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PPC’s Guide to PCAOB Audits provides you with a unique audit approach to perform either an integrated audit or a financial statement audit only in accordance with PCAOB standards and SEC regulations. The Guide is specifically tailored to meet PCAOB and SEC requirements and it includes all the comprehensive guidance and practice aids—programs, forms, and checklists—necessary to perform audits of issuers in accordance with PCAOB standards.
PPC’s Guide to PCAOB Audits provides detailed PCAOB and SEC guidance on topics such as —
Performing an integrated audit, including practice aids to perform an audit internal control over financial reporting.
Performing a financial statement audit only.
SEC financial statement measurement requirements and S-X and other disclosure requirements.
SEC S-K disclosure requirements for other financial information and the auditor's responsibility for such information.
Audit documentation and retention.
Communicating with audit committees.
Reporting under PCAOB standards.
Performing interim reviews.
Independence.
Concurring review and partner rotation.
PPC’s PCAOB Update Service, a companion product to the Guide, was developed to ensure you have the most current information available to accurately perform your PCAOB audits. It includes an e-mail update service covering developments affecting your audits, and a complete mid-year update of the Guide.
AICPA Statement on Quality Control Standards No. 7
101 HOW TO USE THIS GUIDE
Performing Audits of Nonpublic Entities Using PCAOB Standards
Library Resources
102 ORGANIZATION OF THIS GUIDE
Chapter 2--"General Risk Analysis and Initial Planning"
Chapter 3--"Management's Responsibility for Internal Control"
Chapter 4--"Auditing Internal Control over Financial Reporting"
Chapter 5--"Specific Risk Analysis and Detailed Planning--Financial Statement Audit"
Chapter 6--"Preparing Audit Programs and Documentation"
Chapter 7--"Substantive Analytical Procedures"
Chapter 8--"General Procedures and Summary Documentation"
Chapter 9--"Reporting and Other Auditing Considerations"
Chapter 10--"Other SEC and PCAOB Matters"
CHAPTER 2: GENERAL RISK ANALYSIS AND INITIAL PLANNING
200 INTRODUCTION
A Primer on Risks of Audit Interest
Risk of What?
How Does Risk Analysis Relate to Consideration of Materiality?
Overall Approach to Risk Analysis
201 CLIENT ACCEPTANCE AND CONTINUANCE
Pre-engagement Risk Analysis
Evaluation of Engagement Acceptance or Continuance
SQCS No. 7.
Auditing Std. No. 7, Engagement Quality Review.
The Acceptance Decision.
Prospective Client's Reputation
Sources of Information.
Communication with a Predecessor.
Firm Independence
Meeting Other Professional Standards and Requirements
Technical Expertise and Available Resources.
Following Requirements of Governmental Bodies, Commissions, or Other Regulatory Agencies.
SQCS No. 7.
Integrity and Objectivity.
Engagement Acceptance Forms
Annual Evaluation for Continuing Engagement
Relation of Evaluation to Audit Plan
Documenting the Understanding with the Client--Integrated Audit.
Documenting the Understanding with the Client--Financial Statement Audit Only.
Other Matters.
Sample Engagement Letters.
202 INDEPENDENCE REQUIREMENTS
Overview of Requirements
Standards of the Independence Standards Board
ISB Standard No. 1 and Interpretations 00-1 and 00-2.
ISB Standard No. 2.
ISB Standard No. 3.
ISB Interpretation.
SEC Independence Requirements
The General Standard.
Overview of Rule 2-01.
Definition of Terms
Financial Relationships That Impair a Firm's Independence
Exceptions to the Independence Impairments Due to Financial Relationships.
Employment Relationships That Impair Independence
Exceptions to the Independence Impairments Due to Employment Relationships.
Business Relationships That Can Impair Independence
Nonaudit Services That Impair Independence
Partner Rotation
Exception to the Partner Rotation Rules for Small Firms.
Partner Compensation
Exception to the Partner Compensation Rule.
Contingent Fees
Preapproval of Services by the Client's Audit Committee
Exceptions to the Preapproval Requirement.
Importance of a Quality Control System
Other SEC Independence Rules
Answers to Frequently Asked Questions
PCAOB Ethics and Independence Rules on Independence, Tax Services, and Contingent Fees
Rule 3502.
Rule 3520.
Rules 3521 and 3522.
Rule 3523.
Rule 3524.
Rule 3525.
Rule 3526.
Staff Q&As on Rules 3522 and 3523.
203 OBTAINING A GENERAL UNDERSTANDING OF THE CLIENT AND ITS ENVIRONMENT
Gathering Information on the Client and Its Environment
Performing Preliminary Analytical Procedures and Inquiring Concerning Current Developments
Preliminary Analytical Procedures.
Analytical Procedures Related to Revenue.
Documentation.
Going-concern Considerations.
Inquiries Concerning Fraud Risks.
Determining Planning Materiality
Quantifying Planning Materiality.
Desirability of a Single Benchmark.
Benchmarks.
Selecting a Percentage.
Quantifying Materiality for Particular Items of Lesser Amounts Than Planning Materiality.
Establishing Tolerable Misstatement.
Caution on Use of Planning Materiality for Evaluation.
204 UNDERSTANDING OF INTERNAL CONTROL AND IDENTIFICATION OF OVERALL RISKS OF MATERIAL MISSTATEMENT
Client Business Risk Assessment
Understanding, Testing, and Assessing of Internal Control
Audit of Internal Control.
Fraud Risk Assessment
Fraudulent Financial Reporting.
Asset Misappropriation.
Synthesizing Information about Fraud Risks.
Overall Response to Identified Fraud Risks.
PCAOB Observations about Auditors' Implementation of Fraud-related Auditing Standards
205 PLANNING MEETINGS
Preliminary Planning Discussions
Discussions at the Meeting
Impact on Significant Audit Areas
Audit Documentation
Other Issues
206 DOCUMENTATION OF INITIAL AUDIT PLANNING
Forms to Aid Initial Planning
Audit Planning Memorandum
207 SPECIAL PLANNING CONSIDERATIONS IN AN INITIAL ENGAGEMENT
Replacing Predecessor Auditors
208 PRIMARY AUTHORITATIVE LITERATURE
CHAPTER 3: MANAGEMENT'S RESPONSIBILITY FOR INTERNAL CONTROL
300 REQUIREMENTS OF SARBANES-OXLEY ACT
Effective Dates
Accelerated Filers.
