Synopsis
Designed specifically to help practitioners prevail in the current climate of intense scrutiny, Knowledge-Based Audit Procedures presents the conservative and cost-effective approach needed to conduct a higher-quality audit of nonpublic commercial entities. Practical discussion and consideration of the day-to-day management of audit engagements enhance the quality of the auditor's practice while easy-to-read and easy-to-understand advice, procedures, and practice aids enable practitioners to put official pronouncements into action immediately. The 2009 Edition integrates the latest, updated version of the Knowledge-Based Audits of Commercial Entities and explains the AICPA's Auditing Standards Board's new risk assessment standards, which represent significant changes to existing audit practice. The 2009 edition of Knowledge-Based Audit Procedures is updated for auditing pronouncements through SAS-114, The Auditor s Communication with Those Charged with Governance, and FASB pronouncements through Statement of Financial Accounting Standards No. 163, Accounting for Financial Guarantee Insurance Contracts. In addition, the CD-ROM, which includes the KBA workpapers, have been revised to reflect, where applicable, the effects of the new pronouncements. Checklists, questionnaires, workpapers, sample correspondence, and sample auditor's reports take the auditor through an engagement, from the initial evaluation of a client to the issuance of the auditor's report. Efficient cost-saving measures, featured throughout the book, help auditors perform a more effective audit. PCAOB's Auditing Standards are also discussed. Knowledge-Based Audit Procedures comes with a free, companion CD-ROM that contains audit programs, correspondence and confirmation letters, practice aids, forms, checklists, Excel workpapers, and auditor's reports. The files on the CD-ROM can be used as templates and edited to suit the practitioner's needs. The topical index and cross-reference section are both designed to locate needed information quickly. Knowledge-Based Audit Procedures meets accounting industry standards overseen by the peer review system and contains a document covering the peer review of this book. CPE credits are available through the CCH Learning Center (see the book Highlights for more information). This book can be used in conjunction with the GAAS Update Service.
About the Author
Luis M. Puncel, CPA, has more than 28 years of experience in accounting and auditing. Currently, he is a principal in the accounting and auditing practice of a large national public accounting firm where he serves public and private clients and manages an office of the firm. Previously, he was with a Big 4 public accounting firm for 22 years where he was an audit partner serving public and private clients. He has also led the accounting and auditing practice; was the senior technical consulting partner regarding accounting and financial reporting, auditing, SEC, and independence matters; and was responsible for audit quality control for a California-based regional CPA firm. 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 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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