AICPA Audit and Accounting Manual [Subscription]

Developed exclusively for small-and medium size CPA practices, this Manual explains and demonstrates useful techniques and procedures for conducting compilation, review and audit engagements— from planning to performing procedures to issuing accountants' reports.

This Manual contains extensive guidance on the requirements of the new risk assessment standards (SASs No. 104-111) including understanding the entity and its environment, including its internal control; assessing the risks of material misstatement; and designing and performing further audit procedures that are responsive to the assessed risks.  In addition, this Manual includes:

• Sample confirmation letters
• Engagement and representation letters
• Accountants' reports
• Audit Risk Alerts
• And much more!

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Audit and Accounting Manual

AAM Section 1100

Introduction

.01

This manual has been prepared by the staff of the American Institute of Certified Public Accountants and issued as a nonauthoritative practice aid. The materials included in it are intended primarily as a reference source for conducting audit, review, and compilation engagements. The objective is to provide practitioners with the tools needed to help plan, perform, and report on their engagements. The manual is not intended to serve as a complete or comprehensive quality control system. The materials are not intended as a substitute for the professional judgments that must be applied by practitioners. The manual, where practicable, offers choices and alternatives rather than particular positions. The manual is not a substitute for the authoritative technical literature and users are urged to refer directly to applicable authoritative pronouncements for the text of technical standards.

.02

This manual is intended to be used in connection with engagements of nonpublic entities and is not intended to be used in connection with audits of public entities that are required to be audited under standards set by the Public Company Accounting Oversight Board (PCAOB).

.03

Some sections of the manual include quotations from Statements on Auditing Standards and other authoritative pronouncements. Those quotations are intended only to illustrate certain matters, not to serve as a substitute for careful study of the relevant pronouncements. References are made throughout the manual to the original authoritative pronouncements and to their section numbers in AICPA Professional Standards and the FASB Accounting Standards Current Text to help users locate those authoritative pronouncements.

.04

The authors hope that the manual will be helpful to practitioners in the conduct of their audit and accounting practice. However, no generalized material, such as that included in this manual, can be a substitute for development and implementation by a firm of a system of quality control which is appropriately comprehensive and suitably designed in relation to the firm's organizational structure, its policies, and the nature of its practice.

Copyright © American Institute of Certified Public Accountants, Inc. All Rights Reserved
January 2007

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