PRESCRIBED TEXT AT CURTIN SUMMER SCHOOL 2011/12The 2011 edition of the Auditing, Assurance and Ethics Handbook contains legally enforceable Australian Auditing Standards (ASAs) issued by the reconstituted Auditing and Assurance Standards Board (AUASB), as at 31 May 2010. These standards are an entire suite of revised and redrafted auditing standards (issued by the AUASB as part of its Clarity project), and are applicable for audit engagements where financial reporting periods commence on or after 1 January 2010. ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports, Other Financial Information, and Other Assurance Engagements applies to firms as at 1 January 2010. The application date of the Clarity standards means that the revised and redrafted standards will be used by auditors conducting annual financial statement audits in: December 2010 for entities with a 31 December balance date; and June 2011 for entities with a 30 June balance date. The Handbook also contains other pronouncements issued by the AUASB.
The 2011 edition of the Auditing, Assurance and Ethics Handbook also contains the Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board (APESB), as well as other pronouncements issued by the APESB.
The enhanced companion website, www.pearson.com.au/handbooks, will be updated throughout 2010 and 2011 with any late breaking changes to the Auditing Standards (it includes the most recently released Clarity Auditing Standards as well as Guidance Statement 015 which revises and replaces AGS 1032), Assurance, Professional and Ethical pronouncements, along with technical editor notes. Students may also use the Student Self Test quizzes aligned to particular ASAs with hints & references back to the Handbook as practice and preparation for exams.
New To This Edition
NEW standards in this Edition
APES 350
Participation by Members in Public Practice in Due Diligence Committees in Connection with a Public Document (issued 23 December 2009)
ASA 265
Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
ASA 450
Evaluation of Misstatements Identified during the Audit
ASA 502
Audit Evidence-Specific Considerations for Litigation and Claims
ASA 705
Modifications to the Opinion in the Independent Auditor's Report
ASA 706
Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report
ASA 805
Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
ASA 810
Engagements to Report on Summary Financial Statements
GS 015
Audit Implications of Accounting for Investments in Associates (issued November 2009)
Revised standards in this edition
- The Foreword to AUASB Pronouncements (Revised December 2009)
- Explanatory Guide
- AUASB Glossary
- Framework for Assurance Engagements
ASA 101 Preamble to Australian Auditing Standards
ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards
ASA 210 Agreeing the Terms of Audit Engagements
ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information
ASA 230 Audit Documentation
ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report
ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report
ASA 260 Communication with Those Charged with Governance
ASA 300 Planning an Audit of a Financial Report
ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
ASA 320 Materiality in Planning and Performing an Audit
ASA 330 The Auditor's Responses to Assessed Risks
ASA 402 Audit Considerations Relating to an Entity Using a Service Organisation
ASA 500 Audit Evidence
ASA 501 Audit Evidence-Specific Considerations for Inventory and Segment Information
ASA 505 External Confirmations
ASA 510 Initial Audit Engagements - Opening Balances
ASA 520 Analytical Procedures
ASA 530 Audit Sampling
ASA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
ASA 550 Related Parties
ASA 560 Subsequent Events
ASA 570 Going Concern
ASA 580 Written Representations
ASA 600 Special Considerations-Audits of a Group Financial Report (Including the Work of Component Auditors)
ASA 610 Using the Work of Internal Auditors
ASA 620 Using the Work of an Auditor's Expert
ASA 700 Forming an Opinion and Reporting on a Financial Report
ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports
ASA 720 The Auditor's Responsibilities Relating to Other Information in Documents Containing an Audited Financial Report
ASA 800 Special Considerations-Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks
GS 001 Concise Financial Reports (revised March 2010)
GS 006 Electronic Publication of the Auditor's Report (revised March 2010)
GS 008 The Auditor's Report on a Remuneration Report Pursuant to Section 300A of The Corporations Act 2001 (revised March 2010)
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity
Deleted standards
ASA 100 Preamble to AUASB Standards
ASA 508 Enquiry Regarding Litigation and Claims
ASA 540 Audit of Accounting Estimates
ASA 545 Auditing Fair Value Measurements and Disclosures
ASA 701 Modifications to the Auditor's Report
AGS 1016 Audit and Review Reports on Half-Year Financial Reports of Disclosing Entities under the Corporations Act 2001
AGS 1032 The Audit Implications of Accounting for Investments in Associates
New to the recent 2010 edition:
ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports, Other Financial Information, and Other Assurance Engagements
GS 010 Responding to Questions at an Annual General Meeting (issued March 2009)
GS 011 Third Party Access to Audit Working Papers (issued April 2009)
GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions (issued June 2009)
GS 013 Special Considerations in the Audit of Compliance Plans of Managed Investment Schemes (issued August 2009)
GS 014 Auditing Mortgage Schemes (issued August 2009)
Bulletins
Auditing Small and Medium Sized Entities (SMEs)
Auditing Considerations in an Uncertain Economic Environment
APES 215 Forensic Accounting Standards (issued December 2008)
APES 330 Insolvency Services (tentative)
APES 345 Reporting on Prospective Financial Information Prepared in Connection with a Disclosure Document (issued November 2008)
Updated since 2009 edition:
GS 001 Concise Financial Reports (REVISED VERSION DEC 2008)
APES 305 Terms of Engagements (revised June 2009)
APES 320 Quality Control for Firms (revised May 2009)
Features and Benefits
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Updated mid-2010 to incorporate all the important changes up to May 31, 2010.
