BUS 5433 – Management Accounting - CiteSeerX

Required Text. Title: Principles of Auditing and Other Assurance Services, 17th Ed. ... Please use it. Another Optional Resource: Gleim CPA Review – A...

73 downloads 363 Views 264KB Size
Texas Woman’s University     School of Management  BUS 5423‐55 (68696) – Auditing II  Class Syllabus Spring 2011                                             Class Dates: Apr. 9, Apr. 30, and May 7, 2011 – 9 AM to 4 PM                                     Location: American Airlines Training Center (Arlington, TX) and Online    Instructor:    John H. Nugent, DBA, LLM, CPA, CFE, CFF, CISM, FCPA    Office:   Denton Campus, Room 503 CFO Building, 5th floor    Phone:   (214) 682‐8025    Email:    Office: [email protected]    Fax:    Office (972) 547‐4264       Office Hours:  Tuesdays & Thursdays 10:00 a.m. to Noon ‐ Others by Appointment      Once the course roster is firmed up, students will be assigned textbook chapters to present in class.      Required Text  Title: Principles of Auditing and Other Assurance Services, 17th Ed.  Authors: Ray Whittington & Kurt Pany  ISBN: 978‐0‐07‐337965‐4   Description: Seventeenth Edition  Publication Date: 2009/10  There is much supporting material in the Course Document file on Blackboard.  Please down load all of  that material to your PC.     

  .  Supplemental Resources: Not required to be purchased for this course are:    How to Read a Financial Report, free pdf file downloaded from Merrill Lynch http://philanthropy.ml.com/ipo/resources/pdf/howtoreadfinreport.pdf Please see http://ppc.thomson.com This publisher site has for sale all forms of audit guidance and template work papers which may be tailored to your specific audit needs.

1

Please also subscribe for the following free online and in print publications:  Accounting Today (90 day free subscription http://www.webcpa.com)  Accounting World (http://www.accountantsworld.com)  CFO Magazine (www.cfo.com)

Great Accounting Resource: Rutgers University accounting web site: http://accounting.rutgers.edu  This  Rutgers web site has a pull down tab that links to most major accounting resources and research.  It is  free.  Please use it.    Another Optional Resource: Gleim CPA Review – Auditing – 2008 Edition, ISBN 978‐1‐58194‐615‐4,  www.gleim.com  (Gleim study unit reference is listed in the schedule below.)    Course Description  This  course  is  a  study  of  the  topic  of  auditing,  focusing  on  the  audit  of  financial  statements  used  for  external  reporting.    Topics  also  covered  include  professional  ethics,  internal  and  operational  auditing,  and other assurance services.  Credit: Three hours.    Auditing  Principles  is  a  graduate  level  course  that  focuses  on  the  laws,  regulations,  standards  and  practices of providing professional auditing and other assurance services in the United States.  The main  objective of the course is to learn those principles for career purposes, not only for public accountants,  but  for  other  professionals  as  well,  including  corporate  accounting  managers  and  other  managers  responsible  for  audit  oversight  or  company  governance  or  internal  control.    With  the  passage  of  the  Sarbanes‐Oxley  law,  knowledge  of  these  principles  benefits  all  those  responsible  for  corporate  governance.    The  selected  textbook  uses  a  basic  approach  to  explain  the  principles  of  auditing.    It  focuses  on  the  course objectives without an undue emphasis on quantitative analysis.  The book employs a repetitive  approach  to  learning  the  course  material.    The  only  assumed  pre‐knowledge  is  an  intermediate  accounting course.    Course Objectives    The objectives of this course are to guide students in the process of gaining an understanding of the  following elements regarding auditing.   To understand the role of auditing in the U.S. economy   To review the legal foundation of auditing   To learn the principles and procedures of financial statement auditing   To review recent developments in the practice of auditing   To learn about other auditing and assurance services   To provide a foundation for students’ careers in professional accounting    Learning Objectives    Communication Skills    Analytical Skills    Ethical Reasoning    Foundational knowledge      2

