedures

AS 2310—The Confirmation Process

AS 2315—Audit Sampling

AS 2400 Audit Procedures for Specific Aspects of the Audit  231

AS 2401—Consideration of Fraud in a Financial Statement Audit

AS 2405—Illegal Acts by Clients

AS 2410—Related Parties

AS 2415—Consideration of an Entity’s Ability to Continue as a Going Concern

AS 2500 Audit Procedures for Certain Accounts or Disclosures . 283

AS 2501—Auditing Accounting Estimates

AS 2502—Auditing Fair Value Measurements and Disclosures

AS 2503—Auditing Derivative Instruments, Hedging Activities, and Investments in Securities

AS 2505—Inquiry of a Client’s Lawyer Concerning Litigation, Claims, and Assessments

AS 2510—Auditing Inventories

AS 2600 Special Topics  355

AS 2601—Consideration of an Entity’s Use of a Service Organization

AS 2605—Consideration of the Internal Audit Function

AS 2610—Initial Audits—Communications Between Predecessor and Successor Auditors

AS 2700 Auditor’s Responsibilities Regarding Supplemental and Other Information  395

AS 2701—Auditing Supplemental Information Accompanying Audited Financial Statements

AS 2705—Required Supplementary Information

AS 2710—Other Information in Documents Containing Audited Financial Statements

AS 2800 Concluding Audit Procedures  413

AS 2801—Subsequent Events

AS 2805—Management Representations

AS 2810—Evaluating Audit Results

AS 2815—The Meaning of "Present Fairly in Conformity with Generally Accepted Accounting Principles"

AS 2820—Evaluating Consistency of Financial Statements

AS 2900 Post-Audit Matters . 459

AS 2901—Consideration of Omitted Procedures After the Report Date

AS 2905—Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report

AUDITOR REPORTING

AS 3100 Reporting on Audits of Financial Statements . 469

AS 3101—The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion

AS 3105—Departures from Unqualified Opinions and Other Reporting Standards

AS 3110—Dating of the Independent Auditor’s Report

AS 3200 Reserved . 511

AS 3300 Other Reporting Topics   513

AS 3305—Special Reports

AS 3310—Special Reports on Regulated Companies

AS 3315—Reporting on Condensed Financial Statements and Selected Financial Data

AS 3320—Association with Financial Statements

MATTERS RELATING TO FILINGS UNDER FEDERAL SECURITIES LAWS

AS 4000 Matters Relating to Filings Under Federal Securities Laws . 555

AS 4101—Responsibilities Regarding Filings Under Federal Securities Statutes

AS 4105—Reviews of Interim Financial Information

AS 5000 Reserved . 597

OTHER MATTERS ASSOCIATED WITH AUDITS

AS 6000 Other Matters Associated With Audits. 601

AS 6101—Letters for Underwriters and Certain Other Requesting Parties

AS 6000 Other Matters Associated With Audits—continued

AS 6105—Reports on the Application of Accounting Principles

AS 6110—Compliance Auditing Considerations in Audits of Recipients of Governmental Financial Assistance

AS 6115—Reporting on Whether a Previously Reported Material Weakness Continues to Exist

AUDITING INTERPRETATIONS

AI Auditing Interpretations   709

AI 10—Part of the Audit Performed by Other Independent Auditors: Auditing Interpretations of AS 1205

AI 11—Using the Work of a Specialist: Auditing Interpretations of AS 1210

AI 12—Communications About Control Deficiencies in an Audit of Financial Statements: Auditing Interpretations of AS 1305

AI 13—Illegal Acts by Clients: Auditing Interpretations of AS 2405

AI 15—Consideration of an Entity’s Ability to Continue as a Going Concern: Auditing Interpretations of AS 2415

AI 16—Auditing Accounting Estimates: Auditing Interpretations of AS 2501

AI 17—Inquiry of a Client’s Lawyer Concerning Litigation, Claims, and Assessments: Auditing Interpretations of AS 2505

AI 18—Consideration of an Entity’s Use of a Service Organization: Auditing Interpretations of AS 2601

AI 19—Required Supplementary Information: Auditing Interpretations of AS 2705

AI 20—Other Information in Documents Containing Audited Financial Statements: Auditing Interpretations of AS 2710