Non-accelerated Filers.
Newly Public Companies of Any Size.
SOX Section 302 Certifications.
Definition of Internal Control
301 FRAMEWORK USED BY MANAGEMENT TO EVALUATE INTERNAL CONTROL
COSO Framework
Basic Concepts in the COSO Report.
Evaluating the Effectiveness of Internal Control over Financial Reporting.
Management Activities--Scope of the COSO Framework.
Safeguarding of Assets against Unauthorized Acquisition, Use, or Disposition.
Internal Control in Derivative Usage.
Inherent Limitations in Internal Control and the Concept of Reasonable Assurance
302 COMPONENTS OF INTERNAL CONTROL
Organizational Controls versus Functional Controls
Control Environment
Integrity and Ethical Values.
Commitment to Competence.
Board of Directors and Audit Committee.
Management's Philosophy and Operating Style.
Organizational Structure.
Assignment of Authority and Responsibility.
Human Resource Policies and Procedures.
Risk Assessment
Risk Identification.
Risk Analysis.
Risk Assessment and Control Activities.
COSO Enterprise Risk Management Framework.
Communication
Internal Communication.
Communication with the Board of Directors.
External Communication.
Communication Methods.
Monitoring
Methods of Performing Monitoring.
Ongoing Monitoring Activities.
Separate Evaluations.
COSO Guidance on Monitoring.
Functional Level Controls
Financial Reporting System
Control Activities
Preventive and Detective Controls
Controls to Prevent, Deter, and Detect Fraud
303 MANAGEMENT'S ASSESSMENT OF INTERNAL CONTROL OVER FINANCIAL REPORTING
SEC June 2007 Interpretive Guidance
Identifying Financial Reporting Risks.
Identifying Controls that Adequately Address Financial Reporting Risks.
Considering Entity-level Controls.
Determining the Role of IT General Controls.
Evaluating Operating Effectiveness of Controls.
Determining the Evidence Needed to Support the Assessment of Whether Identified Controls Adequately Address Financial Reporting Risks.
Identifying Procedures to Evaluate Control Effectiveness.
Considering Multiple Locations.
Evaluating Control Deficiencies.
Documenting the Assessment.
Reporting Requirements.
SEC May 16, 2005 Commission and Staff Statements
Top-down, Risk-based Assessment.
Scope of Assessment.
Material Weaknesses.
Planning the Assessment.
Scope.
Coordination with Independent Auditors.
Assessment Procedures.
Assessment Tools.
304 MANAGEMENT'S REPORT ON INTERNAL CONTROL
Annual Report
The Expression of Effectiveness in the Report.
Other Disclosures about Material Weaknesses.
Auditor's Evaluation of Report Presentation.
Effect of a Restatement of Previously Issued Financial Statements on the Report on Internal Control over Financial Reporting.
Effect of a Scope Limitation.
Effect of Changes in Controls.
Quarterly Report of Changes in Internal Control over Financial Reporting
SEC Comments on Management's Report
Quarterly and Annual Certification on Disclosure Controls and Procedures
Management's Certification on Disclosure Controls and Procedures.
305 SMALL BUSINESS CONSIDERATIONS
COSO Small Business Considerations
Provisions in the COSO Report.
COSO Small Company Report.
SEC Guide for Small Business
SEC Comments on Management Reports on Internal Control of Smaller Issuers
306 OTHER CONTROL FRAMEWORKS
The Canadian Report
Overview of the CoCo Report.
Supplements to the CoCo Report.
CoCo Criteria of Control in COSO Components.
The United Kingdom's Internal Control Framework
The COBIT Framework
307 PRIMARY AUTHORITATIVE LITERATURE
CHAPTER 4: AUDITING INTERNAL CONTROL OVER FINANCIAL REPORTING
400 INTRODUCTION
The PCAOB Approach
Integrated Audit.
Risk-based Audit of Internal Control.
Top-down Approach.
The PPC Approach
Authoritative Status and Effective Date of Auditing Std. No. 5
Effective Date.
Standards Applicable to the Audit of Internal Control
Summary of Auditing Std. No. 5 Requirements
PCAOB Staff Guidance on Auditing Internal Control in Smaller Public Companies
CAQ Guidance on Internal Control Audits
Organization of This Chapter
401 PLANNING THE AUDIT OF INTERNAL CONTROL OVER FINANCIAL REPORTING
Preliminary Judgments about Materiality, Risk, and Other Factors Relating to the Determination of Material Weaknesses
Materiality.
Risk Assessment.
Risk of Fraud.
Using the Work of Others.
Complexity and Size of the Company.
402 USING THE TOP-DOWN APPROACH
Identifying Entity-level Controls
Control Environment.
Period-end Financial Reporting Process.
Identifying Significant Accounts and Disclosures and Related Relevant Assertions
Significant Accounts and Disclosures.
Relevant Assertions.
Risk Factors Related to Significant Accounts and Disclosures.
Understanding Likely Sources of Misstatement.
Understanding the Effect of Information Technology (IT).
Selecting Controls to Test
Multiple Locations or Business Units.
403 OBTAINING AN UNDERSTANDING OF CONTROLS
Procedures
Inquiries.
Walkthroughs.
Documentation of the Understanding
"Understanding Internal Control Documentation Form" (PCA-CX-4.1).
"Control Identification Matrix" (PCA-CX-4.1.1).
"Financial Reporting System Documentation Forms" (PCA-CX-4.2).
"Activity and Entity-level Control Forms" (PCA-CX-5).
"Control Considerations--Control Environment, Risk Assessment, Information and Communication, and Monitoring" (PCA-CX-6.3).
Documentation of Control Deficiencies.
404 TESTING CONTROLS
Controls to Be Tested
Testing Design Effectiveness
Procedures for Testing Design Effectiveness.
Testing Operating Effectiveness
Determining the Amount of Evidence to Obtain
Nature of Tests of Controls.
Timing of Tests of Controls.
Extent of Tests of Controls.
Roll-forward Procedures.
Considerations in Subsequent Years' Audits
Testing Procedures
Observation.
Inspection of Documents.
Reperformance.
Review of Reconciliations and Similar Bookkeeping Routines.