Student Learning Outcomes    Historical Development of Auditing    Role of the auditor    Principles of Auditing    Conceptual Framework / Elements of the Financial Statements    Statements of Auditing Standards (SASes)    Fraud and its composite make‐up    Analytical tools used in auditing and fraud detection  Roles and functions of: SEC, PCAOB, FASB, AICPA, COSO, ISACA, IIA, ACFE      Prerequisites    Auditing I is generally regarded as a qualifying course.  However, experience and similar course  work may serve as a substitute.    Students with Disabilities    TWU seeks to provide appropriate and reasonable accommodations for all individuals who have  a  recognized  disability.  The  University  complies  with  all  applicable  federal,  state,  and  local  laws,  regulations,  and  guidelines  with respect  to  providing  appropriate  academic  accommodations  to  afford  equal  educational  opportunity  –  specifically  Section  504  of  the  Rehabilitation  Act  of  1973  and  the  Americans with Disabilities Act.    It  is  the  responsibility  of  the  student  to  register  with  and  provide  medical  verification  of  a  disability as well as academic schedules to the office of Disability Support Services (DSS) no later than  the second week of classes each semester.  The DSS is located in CFO 105.   The DSS phone number is  898‐3830.  The student must also provide the professor with appropriate documentation in order that  the professor may arrange for needed accommodations no later than the second week of class.    Internet and Email  All students are expected to have access to the Internet and have TWU email addresses in order to  contact the instructor and other students. BE SURE that you regularly check your TWU email address or  have it forwarded to your regular email address. Students MUST be certain that their email address on Blackboard is correct and functional. Data may be  sent by your professors via email, and you may miss important information if your email is not set up  properly.    Cell Phone Policy  Classroom disruption by cell phones and paging devices is prohibited.  A student facing the possibility of  receiving emergency calls may leave the device on silent or vibrate mode during class if he/she has  previously informed the professor.  Otherwise, all cell phones and pagers must be turned off at the  beginning of class.  Routine work‐related calls or personal calls from friends are not considered  emergencies.  Repeated violation of this policy is subject to dismissal or failure in the course.  Electronic devices utilized in a learning context, such as laptops and language interpreters, may be  permitted at the professor’s discretion.  A student may face a zero and/or failure in the class if an  electronic device is used for cheating during a test.      Examination Policy  Students are expected to take the final exam at the time stated in the published course schedule.      3

The Classroom          A  variety  of  assignments  and  learning  approaches  are  intended  to  help  you  develop  an  understanding  of  basic  accounting  information  and  its  uses.    Classes  will  include  lectures,  examples,  question  and  answer  sessions,  demonstration  problems,  and  practice  problems.    There  will  be  one  project/  paper,  two  exams,  attendance  and  participation.  The  in‐class  discussion  each  day  is prepared  with the assumption that you have read the information about the subject for the day and are prepared  for discussion and work on the material. We will cover as much information in class as we can.       Student Responsibility          Your  responsibilities  are  to  come  to  class  each  day  prepared,  read  all  assigned  materials  and  complete the required homework assignments by their assigned due dates.  Always be ready to discuss  the assigned materials and ask questions to clarify any parts of the material that you do not understand.            You are expected to take the exams on the dates scheduled and abide by academic honesty when  you take exams.      Study Time         EMBA  classes  are  designed  to  take  twice  as  much  time  OUTSIDE  of  class  as  in  class.    Three‐hour  graduate college classes normally have 45 class hours plus homework and outside work. With 24 in‐class  hours, the remaining time of 21 class hours plus all other work (usually three hours for each class hour  spent) must be done outside of class.  For some students, this is a class that requires significant outside  time.  Keeping up with the material covered is critical and will vastly improve your grade.  Your learning  experience will depend upon your efforts.    Group Studying / Missed Classes          You  are  strongly  encouraged  to  use  group  study  techniques.    Consider  working  with  various  members of your class when working on homework. If you have to miss class for any reason, you are  responsible to get any missed information from a classmate.  Because of the short time for the class and  the tenets of fairness, the instructor is unable to give private sessions to individual students.    Additional Help            Some limited additional help may be available from the Accounting Graduate Assistants. Further,  there  are  senior  accounting  majors  that  are  willing  to  serve  as  extra  tutoring  assistance.    Financial  statement analysis and cost accounting texts may be of assistance as well.  Call (940) 898‐2111 to ask for  the Accounting Lab hours. The lab number is (940) 898‐2484.    APA Format           The official form and style format for the School of Management is APA. All written assignments  must use appropriate APA format for citations, references, and other aspects of form and style. A short  APA Guide has been prepared by the SOM and it appears in the Course Modules section on Blackboard.    Syllabus Subject to Change          The data provided in this document is for information and planning only. The dates are subject to  change  based  on  the  material  covered  and  unexpected  circumstances  that  require  changing  the  schedule.       4

