Auditing standards are constantly changing with new updates, revisions, and more.
CCH® Publications’
GAAS Guide (2021) can help practitioners stay ahead. This resource describes Statements on Auditing Standards (SASs), Statements on Standards on Accounting and Review Services (SSARS), Statements on Standards for Attestation Engagements (SSAEs), along with their interpretations, in up-to-date forms. With GAAS Guide (2021), CPAs and other professionals can know they’re working with the most current standards and requirements.
Features of GAAS Guide (2021)
GAAS Guide (2021) is a summary of currently used engagement standards, practices, and procedures in audits. It reflects the latest changes resulting from AICPA efforts to clarify standards for auditing, attestation, preparation, compilation, and review. It also summarizes SASs, SSARS, SSAEs, and related interpretations with summaries of their drafts and detailed requirements, including:
Statements on Auditing Standards (SASs)
- No. 133, Auditor Involvement with Exempt Offering Documents
- No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements
- No. 135, Omnibus Statement on Auditing Standards–2019
Statements on Standards for Accounting and Review Services (SSARS)
- No. 18, Attestation Standards: Clarification and Recodification
Statements on Standards for Attestation Engagements (SSAEs)
- No. 24, Omnibus Statement on Standards for Accounting and Review Services – 2018
This resource also contains summaries of the Public Company Accounting Oversight Board (PCAOB) Auditing Standards. Two major inclusions are:
- PCAOB AS-3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion
- Related Amendments to PCAOB Standards (issued in June 2017)
These require auditors to communicate critical audit matters (CAMs) in their reports. On top of this, you can also find discussions of PCAOB exposure drafts of proposed new standards, recently issued Staff Alerts, PCAOB staff guidance, and other notices.
Throughout the book, standards include highlights labeled “Important Notice for 2021.” These explain key places that may change within the next year, including proposed redrafts or other pending changes. This alerts CPAs to issues that may affect their planning and allows them to better track developments throughout the upcoming year.
Benefits of Using GAAS Guide (2021)
GAAS Guide (2021) is authored by
Mark S. Beasley, the Deloitte Professor of Enterprise Risk Management and Professor of Accounting at North Carolina State University in Raleigh, North Carolina. He has extensive experience in both teaching and performing audits, so readers can be confident in the information presented in GAAS Guide (2021).
Though CPAs who serve nonpublic entities are most likely to find this extensive coverage useful, AICPA standard summaries are also relevant to professionals who work with public companies. Many of the issues covered in GAAS Guide (2021) have implications for public companies. These are labeled throughout the book, making it easy for readers to differentiate between audits for public and nonpublic entities.
GAAS Guide (2021) includes “Fraud Pointers,” a special addition to each standard that outlines potential fraud issues. CPAs and tax professionals can use this resource to familiarize themselves with the possibilities and consider fraud risks throughout an audit.
Order GAAS Guide (2021) Online Today
Approach audit engagements with confidence with GAAS Guide (2021) from Wolters Kluwer. It is one of the most comprehensive resources available, with information updated through the end of 2020. Order the guide in softcover format today.