Selection of the Testing Procedures.
Sampling in Tests of Controls.
Using the Work of Others.
Documentation of Tests of Controls
Documentation of Walkthroughs.
Documentation of Reviews of Reconciliations.
Documentation of Control Risk Assessment.
405 USING SAMPLING IN TESTS OF CONTROLS
Terminology for Sampling in Tests of Controls
Sampling Considerations
Selecting and Performing Tests of Controls
Define the Population and Deviations.
Determine the Tolerable Rate.
Determine the Allowable Risk of Assessing Control Effectiveness Too High.
Determine the Expected Rate of Deviations.
Determine Sample Size.
Sample Size for Tests of Small Populations and Infrequently Operating Controls.
Statistical versus Nonstatistical Approaches.
Determine the Sample Selection Method.
A Recommended Approach for Sampling for Tests of Controls
Evaluating the Results of Tests of Controls Involving Sampling
Assessing Control Effectiveness
Documenting Tests of Controls Involving Sampling
Using Data Extraction Software (DES) for Sampling in Tests of Controls
406 TESTING INFORMATION TECHNOLOGY (IT) CONTROLS
How a Company's IT Affects Internal Control
Types of IT Control Activities
General Controls.
User Controls.
Programmed Application Controls.
Approaches to Testing IT Controls
Test General Controls and Manual Follow-up Activities.
Test User Controls.
Test Programmed Application Controls and Manual Follow-up Activities.
Need for a Specialist to Test IT Controls.
Testing Procedures
Testing Procedures for Manual Follow-up Activities.
Testing Procedures Using CAATs.
Benchmarking for Tests of Automated Application Controls
Documenting Tests of IT Controls
407 EVALUATING THE EFFECTIVENESS OF THE DESIGN AND OPERATION OF CONTROLS
Deficiencies in Design Effectiveness
Deficiencies in Operating Effectiveness
Deviations Identified in Controls Testing.
Evaluating Whether Control Deficiencies Are Significant Deficiencies or Material Weaknesses
Severity.
Reasonable Possibility.
Magnitude of the Potential Misstatement.
Multiple Control Deficiencies.
Compensating Controls.
Material Weakness.
Significant Deficiency.
Forming an Opinion on Control Effectiveness
Communication Responsibilities Related to Internal Control
408 MANAGEMENT REPRESENTATIONS
Required Representations
Management's Failure to Provide Written Representations
Date and Signatures on the Representation Letter
Combined Representation Letter
409 EVALUATING THE PRESENTATION OF THE ELEMENTS OF MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
CAQ Alert on Items to Consider with Respect to Management's Report
410 CONSIDERING SUBSEQUENT EVENTS
411 DOCUMENTATION REQUIREMENTS
Practice Aids for Documenting the Internal Control Audit
Documentation Checklist
412 CONSIDERING INVESTMENTS ACCOUNTED FOR ON THE EQUITY METHOD AND ENTITIES EXCLUDED FROM MANAGEMENT'S ASSESSMENT
Equity Method Investments
Entities Excluded from the Assessment of Internal Control
413 USING THE WORK OF OTHER AUDITORS
414 USING SERVICE ORGANIZATIONS
Determining Whether the Service Organization's Services Are Part of the Company's Information System
Assessing the Significance of a Service Organization's Controls
Audit Procedures Related to the Service Organization
Understanding Controls at the Service Organization.
Obtaining Evidence of Operating Effectiveness of the Service Organization's Controls.
Using a Service Auditor's Report.
Subsequent Period Procedures.
Determining the Need for Additional Procedures.
415 ENGAGEMENT TO REPORT ON WHETHER A PREVIOUSLY REPORTED MATERIAL WEAKNESS CONTINUES TO EXIST
Conditions for Performing the Engagement
Stated Control Objectives
Planning the Engagement
Materiality.
Understanding of Internal Control over Financial Reporting.
Evaluating Management's Assertion
Evaluating the Assertion Date.
Testing Control Effectiveness
Forming an Opinion on Whether a Previously Reported Material Weakness Continues to Exist
Management Representations
Evaluating Management's Report
SEC Guidance on Management's Report.
The Auditor's Report on Whether a Previously Reported Material Weakness Continues to Exist
Documentation
Using the Work of Internal Auditors and Other Auditors
Internal Auditors.
Other Auditors.
416 PRIMARY AUTHORITATIVE LITERATURE
CHAPTER 5: SPECIFIC RISK ANALYSIS AND DETAILED PLANNING--FINANCIAL STATEMENT AUDIT
500 INTRODUCTION
Relation of the General to the Specific Risk Analysis
Same Overall Approach.
Focus on Account Balances.
Risks Considered in the Specific Risk Analysis
Traditional Audit Risk Model.
Risk versus Assurance.
501 RELATING RISK ASSESSMENT TO POTENTIAL MATERIAL MISSTATEMENT
Types of Potential Misstatements
Nature of Financial Statement Assertions.
Recording Accuracy.
Relating Assertions to Financial Statement Effect--Direction of Misstatement.
Fraud Risk Assessment
Fraud Risk Factors.
Accumulating Information about Fraud Risks.
Synthesizing the Information and Identifying Fraud Risks.
Assessing Identified Fraud Risks.
Responding to the Fraud Risk Assessment.
Specific Responses.
Professional Skepticism.
Responses to Further Address the Risk of Management Override of Controls.
Causes of Specific Risk of Misstatement
Specific Risk of Error.
Specific Risk of Cooking the Books.
Specific Risk of Stealing.
Relation of Related-party Transactions to Specific Risk Assessment.
Relation of Illegal Acts to Specific Risk Assessment.
502 PLANNING AUDIT PROCEDURES IN RESPONSE TO THE SPECIFIC RISK ASSESSMENT
Relating the Specific Risk of Misstatement to Planned Audit Procedures for an Account Balance and Assertion
Examples of the Effect of Specific Risks on the Nature and Extent of Audit Procedures.
Identifying Mitigating Factors.
503 HOW TO PERFORM AND DOCUMENT THE SPECIFIC RISK ASSESSMENT AND THE EFFECT ON AUDIT SCOPE
General Risk Assessment Factors
Significant Account Balances
Significance of the Account to the Financial Statements.
Direction of Misstatement.
Other Matters That Impact Significant Accounts.