Academic Honesty          All students are expected to be academically honest.  Every effort will be made by your instructor  and  this  department  to  discourage  any  type  of  cheating.    This  includes,  but  is  not  limited  to,  printing  exam  questions  from  Blackboard;  sharing  data  with  other  students  about  exams;  using  unauthorized  books, notes, or otherwise securing help in a proctored or online test; printing out and/or copying tests,  assignments, reports, or term papers; collaborating, without authority, with another student during an  exam  or  in  preparing  academic  work;  signing  another  student’s  name  on  an  attendance  sheet;  or  otherwise  practicing  scholastic  dishonesty.  Awareness  of  academic  dishonesty  by  a  classmate  is  considered the equivalent of cheating unless it is reported.       Plagiarism  refers  to  representing  the  work  of  another  person  as  one’s  own  and  failing  to  use  proper  citations  when  using  another  person’s  work.    Graduate  students  should  know  well  what  constitutes  plagiarism. IF YOU HAVE ANY QUESTIONS ABOUT PLAGIARISM, YOU SHOULD WATCH THE FILM ONLINE  AT  THE  TWU  LIBRARY  WEB  SITE  ENTITLED  “AVOIDING  PLAGIARISM.”    THE  WEB  SITE  IS  http://www.twu.edu/library/.    Any  student  found  guilty  of  cheating  or  plagiarism  will  (at  a  minimum)  receive  an  F  in  the  course  and  could  be  expelled  from  the  University.    Another  god  resource  is  Doing  Honest  Work  in  College,  by  Charles  Lipson.    This  volume  is  in  paperback  and  costs  about$10.00.    The  book addresses most referencing methods.      To ensure the integrity of the academic process, Texas Woman’s University vigorously affirms the  importance of academic honesty as defined by the Student Handbook. Therefore, to detect and prevent  plagiarism, faculty members at Texas Woman’s University may now use a tool called ‘Turnitin’ to  compare a student’s work with multiple sources.  Turnitin reports a percentage of similarity to books,  journals and all items available online and provides links to those specific sources. This tool does not  determine whether or not a paper has been plagiarized.  Instead, judgment will be made by the  individual faculty member based upon the similarity of the data detected and the presence or absence  of proper citations.  All required assignments in this course may be checked for plagiarism using Turnitin.          Because of the importance of accounting and potential harm to those who rely upon accounting reports,  there is no place for anything less than absolute integrity in accounting.  Acts of plagiarism or cheating of  any kind in accounting classes will not be tolerated.  Severe sanctions will be given to any student who  does so, including but not limited to: a zero on a project or paper, an F in the class, academic probation  and possible expulsion from the University. If you have any concerns about what constitutes  plagiarism,  go to the TWU Library web site and watch the short film entitled "Avoiding Plagiarism."    YOUR Grades    You will earn your grades based on the following measures:                    Project/Paper         50 points        A = 90 ‐ 100%  Exam 1 – Chapters 1‐10      15 points          B = 80 ‐ 89%  Exam 2 – Chapters 11‐21      15 points         C = 70 – 79%  Attendance & Participation      20 points    D = 60 – 69%  Total points possible      100 points   