Includes critical new content, with nine new standards, 40 revised standards and the removal of another seven, the 2011 CPA Auditing & Assurance Handbook will be the only resource which incorporates:
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The Full Clarity Standards
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The new Guidance Statements 1,6 and 8
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APES 350 Participation by Members in Public Practice in Due Diligence Committees in Connection with a Public Document (issued 23 December 2009)
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ASRE 2400
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GS 015
Audit Implications of Accounting for Investments in Associates (issued November 2009)
As well as revisions to:
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The Foreword to AUASB Pronouncements (Revised December 2009)
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Explanatory Guide
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AUASB Glossary
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Framework for Assurance Engagements
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GS 006 Electronic Publication of the Auditor's Report (revised March 2010)
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GS 008 The Auditor's Report on a Remuneration Report Pursuant to Section 300A of The Corporations Act 2001 (revised March 2010)
The Auditing, Assurance and Ethics Standards are accompanied by notes contributed by the technical editor Gary Pflugrath of CPA Australia.
The text has been designed so that it is clear and easy-to-read. Sections of the auditing standards have been tabbed, allowing students to easily and quickly search the handbook during an open book exam.
The Auditing, Assurance and Ethics Handbook is accompanied by a companion website www.pearson.com.au/handbooks which will be updated throughout 2010 with any changes to the auditing standards.
SAVE your students money. Package the Auditing, Assurance and Ethics Handbook 2010 with
1. Arens Auditing, Assurance Services and Ethics in Australia, 8e. ISBN: 9781442504752
2. Arens Essentials of Auditing, Assurance Services and Ethics in Australia ISBN: 9781442508224
Table of Contents
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(Note: Items marked with ^ have been deleted since the 2010 Handbook, all other numbered items in bold are new or amended.)
DETAILED CONTENTS
Foreword
Principal Addresses
About the Technical Editor
Preface
Institutional Framework - Auditing
Understanding Financial Statement Audits - A Guide for Financial Statement Users
POL 1 The AuASB Consultative Process
Auditing and Assurance Standards (ASQC1, ASAs and AUSs*)
* Note: ASAs are Australian Auditing Standards issued by the reconstituted AUASB. AUSs marked with an asterisk were issued by the former AuASB. An equivalent ASA has not been issued by the reconstituted AUASB. However, refer to General Comments by the Technical Editor prior to each of these AUSs for discussion of revisions to these standards.
ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports, Other Financial Information, and Other Assurance Engagements
100-199 Introductory Matters
Foreword to AUASB Pronouncements (issued December 2009)
AUASB Glossary (issued October 2009)
Framework for Assurance Engagements (issued April 2010)
ASA 101 Preamble to Australian Auditing Standards
ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements
^ASA 100 Preamble to AUASB Standards
200-299 General Principles and Responsibilities
ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards
ASA 210 Agreeing the Terms of Audit Engagements
ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information
ASA 230 Audit Documentation
ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report
ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report
ASA 260 Communication with Those Charged with Governance
ASA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
300-499 Risk Assessment and Response to Assessed Risks
ASA 300 Planning an Audit of a Financial Report
ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
ASA 320 Materiality in Planning and Performing an Audit
ASA 330 The Auditor's Responses to Assessed Risks
ASA 402 Audit Considerations Relating to an Entity Using a Service Organisation
ASA 450 Evaluation of Misstatements Identified during the Audit
500-599 Audit Evidence
ASA 500 Audit Evidence
ASA 501 Audit Evidence-Specific Considerations for Inventory and Segment Information
ASA 502 Audit Evidence-Specific Considerations for Litigation and Claims
ASA 505 External Confirmations
^ASA 508 Enquiry Regarding Litigation and Claims
ASA 510 Initial Audit Engagements - Opening Balances
ASA 520 Analytical Procedures
ASA 530 Audit Sampling
ASA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
^ASA 540 Audit of Accounting Estimates
^ASA 545 Auditing Fair Value Measurements and Disclosures
ASA 550 Related Parties
ASA 560 Subsequent Events
ASA 570 Going Concern
ASA 580 Written Representations
600-699 Using the Work of Others