Documenting Significant Accounts and Assertions.
Specific Risk Assessment Factors
Control Risk
Deficiencies Related to the Control Risk Assessment.
Effect on Audit Scope
504 PRIMARY AUTHORITATIVE LITERATURE
CHAPTER 6: PREPARING AUDIT PROGRAMS AND DOCUMENTATION
600 INTRODUCTION
601 TYPES OF SUBSTANTIVE PROCEDURES AND AUDIT APPROACHES
Limited Procedures
Basic Procedures
Extended Procedures (Procedures for Additional Assurance)
602 SELECTING APPROPRIATE SUBSTANTIVE PROCEDURES
Lower-risk Audit Areas
Higher-risk Audit Areas
Selecting Substantive Tests.
Considering the Account Being Tested.
Considering the Financial Statement Assertion.
Considering the Nature of Risks Identified.
Considering the Degree of Risk.
Considering the Available Evidence.
Considering the Effectiveness and Efficiency of Substantive Tests.
Considering Identified Fraud Risks.
Improper Revenue Recognition
Common Revenue Recognition Issues.
Conditions That May Indicate Improper Revenue Recognition.
Responses to Risks of Improper Revenue Recognition.
Designing Effective Analytical Procedures Related to Revenue.
603 TAILORING THE AUDIT PROGRAMS IN THIS GUIDE
Tailoring and Using the Audit Programs in This Guide
Selecting Extended Procedures (Procedures for Additional Assurance).
604 INTERIM AUDIT PROCEDURES
Types of Interim Substantive Procedures
Selecting Interim Audit Procedures.
Audit Risk Considerations
Account Considerations
Financial Reporting System Considerations
Testing the Remaining Period
Evaluating Audit Results
Auditing Estimates
605 AUDIT DOCUMENTATION AND RETENTION
Guidance on Audit Documentation
Auditing Std. No. 3.
SQCS No. 7.
Auditing Standard No. 7--Engagement Quality Review.
General Workpaper Guidance
Workpaper Retention Requirements
Subsequent Changes to Audit Documentation
Documentation Related to Work Performed by Other Auditors
606 PRIMARY AUTHORITATIVE LITERATURE
APPENDIX 6A: Common Fraud Schemes, Symptoms, and Related Audit Responses
APPENDIX 6A-1: Common Cash Fraud Schemes, Symptoms, and Related Audit Responses--Misappropriation of Assets
APPENDIX 6A-2: Common Cash Fraud Schemes and Related Audit Responses--Fraudulent Financial Reporting
APPENDIX 6A-3: Common Accounts Receivable Fraud Schemes, Symptoms, and Related Audit Responses--Misappropriation of Assets
APPENDIX 6A-4: Common Accounts Receivable Fraud Schemes and Related Audit Responses--Fraudulent Financial Reporting
APPENDIX 6A-5: Common Revenue Recognition Fraud Schemes and Related Audit Responses--Fraudulent Financial Reporting
APPENDIX 6A-6: Common Inventory Fraud Schemes, Symptoms, and Related Audit Responses--Misappropriation of Assets
APPENDIX 6A-7: Common Inventory Fraud Schemes and Related Audit Responses--Fraudulent Financial Reporting
APPENDIX 6A-8: Common Property Fraud Schemes, Symptoms, and Related Audit Responses--Misappropriation of Assets
APPENDIX 6A-9: Common Property Fraud Schemes and Related Audit Responses--Fraudulent Financial Reporting
APPENDIX 6A-10: Common Investment and Other Asset Fraud Schemes, Symptoms, and Related Audit Responses--Misappropriation of Assets
APPENDIX 6A-11: Common Investment and Other Asset Fraud Schemes and Related Audit Responses--Fraudulent Financial Reporting
APPENDIX 6A-12: Common Liabilities and Equity Fraud Schemes, Symptoms, and Related Audit Responses--Misappropriation of Assets
APPENDIX 6A-13: Common Liabilities and Equity Fraud Schemes and Related Audit Responses--Fraudulent Financial Reporting
APPENDIX 6A-14: Common Cash Disbursement and Payroll Fraud Schemes, Symptoms, and Related Audit Responses--Misappropriation of Assets
CHAPTER 7: SUBSTANTIVE ANALYTICAL PROCEDURES
700 INTRODUCTION
701 TYPES AND PURPOSES OF ANALYTICAL PROCEDURES
What Are Analytical Procedures?
Purposes of Analytical Procedures
What Distinguishes Substantive Analytical Procedures?
702 HOW TO DESIGN EFFECTIVE SUBSTANTIVE ANALYTICAL PROCEDURES
First Ask Management
Consider the Budgetary Process
Identify Comparables
Test the Reliability of Underlying Financial Information
Talk to Operating Personnel
Consider Whether Circumstances Are Favorable to Substantive Analytical Procedures
Type of Account.
Likely Cause of Potential Misstatements.
Availability of Reliable Data.
Precision of Expectation.
Efficiency.
Using Computer Software to Help Perform the Analytical Procedures
Deficiencies in the Performance of Substantive Analytical Procedures
703 SPECIAL CONSIDERATIONS IN PLANNING SUBSTANTIVE ANALYTICAL PROCEDURES
Analytical Procedures and Fraud Detection
Corroboration of Explanations.
Analytical Procedures and Interim Audit Testing
Analytical Procedures and Accounting Estimates
704 EXAMPLES OF SUBSTANTIVE ANALYTICAL PROCEDURES BY AUDIT AREA
Sales and Accounts Receivable
Cost of Sales and Inventory
Property and Equipment
Depreciation.
Intangibles, Prepaids, and Deferred Charges
Investments
Accounts Payable and Other Liabilities
Income Taxes
Income and Expense
705 HOW TO IDENTIFY AND EVALUATE SIGNIFICANT DIFFERENCES
Evaluation of the Significance of Differences
Corroboration of the Explanation of the Difference
706 HOW TO DOCUMENT SUBSTANTIVE ANALYTICAL PROCEDURES
Documentation of Principal Substantive Tests of a Significant Financial Statement Assertion
Documentation of Other Types of Analytical Procedures
Practice Aids
707 PRIMARY AUTHORITATIVE LITERATURE
CHAPTER 8: GENERAL PROCEDURES AND SUMMARY DOCUMENTATION
800 INTRODUCTION
801 COMMITMENTS AND CONTINGENCIES
Accounting Standards
Audit Procedures
802 LAWYERS' LETTERS
Litigation
Unasserted Claims
Client Has Not Consulted a Lawyer
Evaluation of Lawyers' Responses
Dating of Lawyer's Response.
