TOP AUDITING ISSUES FOR 2013 - CCH

INDEX 185
Review standards
interpretive publications and … 65–66
for supplementary information … 105
Risk assessment … 69
AU-C sections of Codification for … 131–132,
134, 135
correlation to design of further audit
procedures of … 70, 72–73
in COSO Framework … 151–152
differences between U.S. and foreign GAAP
affecting … 89
documentation of … 71–73, 76–77
Risk mitigation … 153
Risk tolerance of organization … 151, 152
S
Safeguards against threats
to independence … 3, 5
documentation of … 13
SAS 117, Compliance Audits … 123
SAS 118, consideration of effects of
material inconsistencies or
misstatements under … 102
SAS 119, “standard” report under … 96–99
other-matter paragraph for, regarding
qualified opinion … 98
SAS 120, explanatory paragraph in auditor’s
report under … 99–102
SAS 124, Financial Statements Prepared in
Accordance with a Financial Reporting
Framework Generally Accepted in
Another Country … 87–92
applicability of … 87–88
effective date of … 88
objectives of … 88
presumptively mandatory
requirements of … 88–92
reporting requirements of … 91–92
Securities and Exchange Commission (SEC)
as source of authoritative GAAP for
public entities … 61
Segregation of duties built into
control activities … 153
Self-interest as threat to independence … 4
Self-review as threat to independence … 4
Significance of matter, factors in … 27
Special purpose frameworks
of accounting … 138–139
SSARS 19, Compilation and
Review Services … 45–56
documentation requirements of … 50–56
effective date of … 45, 65–66
financial statements accompanied by
supplementary information under … 103
interpretation for … 103, 106
issuance by ARSC of … 65
performance requirements of … 48–49
reporting under … 45–47, 79–80
Standards on Attestation Engagements
(AICPA) … 21
Statements on Quality Control Standards
(SQCS) … 82
Statements on Standards for Attestation
Engagements (SSAEs) … 65
Statutory protections for external
audit organization … 8
Structural threat as threat
to independence … 4
to external auditors … 7–8
Sufficiency to measure quality
of evidence … 27, 35, 60
Supervision during engagements to
ensure consistency of implementing
Codification … 144
Supplementary information
compilation standards for … 103–104
definition of … 94
identifying … 107
materially misstated … 98
required … 94, 101, 103–104, 107
review standards for … 105–106
Supplementary information,
reporting on … 93–107
auditing interpretation for … 98–99
auditing literature for, list of … 93
auditing standards for … 95–99
compilation and review literature for,
list of … 93
explanatory paragraph for … 99–102
subsequent to date of auditor’s report … 98–99
Technology, general control
activities over … 153
Templates, document … 50, 54, 55, 56,
75–76, 80
Threats to independence … 1. See also
individual threats
definition of … 3
documentation of safeguards against … 13
events giving rise to … 6, 8
identifying … 3
reduced to acceptable level by applying
safeguards … 11
safeguards against … 3, 5, 13
T