Audit Guide

From financial reporting to revenue recognition to grants and contracts to auditor report changes, you have a lot going on in the not-for-profit financial arena right now. Whether you're already an expert in NFP audit and accounting standards or just getting started, this is the practical guidance you need. This must-have resource for nonprofits accounting and auditing professionals is an essential reference that will assist you with the unique aspects of accounting and financial statement preparation and auditing for not-for-profit entities. It will help you with the following Understand and implement recent updates and changes, including those related to financial reporting, revenue recognition, and grants and contracts Gain a full understanding of the accounting issues unique to not-for-profit entities Assist in the implementation of auditor report changes.

Audit – now there’s a word that can strike terror into your heart. Whether it’s the IRS looking over your shoulder or a quality tool utilized by your company, it requires accountability. A software audit monitors the development process and provides management with an independent view of the software development status. The purpose of this book is to remove the terror and error while improving the audit process. Software is not produced on a production line; the only thing that is the same on all software projects is that there is input and output. Everything in the middle is customized for the project at hand. Thus, The Software Audit Guide does not contain a one-size-fits-all approach. It gives a choice of areas to audit and different questions that should be asked within these areas. This book provides a flexible, user-friendly checklist of more than 1,300 questions designed to stimulate creative thinking that will ultimately result in the best possible software audit.

Considered the industry standard resource, this guide provides practical guidance, essential information and hands-on advice on the many aspects of accounting and authoritative auditing for employee benefit plans. This new 2016 edition is packed with information on new requirements — including the simplification of disclosure requirements for investments in certain entities that calculate net asset value per share (or its equivalent), the simplification of disclosures for fully benefit-responsive investment contracts, plan investment disclosures, and measurement date practical expedient, and a new employee stock ownership plans chapter that includes both accounting and auditing.

This annual edition provides accountants and other financial professionals with assistance in understanding and applying the special considerations required in a single audit. It is an indispensable resource for auditors performing Yellow Book audits. This new edition provides up-to-date information and expert guidance on single audits and Uniform Guidance compliance audit requirements, including example auditor reports for both the reporting required under Government Auditing Standards and the Uniform Guidance compliance audit.

Designed to facilitate the use of audit data analytics (ADAs) in the financial statement audit, this title was developed by leading experts across the profession and academia. The guide defines audit data analytics as “the science and art of discovering and analyzing patterns, identifying anomalies, and extracting other useful information in data underlying or related to the subject matter of an audit through analysis, modeling, and visualization for planning or performing the audit.” Simply put, ADAs can be used to perform a variety of procedures to gather audit evidence. Each chapter focuses on an audit area and includes step-by-step guidance illustrating how ADAs can be used throughout the financial statement audit. Suggested considerations for assessing the reliability of data are also included in a separate appendix.

Want to ensure effective and efficient execution of the Risk Assessment Standards? AICPA has the resources you need: Audit Risk Assessment Tool (available online only) Assessing and Responding to Audit Risk in a Financial Statement Audit - AICPA Audit Guide The Audit Risk Assessment Tool walks an experienced auditor through the risk assessment procedures and documents those decisions necessary to prepare an effective and efficient audit program. Designed to be used in lieu of cumbersome checklists, it provides a top down risk-based approach to the identification of high risk areas to allow for appropriate tailoring of audit programs which will result in audit efficiencies. The tool is available in the Online Subscription format and includes access to the full Risk Assessment Guide. The AICPA Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit is the definitive source for guidance on applying the core principles of the risk-based audit methodology that must be used on all financial statement audits. This guide is written in an easy-to-understand style that enables auditors of all experience levels to find answers to the issues they encounter in the field. Unique insights, examples and a comprehensive case study clarify critical concepts and requirements. Disclaimer This Audit Risk Assessment Tool is designed to provide illustrative information with respect to the subject matter covered and is recommended for use on audit engagements that are generally smaller in size and have less complex auditing and accounting issues. It is designed to help identify risks, including significant risks, and document the planned response to those risks. The Audit Risk Assessment Tool should be used as a supplement to a firm's existing planning module whether in a firm-based or commercially provided methodology. The Audit Risk Assessment Tool is not a complete planning module. The AICPA recommends the Audit Risk Assessment Tool be completed by audit professionals with substantial accounting, auditing and specific industry experience and knowledge. For a firm to be successful in improving audit quality and efficiencies, it is recommended that a 5+ years experienced auditor completes the Audit Risk Assessment Tool or the engagement team member with the most knowledge of the industry and client (often Partner in small/medium firms) provides insight to whomever is completing the ARA Tool. The AICPA recommends this should not be delegated to lower-level staff and just reviewed – it should be completed under the direction of the experienced auditor (if you delegate to inexperienced auditor you will be at risk for less effectiveness and efficiencies because the tool is intended to be completed by an experienced auditor). The Audit Risk Assessment Tool does not establish standards or preferred practices and is not a substitute for the original authoritative auditing guidance. In applying the auditing guidance included in this Audit Risk Assessment Tool, the auditor should, using professional judgment, assess the relevance and appropriateness of such guidance to the circumstances of the audit. This document has not been approved, disapproved, or otherwise acted on by a senior committee of the AICPA. It is provided with the understanding that the staff and publisher are not engaged in rendering legal, accounting, or other professional service. All such information is provided without warranty of any kind.

This book discusses the fundamental skills, techniques, and tools of auditing, and the characteristics of a good process safety management system. A variety of approaches are given so the reader can select the best methodology for a given audit. This book updates the original CCPS Auditing Guideline project since the implementation of OSHA PSM regulation, and is accompanied by an online download featuring checklists for both the audit program and the audit itself. This package offers a vital resource for process safety and process development personnel, as well as related professionals like insurers.