803 SUBSEQUENT EVENTS
Types of Subsequent Events
Subsequent Events Review Procedures
804 RELATED PARTIES
Audit Procedures
Beginning of Audit.
In Connection with Other Procedures.
Final Review.
Substantiating Material Related-party Transactions.
Related-party Transactions and Fraud.
805 GOING-CONCERN CONSIDERATIONS
Evaluating the Entity's Ability to Continue as a Going Concern
Assessment of Audit Procedures
Conditions and Events
Consideration of Management Plans
Other Considerations
Procedures When There Is Substantial Doubt
Documentation Requirements
Uncertainty about an Entity's Continued Existence
806 RISKS AND UNCERTAINTIES
Nature of Operations
Use of Estimates
Certain Significant Estimates
Current Vulnerability Due to Concentrations
Summary of Disclosure Requirements
Audit Procedures
Certain Significant Estimates.
Risk-reduction Techniques.
Lawyers' Letters.
Current Vulnerability Due to Concentrations.
Wording the Disclosures.
807 MANAGEMENT REPRESENTATION LETTER
Reasons for Obtaining Letter
Written Representations to Be Obtained
Uncorrected Audit Adjustments
Materiality
Periods Covered by the Letter
Dating of the Letter
Reliance on Management's Representations
808 SUMMARIZATION AND EVALUATION
Audit Differences
Accounting Estimates.
Fair Value Measurements and Disclosures.
Analysis of Audit Differences
Summary of Audit Differences
Treatment of Prior-year Waived Adjustments.
Workpaper Format for Evaluating Aggregate Misstatements.
Other Aspects of Evaluating Materiality Using the Dual Approach.
Accounting Treatment of Adjustments.
Evaluation of Overall Materiality
Different Levels for Different Amounts, Subtotals, or Totals.
Qualitative Considerations.
Indication of Possible Fraud.
Risk of Further Misstatement.
Deficiencies in Summarizing and Evaluating Audit Differences
Consultation on Technical Issues
809 ANALYTICAL REVIEW AND REVIEW OF WORKPAPERS
Analytical Review
Review of Workpapers
Detailed Review of Audit Work.
Supervisory Review.
Review by Interview.
Review Checklists.
Tax Department Review.
Concurring Partner Review.
Auditing Std. No. 7, Engagement Quality Review.
Should Workpaper Review and Engagement Quality Review Take Place Before the Date of the Auditor's Report?
810 ENGAGEMENT COMPLETION DOCUMENT
811 COMMUNICATIONS WITH THE CLIENT'S AUDIT COMMITTEE
Reporting Internal Control Deficiencies
Communication of Other Information to the Audit Committee
SEC Rule on Communication with Audit Committees.
Audit Adjustments.
Communication of Disagreements to the Audit Committee.
Fraud and Illegal Acts
Timing and Method of Communication.
812 PRIMARY AUTHORITATIVE LITERATURE
CHAPTER 9: REPORTING AND OTHER AUDITING CONSIDERATIONS
900 INTRODUCTION
901 USE OF A SPECIALIST
Specialists Employed by the Audit Firm
Documentation
902 USE OF INTERNAL AUDITORS
Assessing the Competence and Objectivity of Internal Auditors
Using Internal Auditors Directly
Using Internal Auditors Indirectly
Coordination with Internal Audit.
Documentation
Caution about Overusing the Work of Internal Auditors
903 AUDITS OF CONSOLIDATED OR COMBINED FINANCIAL STATEMENTS
Accounting Considerations for Consolidated and Combined Financial Statements
Variable Interest Entities.
Combined Financial Statements.
Factors Affecting Procedures
Scope of the Auditor's Report.
Number, Size, and Nature of Subsidiaries.
Client Expectations.
Determining Materiality
Consolidated Planning Materiality.
Adjusted Consolidated Planning Materiality.
Intercompany Transactions and Balances
Intercompany Profit.
One-sided Entries.
Audit Considerations--General.
Audit Considerations--Fraud Related.
Business Combinations
Accounting Requirements.
Audit Considerations.
Noncontrolling Interests.
SEC Rules and Regulations.
Goodwill Impairment.
904 USING THE WORK OF OTHER AUDITORS
Procedures Applicable to Both Methods of Reporting
Decision Not to Refer to Work of Other Auditor
Decision to Refer to Work of Other Auditor
905 USING DATA EXTRACTION TECHNIQUES (DES)
Improved Audit Efficiency
Better Quality Audits
Cautions for Using DES
Cost.
Access to Client Data.
Process of Using DES
Planning for the Use of DES
Obtaining Data from the Client
Type of Data File Needed and Format.
Record Layout of the File.
Supporting Information Needed to Verify Data.
Method of Transmitting Data.
Corroboration of Client Data
Processing Data
Documentation of DES Procedures
Examples of Uses of DES
906 REPORTING REQUIREMENTS FOR PUBLIC COMPANIES
Reports on Audited Financial Statements
Nonstandard Financial Statement Audit Reports.
Evaluating and Reporting on Consistency of Financial Statements.
Effect on Audit Report of Issuer's Failure to Pay Accounting Support Fees.
Components of Internal Control Audit Reports
Separate versus Combined Report.
Separate Reports When Auditing Internal Control
Separate Reports on Internal Control over Financial Reporting.
Combined Reports Addressing Both a Company's Financial Statements and Internal Controls
Location of Internal Control Report
Report Modifications
Conditions That May Lead to Report Modifications
Adverse Opinion--Material Weaknesses.
Modified Report--Elements of Management's Internal Control Report Are Incomplete or Improperly Presented.
Disclaimer of Opinion--Scope Limitations.
Auditor's Opinion Is Based in Part on Reports of Other Auditors.
Subsequent Events.
Auditor Subsequently Discovers Information That Existed at the Auditor's Report Date.
Management's Report on Internal Control Contains Other Information.
Management's Annual Certification Is Misstated.
Reports on Whether a Previously Reported Material Weakness Continues to Exist
Standard Report.
Modifications of the Auditor's Report.
