Knowledge-Based Audits of Real Estate Entities (2011)

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This book is designed to help auditors efficiently and effectively perform financial statement audits of entities engaged in real estate transactions or in services involving real estate in accordance with auditing standards generally accepted in the United States of America (GAAS).
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Format:
  • Author(s): Denise M. Silva 
  • Luis M. Puncel 
  • Media: Book - Softcover
  • ISBN: 9780808025184
  • Binding: Perfect Bound
  • Pages: 144
  • Volumes: 1...
  • Size: 6" x 9"
  • Publish Date: 12/20/2010
  • Offer Number: 0-6399-401
  • Material Id: 10030163-0001
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Description:

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Knowledge-Based Audits of Real Estate Entities is designed to help auditors efficiently and effectively perform financial statement audits of entities engaged in real estate transactions or in services involving real estate in accordance with auditing standards generally accepted in the United States of America (GAAS).

The guide provides practitioners the most effective approach for conducting high-quality audits of nonpublic real estate entities. Knowledge-Based Audits™ of Real Estate Entities provides practical discussion and consideration of the day-to-day management of audit engagements. It reduces the technical language of official pronouncements to easy-to-read and easy-to-understand advice and procedures. It is designed to enhance the quality of your practice, and it presents an approach that will help you perform your audit engagements effectively and efficiently.

Throughout, Knowledge-Based Audits™ of Real Estate Entities includes numerous Knowledge-Based Audit documents—KBAs, practice aids, checklists, questionnaires, workpapers, sample correspondence, and sample auditor’s reports—that will take you through an engagement from the initial evaluation of a client to the issuance of the auditor’s report.

Available on an accompanying CD-ROM and for subscribers on CCH’s Accounting Research Manager, Knowledge-Based Audits™ of Real Estate Entities comes with the following types of content:

  • Audit programs;
  • Auditor’s reports;
  • Correspondence and confirmation letters;
  • Knowledge-Based Audit™ documents; and
  • Practice aids.

Benefits and Features:

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Knowledge-Based Audits of Real Estate Entities (2011)

Benefits and Features

Knowledge-Based Audits™ of Real Estate Entities consists of 28 chapters and covers all major audit topics, including:

  • Detailed discussion of real estate entities and investment structures;
  • Comprehensive discussion of authoritative literature for accounting for real estate transactions;
  • Pre-engagement activities and audit planning;
  • Audit strategy and overall audit approach;
  • Audit risk and materiality;
  • Fraud risk assessment;
  • Risk assessment procedures to obtain an understanding of the entity and its environment, including
  • its internal controls over financial reporting;
  • Audit sampling;
  • Analytical procedures;
  • Potential errors and fraud schemes in specific audit areas and examples of fraud-related audit procedures;
  • Evaluation and testing of an entity’s internal controls over financial reporting;
  • All major audit areas: cash, investments and derivatives, sales and accounts receivable, inventory, fixed assets, other assets, accounts payable and accrued expenses, debt obligations, income taxes, equity, and operations;
  • Specific required audit procedures for real estate transactions;
  • Minimum workpaper documentation requirements;
  • Financial accounting and reporting disclosure checklists;
  • General audit procedures at various stages of the audit;
  • Auditor’s reports; and
  • Illustrations and applications of various forms, checklists, and practice aids.

Contents:

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Knowledge-Based Audits of Real Estate Entities (2011)

Topics and Content

  • Preface
  • Chapter 1: Auditing and Quality Control Standards and the KBA Methodology
  • Chapter 2: Introduction to Real Estate Transactions and Forms of Ownership
  • Chapter 3: Pre-acquisition, Acquisition, and Development Costs
  • Chapter 4: Assets Held for Use or Investment: Capital and Operating Lease Transactions
  • Chapter 5: Assets Held for Sale: Real Estate Sales Transactions
  • Chapter 6: Retail Land Sales, Common Interest Realty Associations, Sale-Leaseback Transactions, and Real Estate Investment Trusts
  • Chapter 7: Financial Statement Assertions, Audit Evidence, and Audit Documentation
  • Chapter 8: Pre-Engagement Procedures and Audit Planning
  • Chapter 9: Risk Assessment Procedures: Obtaining an Understanding of the Entity and Its Environment
  • Chapter 10: Assessing the Risks of Material Misstatement
  • Chapter 11: Performing Audit Procedures in Response to Assessed Risks
  • Chapter 12: Extent of Audit Procedures and Sampling
  • Chapter 13: Analytical Procedures
  • Chapter 14: Cash
  • Chapter 15: Investments in Securities, Derivative Instruments, and Hedging Activities
  • Chapter 16: Receivables from Real Estate Operations
  • Chapter 17: Real Estate, Property, and Equipment
  • Chapter 18: Prepaid Expenses, Deferred Charges, Intangibles, and Other Assets
  • Chapter 19: Accounts Payable and Purchases
  • Chapter 20: Payroll and Other Liabilities
  • Chapter 21: Income Taxes
  • Chapter 22: Debt Obligations
  • Chapter 23: Equity
  • Chapter 24: Revenue and Expenses
  • Chapter 25: Fair Value Measurements and Disclosures
  • Chapter 26: General Audit Procedures
  • Chapter 27: Evaluating and Concluding the Audit
  • Chapter 28: Auditor’s Reports
  • Accounting Resources on the Web
  • Cross-Reference to Original Pronouncements
  • Index
  • About the CD-ROM
  • CD-ROM Instructions
  • CD-ROM Contents

About the Author(s):

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  • Denise M. Silva, CPA, currently a senior writer with CCH, has more than 10 years of experience in accounting and auditing with roles ranging from client service professional to technical resource to adjunct professor.

    Prior to joining CCH, she served as a senior manager in a Mid-Atlantic accounting and professional services firm, which specialized in real estate industry audit, where she served in the firm's quality control and risk management function providing technical accounting, assurance, and financial reporting guidance to partners and managers across all of the firm's industry groups. Additionally, she developed and delivered the firm's risk-based methodology training to all levels of professionals. Previously, she was with a global "Big-4" firm providing client services and managing complicated federal financial statement audits. She also has experience managing financial statement audits for not-for-profit, higher education, technology, software, manufacturing and state and local clients.

    In addition to her writing and development responsibilities, she also serves as an adjunct professor at two accredited universities: Golden Gate University in San Francisco, California, and American University in Washington, D.C., where she teaches Accounting Research and Communication and Advanced Auditing and Assurance Services.

    Ms. Silva is a Certified Public Accountant in California, Maryland, District of Columbia and Virginia is a member of the American Institute of Certified Public Accountants and sits on the Board of Directors of a credit union in California.


  • Luis M. Puncel, CPA, has more than 30 years of experience in accounting and auditing. Currently, he heads his own consulting practice. Previously, Mr. Puncel was a principal in the accounting and auditing practice of a large national public accounting firm, where he served public and private clients and managed an office of the firm. He has also served with a 'Big 4' public accounting firm as an audit partner working with public and private clients. Mr. Puncel has led or been personally involved in more than one thousand audit engagements for clients ranging from small private companies to large, international, public companies. He also has significant experience in the area of the design and assessment of internal controls, and the implementation of the provisions of Section 404 of the Sarbanes-Oxley Act for public companies.

    Mr. Puncel is a Certified Public Accountant in California, New York, and New Jersey and is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. He is a frequent speaker and instructor on auditing and accounting topics.

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