ASA 600 Special Considerations-Audits of a Group Financial Report (Including the Work of Component Auditors)
ASA 610 Using the Work of Internal Auditors
ASA 620 Using the Work of an Auditor's Expert
700-799 Audit Conclusions and Reporting
ASA 700 Forming an Opinion and Reporting on a Financial Report
^ASA 701 Modifications to the Auditor's Report
ASA 705 Modifications to the Opinion in the Independent Auditor's Report
ASA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report
ASA 710 Comparative Information-Corresponding Figures and Comparative Financial Reports
ASA 720 The Auditor's Responsibilities Relating to Other Information in Documents Containing an Audited Financial Report
800-899 Specialised Areas
ASA 800 Special Considerations-Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks
AUS 804 The Audit of Prospective Financial Information*
ASA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
ASA 810 Engagements to Report on Summary Financial Statements
AUS 810 Special Purpose Reports on the Effectiveness of Control Procedures*
900-999 Related Services
AUS 904 Engagements to Perform Agreed-upon Procedures*
Auditing and Assurance Guidance Statements (AGSs and GSs)
^AGS 1002 Bank Confirmation Requests
AGS 1014 Privity Letter Requests
^AGS 1016 Audit and Review Reports on Half-Year Financial Reports of Disclosing Entities under the Corporations Act 2001
AGS 1024 Life Insurance Act 1995 - Audit Obligations
AGS 1030 Auditing Derivative Financial Instruments
^AGS 1032 The Audit Implications of Accounting for Investments in Associates
AGS 1036 The Consideration of Environmental Matters in the Audit of a Financial Report
AGS 1040 Franchising Code of Conduct - Auditor's Reports
AGS 1042 Reporting on Control Procedures at Outsourcing Entities
AGS 1054 Auditing Revenue of Charitable Entities
AGS 1062 Reporting in Connection with Proposed Fundraisings
GS 001 Concise Financial Reports under the Corporations Act 2001 (revised March 2010)
GS 002 Special Considerations in the Audit of Risk Management Requirements for Registrable Superannuation Entities and Licensees
GS 003 Audit and Review Requirements for Australian Financial Services Licensees under the Corporations Act 2001
GS 004 Audit Implications of Prudential Reporting Requirements for General Insurers
GS 005 Using the Work of an Actuary
GS 006 Electronic Publication of the Auditor's Report (revised March 2010)
GS 007 Audit Implications of the Use of Service Organisations for Investment Management ServicesGS 008 The Auditor's Report on a Remuneration Report under Section 300A of The Corporations Act 2001 (revised March 2010)
GS 009 Auditing Self Managed Superannuation Funds
GS 010 Responding to Questions at an Annual General Meeting (issued March 2009)
GS 011 Third Party Access to Audit Working Papers (issued April 2009)
GS 012 Prudential Reporting Requirements for Auditors of Authorised Deposit-taking Institutions (issued June 2009)
GS 013 Special Considerations in the Audit of Compliance Plans of Managed Investment Schemes (issued August 2009)
GS 014 Auditing Mortgage Schemes (issued August 2009)
GS 015 Audit Implications of Accounting for Investments in Associates (issued November 2009)
GS 016 Bank Confirmation Requests (issued November 2009)
Explanatory Guides
Explanatory Guide: Auditor's Reports (issued February 2010)
Explanatory Guide to AUASB Standards Applicable to Review Engagements
Standards on Review Engagements (ASRE)
ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity
ASRE 2405 Review of Historical Information Other than a Financial Report
ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (issued October 2009)Standards on Assurance Engagements (ASAE)
ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information
ASAE 3100 Compliance Engagements
ASAE 3500 Performance Engagements
Accounting Professional and Ethical Statements (APEs)
100-200 All Members
APES 110 Code of Ethics for Professional Accountants (compiled June 2008)
APES 205 Conformity with Accounting Standards
APES 210 Conformity with Auditing and Assurance Standards
APES 215 Forensic Accounting Services (issued December 2008)
APES 220 Taxation Services
APES 225 Valuation Services
300 Members in Public Practice
APES 305 Terms of Engagements
(Items in bold text marked with * have ave
APES 315 Compilation of Financial Information
APES 320 Quality Control for Firms
APES 330 Insolvency Services
APES 345 Reporting on Prospective Financial Information Prepared in Connection with a Disclosure Document (issued November 2008)
APES 350 Participation by Members in Public Practice in Due Diligence Committees in Connection with a Public Document (issued 23 December 2009)Other Professional Statements (APS)
Members in Public Practice
APS 7 Statement of Insolvency Standards
APS 10 Trust Accounts
All Members
APS 12 Statement of Financial Advisory Service Standards
Risk Management Statement (RMS)
RMS 1 Risk Management Statement
Joint Guidance Notes (GNs)
Members in Business
GN 1 Members in Business Guidance Statement
Members in Public Practice
GN 3 Operation of Trust Accounts