Reports on Adjustments to Prior-period Financial Statements Audited by a Predecessor Auditor
Segment Disclosures
Auditor's Responsibilities for Filing under Federal Securities Statutes
Auditor Requirements.
Consents.
SEC Filing Status and Deadlines
SEC Delay of Internal Control Reporting
907 INITIAL AUDITS
Audit Objectives in an Initial Engagement
Preliminary Knowledge of Client.
Reasonableness of Opening Balances.
Nature of Opening Balances.
Consistency.
Client Relations.
Replacing a Predecessor Auditor
Consideration of Predecessor's Reputation and Independence.
Review of the Predecessor's Workpapers.
Reliance on the Predecessor.
Purposes of Reviewing Predecessor's Workpapers.
Overall Review of Predecessor's Workpapers.
Detailed Review of Specific Workpapers.
Successor Auditor Acknowledgment Letter.
Consideration of Reporting Options
No Reliance on a Predecessor Auditor.
Audit Reporting.
Special Considerations for Observation of Inventory.
Audits of Financial Statements Previously Audited by a Predecessor Auditor
Communications with the Predecessor Auditor.
Requesting Access to Workpapers.
Reliance on the Work of the Predecessor.
Effect on the Successor's Audit Report.
Providing Access to Workpapers in a Reaudit Situation.
908 PRIMARY AUTHORITATIVE LITERATURE
APPENDIX 9A: Audit Reports--Integrated Audit
APPENDIX 9A-1: Separate Report on the Audit of the Financial Statements--Unqualified Opinion (Integrated Audit)
APPENDIX 9A-2: Separate Report on the Audit of Internal Control--Unqualified Opinion
APPENDIX 9A-3: Combined Report on Both the Audit of the Financial Statements and the Audit of Internal Control--Unqualified Opinions
APPENDIX 9A-4: Separate Report on the Audit of Internal Control--Adverse Opinion on Internal Control
APPENDIX 9A-5: Separate Report on the Audit of Internal Control--Adverse Opinion on Internal Control, Management Has Not Identified the Material Weakness
APPENDIX 9A-6: Separate Report on the Audit of Internal Control--Adverse Opinion on Internal Control, Material Weakness Not Fairly Presented by Management
APPENDIX 9A-7: Separate Report on the Audit of Internal Control--Modified Report on Internal Control because of Management Annual Report Elements Being Incomplete or Improperly Presented
APPENDIX 9A-8: Separate Report on the Audit of Internal Control--Disclaimer of Opinion on Internal Control Due to a Scope Limitation
APPENDIX 9A-9: Separate Report on the Audit of Internal Control--Unqualified Opinion, Reference to Report of Other Auditors
APPENDIX 9C: Reports on Engagements to Report on Whether a Previously Reported Material Weakness Continues to Exist
APPENDIX 9C-1: Illustrative Auditor's Report for a Continuing Auditor Expressing an Opinion That a Previously Reported Material Weakness No Longer Exists
APPENDIX 9C-2: Illustrative Auditor's Report for a Successor Auditor Expressing an Opinion That a Previously Reported Material Weakness No Longer Exists
APPENDIX 9C-3: Illustrative Auditor's Report for a Continuing Auditor Expressing an Opinion on Only One Previously Reported Material Weakness When Additional Material Weaknesses Previously Were Reported
APPENDIX 9D: Reissued Reports by Predecessor Auditor on Prior-period Financial Statements when a Successor Auditor Audits and Reports on Adjustments to the Prior-period Statements
APPENDIX 9D-1: Reissued Report by Predecessor Auditor on Prior-period Financial Statements when a Successor Auditor Audits and Reports on Adjustments to the Prior-period Statements for the Retrospective Application of a Change in Accounting
APPENDIX 9D-2: Reissued Report by Predecessor Auditor on Prior-period Financial Statements when a Successor Auditor Audits and Reports on Adjustments to the Prior-period Statements for the Correction of an Error
CHAPTER 10: OTHER SEC AND PCAOB MATTERS
1000 INTRODUCTION
FASB Accounting Standards Codification
SEC Material in the FASB Accounting Standards Codification.
1001 INTERIM REVIEWS
Interim Financial Statements--Form 10-Q
Larger Companies.
Smaller Reporting Companies.
Comparison of Interim Financial Statement Requirements of Larger and Smaller Reporting Companies.
Interim Review Procedures
Assess Client Acceptance or Continuance
Obtain a Signed Engagement Letter
Obtain or Update Knowledge of the Client's Business and Its Internal Control
Perform Analytical Procedures, Inquiries, and Other Review Procedures
Perform Requirements Related to Management's Quarterly Certification Regarding Internal Control over Financial Reporting
Management's Responsibilities.
Accountant's Responsibilities.
Read the Management Discussion and Analysis (MD&A)
Obtain a Management Representation Letter
Review and Evaluate the Results of the Review Procedures Performed
Obtain an Engagement Quality Review
Issue the Review Report, If Applicable
Review Report.
Departure from Generally Accepted Accounting Principles.
Inadequate Disclosure.
Going Concern.
1002 SEC ACCOUNTING AND DISCLOSURE ISSUES
SEC Division of Corporation Finance Documents
Accounting and Disclosure Issues.
Staff Training Manual.
Office of the Chief Accountant Letter on Accounting for Operating Leases
Office of the Chief Accountant Letter on Accounting for Stock Options
Dating an Option Award to Predate the Actual Award Date.
Option Grants with Administrative Delays.
The Validity of Prior Grants.
Uncertainty as to Individual Award Recipients.
Exercise Price Set by Reference to a Future Market Price.
Grants Prior to the Commencement of Employment.
Documentation of Option Granting Activities Is Incomplete or Cannot Be Located.
Timing of Option Grants.
Changes to Option Grants Due to The Release of New Information.
Income Tax Benefits Related to Options.
SEC Guidance on Expensing Employee Stock Options
SEC Staff Guidance on Disclosure of Risk Factors
Guidance on Measurement of Fair Value in Illiquid or Inactive Markets
AICPA White Paper on Fair Value Measurements in Illiquid Markets.
SEC and FASB Clarification on Fair Value Accounting.
FASB Staff Position on Fair Value Determinations in Inactive Markets.
SEC Views on Assessments of Declines in Fair Value of Perpetual Preferred Securities.