AI 21—Management Representations: Auditing Interpretations of AS 2805

AI 22—Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report: Auditing Interpretations of AS 2905

AI 23—Reports on Audited Financial Statements: Auditing Interpretations of AS 3101

AI 24—Special Reports: Auditing Interpretations of AS 3305

AI Auditing Interpretations—continued

AI 25—Association with Financial Statements: Auditing Interpretations of AS 3320

AI 26—Responsibilities Regarding Filings Under Federal Securities Statutes: Auditing Interpretations of AS 4101

AI 27—Letters for Underwriters and Certain Other Requesting Parties: Auditing Interpretations of AS 6101

AI 28—Evidential Matter Relating to Income Tax Accruals: Auditing Interpretations AS AS (Reorganized) Topical Index . 815

ATTESTATION

ATTESTATION STANDARDS

Attestation Standard No. 1—Examination Engagements Regarding Compliance Reports of Brokers and Dealers 869

Attestation Standard No. 2—Review Engagements Regarding Exemption Reports of Brokers and Dealers 905

Topical Index  931

INTERIM ATTESTATION STANDARDS

AT Attestation Standards—Introduction  935

AT Statements on Standards for Attestation Engagements 937

101—Attest Engagements

9101—Attest Engagements: Attest Engagements Interpretations of Section 101

201—Agreed-Upon Procedures Engagements

301—Financial Forecasts and Projections

401—Reporting on Pro Forma Financial Information

501—Reporting on an Entity’s Internal Control Over Financial Reporting [See PCAOB Release No. 2004-008.]

9501—Reporting on an Entity’s Internal Control Over Financial Reporting: Attest Engagements Interpretations of Section

501 [See PCAOB Release No. 2004-008.]

601—Compliance Attestation

701—Management’s Discussion and Analysis AT Topical Index . 1139

ETHICS & INDEPENDENCE INTERIM INDEPENDENCE, INTEGRITY, AND OBJECTIVITY STANDARDS

ET 100 Interim Independence, Integrity, and Objectivity Standards 1153

101—Independence

102—Integrity and Objectivity

191—Ethics Rulings on Independence, Integrity, and Objectivity ET Topical Index . 1215

INTERIM INDEPENDENCE STANDARDS BOARD STANDARDS

ISB Independence Standards Board  . 1223

ISB Standard No. 1—Independence Discussions with Audit Committees [See PCAOB Release No. 2008-003.]

ISB Standard No. 2—Certain Independence

Implications of Audits of Mutual Funds and Related Entities

ISB Standard No. 3—Employment with Audit Clients

ISB Interpretation 99–1: Impact on Auditor Independence of Assisting Clients in the Implementation of FAS 133 (Derivatives)

ISB Interpretation 00–1: The Applicability of ISB Standard No. 1 When "Secondary Auditors" Are Involved in the Audit of a Registrant [See PCAOB Release No. 2008-003.]

ISB Interpretation 00–2: The Applicability of ISB Standard No. 1 When "Secondary Auditors" Are Involved in the Audit of a Registrant: An Amendment of Interpretation 00–1 [See PCAOB Release No. 2008-003.]

ISB Topical Index . 1255

QUALITY CONTROL INTERIM QUALITY CONTROL STANDARDS

QC Quality Control  1259

20—System of Quality Control for a CPA Firm’s Accounting and Auditing Practice

30—Monitoring a CPA Firm’s Accounting and Auditing Practice

40—The Personnel Management Element of a Firm’s System of Quality Control—Competencies Required by a Practitioner-in-Charge of an Attest Engagement

INTERIM SECPS STANDARDS

SECPS SEC Practice Section (SECPS)  1279

SEC Practice Section (SECPS)—Requirements of Membership

SECPS Section 8000—Continuing Professional Education

Requirements Effective for Educational Years

Beginning After May 31, 2002

PCAOB STAFF GUIDANCE 1321

100—Select PCAOB Staff Questions and Answers

200—[Reserved]

300—Other Staff Guidance

400—Staff Audit Practice Alerts

PC Topical Index  1705

SELECT RULES OF THE BOARD

Section 1 General Provisions  1717

Section 3 Auditing and Related Professional Practice Standards 1729

RB Topical Index  1743