CCH's GAAS Guide (2018) describes the engagement standards, practices, and procedures in use today, including Statements on Auditing Standards (SASs) and their Interpretations, Statements on Standards for Attestation Engagements (SSAEs) and their Interpretations, and Statements on Standards on Accounting and Review Services (SSARS) and their Interpretations.
The 2018 Edition of the GAAS Guide reflects the latest available professional standards. Most importantly, changes in auditing standards and the related Codification of Statements on Auditing Standards resulting from the Auditing Standards Board’s (ASB) Clarity and Convergence Project. This edition includes coverage of SAS-122 (essentially all of the AU-C sections) (Clarification and Recodification), issued in October 2011, SAS-123 (AU-C 200, AU-C 230, AU-C 260, AU-C 705, AU-C 720, AU 915, and AU-C 935) (Omnibus Statement on Auditing Standards — 2011), issued in October 2011, SAS-124 (AU-C 910) (Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country), issued in October 2011, SAS-125 (AU-C 905) (Alert that Restricts the Use of the Auditor’s Written Communication), issued in December 2011, SAS-126 (AU-C 570) (The Auditor’s Consideration of the Entity’s Ability to Continue as a Going Concern), issued in July 2012, and SAS-127 (AU-C 600 and AU-C 800) (Omnibus Statement on Auditing Standards—2013), issued in January 2013.
SAS-122 is particularly noteworthy as it represents the culmination of the ASB’s efforts to clarify the auditing standards and to largely converge its standards with the standards of the International Auditing and Assurance Standards Board (IAASB). Designated by the new “AU-C” section numbering, the recodified, clarified standards numbers are the same as the equivalent ISA numbers for clarified SASs that are based on equivalent ISAs (AU-C section numbers for clarified SASs with no equivalent ISAs have been assigned new numbers). The GAAS Guide incorporates these new requirements throughout the affected auditing standards and includes coverage of AICPA pronouncements for the following standards:
- SAS-127 (AU-C 600 and AU-C 900) (Omnibus Statement on Auditing Standards—2013)
- SSAE-17 (AT 301) (Reporting on Compiled Prospective Financial Statements When the Practitioner’s Independence Is Impaired)
- SSARS-20 (Revised Applicability of Statements on Standards for Accounting and Review Services)
The GAAS Guide meets accounting industry standards as overseen by the AICPA's peer review system (the book reproduces a letter by the book's peer reviewer).
This book can be used in conjunction with the GAAS Update Service.
The GAAS Guide (2018) is now available in an eBook format which you can download to your computer instantly.