SEC Letters on MD&A Disclosure Relating to the Application of SFAS No. 157 (FASB ASC 820) on Fair Value Measurements.
SEC Concept Release and Proposed Roadmap on Preparation of Financial Statements in Accordance with International Financial Reporting Standards by U.S. Issuers
Concept Release.
Proposed Roadmap.
SEC Replacement of EDGAR Reporting System and Requirement for Interactive Data System
EDGAR.
Interactive Data System.
Frequent SEC Comment Letter Issues for Smaller Registrants
SEC Staff Observations Based on Reviews of Filings
SEC Guidance Related to the FASB Accounting Standards Codification
SEC Interpretation.
SEC Staff Comments.
1003 OTHER INFORMATION IN SEC FILINGS
Integrated Disclosure
Smaller Reporting Company
The Auditor's Responsibility for Other Information in SEC Filings
Applicability of AU 550 to Various Types of Information
Selected Financial Data of the Registrant.
Supplementary Data (Selected Quarterly Financial Data).
Management's Discussion and Analysis (MD&A)--Larger Company.
Management's Discussion and Analysis (MD&A)--Smaller Reporting Company.
MD&A in Interim Reports.
SEC Guidance on MD&A.
The Auditor's Responsibility for MD&A.
Executive Compensation.
Executive Compensation Disclosures Required by Reg. S-K.
Summary Compensation Table--Larger and Smaller Reporting Companies.
Narrative Disclosure to Summary Compensation Table--Larger Companies.
Narrative Disclosure to Summary Compensation Table--Smaller Reporting Companies.
PCA-CL-3.2: Management Representation Letter--Audit of Internal Control over Financial Reporting
PCA-CL-3.3: Summary of Audit Differences
PCA-CL-3.4: Updating Management Representation Letter
PCA-CL-4: Internal Control Communications
PCA-CL-4.1: Communication of Significant Deficiencies and Material Weaknesses to the Audit Committee and Management--Integrated Audit
PCA-CL-4.2: Communication of Significant Deficiencies to the Audit Committee and Management--Indication That None Is a Material Weakness--Integrated Audit
PCA-CL-4.3: Communication of the Existence of Material Weaknesses Due to Ineffective Oversight of the Audit Committee--Integrated Audit
PCA-CL-4.4: Management Letter Report Drafting Form--Integrated Audit
PCA-CL-4.5: Communication of Significant Deficiencies and Material Weaknesses to the Audit Committee and Management--Financial Statement Audit Only
PCA-CL-4.6: Communication of Significant Deficiencies to the Audit Committee and Management--Indication That None Is a Material Weakness--Financial Statement Audit Only
PCA-CL-4.7: Communication of the Existence of Material Weaknesses Due to Ineffective Oversight of the Audit Committee--Financial Statement Audit Only
PCA-CL-4.8: Management Letter Report Drafting Form--Financial Statement Audit Only
PCA-CL-5: Communications with Audit Committees
PCA-CL-5.1: Communication with Audit Committees
PCA-CL-5.2: Letter to Audit Committee Confirming the Firm's Independence--Continuing Engagement
PCA-CL-5.3: Letter to Audit Committee Confirming the Firm's Independence--Prior to Accepting an Initial Engagement
PCA-CL-5.4: Written Description in Connection with Audit Committee Preapproval of Permissible Tax Services
PCA-CL-6: Cash Confirmations and Letters
PCA-CL-6.1: Standard Form to Confirm Account Balance Information with Financial Institutions
PCA-CL-6.2: Request for Subsequent Bank Statements
PCA-CL-7.6: Confirmation Request for a Bill-and-hold Transaction
PCA-CL-7.7: Confirmation of Note Receivable
PCA-CL-8: Investments and Securities Confirmations and Letters
PCA-CL-8.1: Receipt for Securities Counted by Auditor
PCA-CL-8.2: Confirmation of Securities Held by Brokers
PCA-CL-8.3: Confirmation of Securities Held by a Third Party
PCA-CL-9: Inventory Confirmations and Letters
PCA-CL-9.1: Confirmation of Inventories Held by a Third Party--Listing of Inventories Not Enclosed
PCA-CL-9.2: Confirmation of Inventories Held by a Third Party--Listing of Inventories Enclosed
PCA-CL-10: Payables and Debt Confirmations and Letters
PCA-CL-10.1: Accounts Payable Confirmation
PCA-CL-10.2: Note Payable Confirmation
PCA-CL-10.3: Confirmation of Debt for Which No Written Loan Agreement Exists
PCA-CL-10.4: Confirmation of Mortgage Debt
PCA-CL-10.5: Confirmation of Compensating Balances
PCA-CL-10.6: Confirmation of Line of Credit
PCA-CL-10.7: Confirmation of Contingent Liabilities with Financial Institutions
PCA-CL-11: Benefit Plan Confirmations and Letters
PCA-CL-11.1: Request for Defined Benefit Plan Information
PCA-CL-11.2: Request for Plan Asset Information--Defined Benefit Pension and Other Postretirement Benefit Plans
PCA-CL-12: Other Confirmations and Letters
PCA-CL-12.1: Standard Confirmation Inquiry for Life Insurance Policies
PCA-CL-12.2: Confirmation of Insurance Coverage (Except Life Insurance)
PCA-CL-12.3: Confirmation of Lease Agreement
PCA-CL-12.4: Related Party Confirmation
PCA-CL-12.5: Data Request Letter
PCA-CL-13: Predecessor/Successor Communications
PCA-CL-13.1: Request for Predecessor Auditor to Release Information to Successor Auditor
PCA-CL-13.2: Letter Granting Successor Auditors Access to Workpapers
PCA-CL-13.3: Client Consent and Acknowledgment Letter
PCA-CL-13.4: Communication with Predecessor Auditor Prior to Final Engagement Acceptance
PCA-CL-13.5: Representation from Successor Auditor to Predecessor Auditor--Predecessor's Report Is Reissued
PCA-CL-14: Principal and Other Auditor Communications
PCA-CL-14.1: Request for Representations from Other Auditor
PCA-CL-14.2: Request for Documentation from Other Auditor
PCA-CL-14.3: Inquiry of Principal Auditor by Other Auditor
PCA-CL-14.4: Principal Auditor's Response to Inquiries from Other Auditor
PCA-CL-14.5: Letter from Principal Auditor to Other Auditors Regarding Related Parties
PCA-CL-15: Letter from Auditor to SEC Relating to Non-reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
PCA-CL-16: Engagements to Report on Whether a Previously Reported Material Weakness Continues to Exist
PCA-CL-16.1: Management Representation Letter--Engagement to Report on Whether a Previously Reported Material Weakness Continues to Exist
PCA-CL-16.2: Communication of Material Weaknesses to the Audit Committee--Engagement to Report on Whether a Previously Reported Material Weakness Continues to Exist--Material Weakness Continues to Exist
PCA-CL-16.3: Communication of Material Weaknesses to the Audit Committee--Engagement to Report on Whether a Previously Reported Material Weakness Continues to Exist--Material Weakness Identified That Has Not Been Previously Communicated to the Audit Committee
CHECKLISTS AND PRACTICE AIDS (PCA-CX)
Application of Practice Aids to Engagements
PCA-CX-1: Planning and Preliminary Engagement Activities
PCA-CX-1.1: Engagement Acceptance Form
PCA-CX-1.2: Engagement Continuance Form
PCA-CX-1.3: Partner Rotation Documentation Form
PCA-CX-2: Financial Statement Materiality Worksheet for Planning Purposes
PCA-CX-3: Understanding the Entity
PCA-CX-3.1: Client Information and Business Risks Form
PCA-CX-3.2: Fraud Risk Information Form
PCA-CX-3.3: Fraud Risk Factors
PCA-CX-4: Understanding Internal Control
PCA-CX-4.1: Understanding Internal Control Form
PCA-CX-4.1.1: Control Identification Matrix
PCA-CX-4.2: Financial Reporting System Documentation Forms
PCA-CX-4.2.1: Financial Reporting System Documentation Form--Significant Transaction Classes
PCA-CX-4.2.2: Financial Reporting System Documentation Form--IT Environment and General Computer Controls
PCA-CX-4.2.3: Financial Reporting System Documentation Form--Financial Close and Reporting Process
PCA-CX-4.3: Walkthrough Documentation Table
PCA-CX-5: Activity and Entity-level Control Forms
PCA-CX-5.1: Entity-level Control Form for Control Environment
PCA-CX-5.2: Entity-level Control Form for Risk Assessment
PCA-CX-5.3: Entity-level Control Form for Information and Communication
PCA-CX-5.4: Entity-level Control Form for Monitoring
PCA-CX-5.5: Entity-level Control Form for IT General Controls
PCA-CX-5.6: Entity-level Control Form for Financial Close and Reporting
PCA-CX-5.7: Control Activities Form for Cash
PCA-CX-5.8: Control Activities Form for Accounts Receivable and Sales
PCA-CX-5.9: Control Activities Form for Inventory and Cost of Sales
PCA-CX-5.10: Control Activities Form for Property
PCA-CX-5.11: Control Activities Form for Investments and Derivatives
PCA-CX-5.12: Control Activities Form for Other Assets
PCA-CX-5.13: Control Activities Form for Accounts Payable and Other Liabilities
PCA-CX-5.14: Control Activities Form for Notes Payable and Long-term Debt
PCA-CX-5.15: Control Activities Form for Income Taxes
PCA-CX-5.16: Control Activities Form for Equity
PCA-CX-5.17: Control Activities Form for Income and Expense
PCA-CX-5.18: Common Control Objectives by Audit Area and Transaction Class/Process
PCA-CX-6: Identifying Risk
PCA-CX-6.1: Business Risk Factors
PCA-CX-6.2: Fraud Risk Identification Form
PCA-CX-6.3: Control Considerations--Control Environment, Risk Assessment, Information and Communication, and Monitoring
PCA-CX-7: Risk Assessment
PCA-CX-7.1: Risk Assessment Summary Form
PCA-CX-7.2: Inherent Risk Assessment Form
PCA-CX-8: Planning Substantive Procedures
PCA-CX-8.1: Planning Worksheet to Determine Extent of Substantive Procedures
PCA-CX-8.2: Sampling Planning and Evaluation Form--Substantive Procedures
PCA-CX-8.3: Sampling Worksheet for Testing Account Coding and Classifications
PCA-CX-8.4: Form for Determining the Extent of Use of the Work of Internal Auditors and Others
PCA-CX-10.2: Tests of Controls Sampling Planning and Evaluation Form--Internal Control Audit
PCA-CX-10.3: Tests of Controls Sampling Planning and Evaluation Form--Financial Statement Audit
PCA-CX-10.4: Test of Controls Form--IT General Controls
PCA-CX-11: Other Checklists for Performing Further Audit Procedures
PCA-CX-11.1: Inventory Counting Procedures
PCA-CX-11.2: Confirmation Summary Form
PCA-CX-11.3: Accounts Receivable Statistics Form
PCA-CX-11.4: Confirmation Reconciliation Form
PCA-CX-11.5: Checklist for Determining the Applicability of FASB ASC 815 (formerly SFAS No. 133) to a Contract
PCA-CX-11.6: Determining the Impact of Accounting Requirements for Variable Interest Entities on a Reporting Entity--after the Effective Date of SFAS No. 167
PCA-CX-11.7: Data Extraction Software Analysis Documentation Form
PCA-CX-12: Evaluating Audit Differences
PCA-CX-12.1: Audit Adjustment Form
PCA-CX-12.2: Audit Difference Evaluation Form
PCA-CX-13: Disclosure Requirements
PCA-CX-13.1: Disclosure Requirements for Financial Statements of Larger Companies
PCA-CX-13.2: Disclosure Requirements for Financial Statements of Smaller Reporting Companies
PCA-CX-13.3: Disclosure Requirements for Other Information in Form 10-K
PCA-CX-14: Review and Wrap-up
PCA-CX-14.1: Supervision, Review, and Approval Form
PCA-CX-14.2: Audit Documentation Checklist
PCA-CX-14.3: Engagement Completion Document
PCA-CX-15: Internal Control Deficiencies and Management Points
PCA-CX-15.1: Control Deficiency Evaluation Form
PCA-CX-15.2: Management Point Development Worksheet
PCA-CX-16: Other Checklists for Concluding the Audit
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INTRODUCTORY MATERIAL
PREFACE