5

It is reasonable to expect that A = 100 ‐ 90%; B= 89 ‐ 80%; C= 79 ‐ 70%; D=60 ‐ 69.  If averages fall below  the  norm,  student  grades  may  be  (but  very  unlikely)  ranked  in  order  from  highest  to  lowest  to  determine final grades.  Curves in the class are common but not assured.        Posting of Final Grades  Each faculty member has the right to post or not post final course grades for each class.  Final course  grades provided to a student by a faculty member may not be relied upon as official.  Students may  access their official final grades online.  According to FERPA, faculty may not provide final grade  information to students via telephone, email, posting or any other source which might compromise  student confidentiality.  Late Assignments  Late assignments will not be accepted.     Missing Classes, Exams, and Assignments    A  student  who  misses  a  class  or  assignment  will  be  assigned  a  grade  of  zero  unless  she  or  he  misses  due  to  an  acceptable,  documented  excuse  with  prior  faulty  approval.    A  student  with  an  acceptable, documented  excuse  will  be  allowed  attendance  points  or to  turn  in  an  assignment  late  as  long as the assignment is completed by a date acceptable by the professor.  Only partial credit will be  given in either case.      Generally,  there  are  no  makeup  exams.    If  a  student  misses  a  class  with  an  acceptable,  documented  excuse,  the  student  may  be  permitted  to  make  up  the  exam  at  the  convenience  of  the  professor/instructor. Since all students have work and family responsibilities, it is not acceptable to use  work or family issues as excuses, unless something happens on the day of the exam.  It is unfair to the  students taking the exams on time to give preferential treatment to students with common issues. I am  required to ask for documentation for all absences.   Acceptable excuses for missing a class or exam are:        1) Major illness or death of a close family member     2) Illness of the student or a dependent child that requires medical attention on the day of class    3) Out of town travel required by employer on the day of the missed class    4) Out of town trip required by scholarship obligations on the day of class    5) Out of town travel required as an elected officer of a recognized campus                   organization that occurs on the day of class    6) Observation of a recognized religious holiday                7) Other reasons ONLY with the permission of the instructor    Both of the exams are online, and students will be given a specific time during which they must take the  exam.  Students are expected to clear their schedule for the exam during this two‐hour period.    Returned Papers and Grades          Tests  and  papers  will  be  graded  as  soon  as  possible.    You  may  check  your  grades  online  on  Blackboard  as  soon  as  they  are  posted.    You  have  one  week  commencing  the  day  that  your  grade  is  posted  to  discuss  with  me  any  potential  questions  about  in  grading.    After  one  week,  the  papers  are  6

recycled and the grades stand without question.  Any makeup exams or late assignments will be graded  as the professor has time    Quality of Work/ TaskStream    Your goal is to improve knowledge and skills in this and all EMBA classes, a goal that cannot be  achieved without sufficient effort and a positive attitude. In BUS 5433, students are expected to show  master’s‐level  quality  in  writing  skills,  presentation  skills,  professional  decorum,  attendance,  thinking,  and  effort.    Know  in  advance  that  this  professor  expects  the  best  from  you,  knowing  that  you  will  respond  with  your  best.    Grades  will  reflect  poor  effort  and  lack  of  polish.    Have  papers  proofed  carefully, grammar checked for proper use, and show good organization in all work.  Put thought into  your work.  Pay attention and ask questions in class.  The paper assignment will be placed by you in your  E‐Portfolio.    Honor Code    By taking this course, you are subject to the expectations of the Honor Code.  You agree that you  will do all of your own work, write all of your own papers, take all of your own exams, never cheat, never  plagiarize  or  turn  in  anything  created  in  a  dishonest  manner.    Anyone  who  violates  this  code  will  be  subject to harsh sanctions up to receiving an F in the course and expulsion from the University.  If there  are any questions about the Honor Code, it is the student’s responsibility to ask for clarification.    BUS 5423 ‐ Auditing  Daily Class Schedule (9 AM – 4 PM with 1 hour for lunch) and Reading Assignments    Prior to class day 1, read Chapters 1‐10 in the course text and download all course material from the  course website on Blackboard located in the Course Modules section.  Become familiar with all the  course requirements cited in the course syllabus.  All course work must be submitted in Microsoft Word  2003 or 2007 formats.  No exceptions.  No zipped files.      Prior to class day 2, read  Chapters 11 ‐21 in the course text.  Exam 1 (take home) is due by email to the  professor by 5 PM Central U.S. Time on April 21, 2011.  The professor will  acknowledge receipt of his receiving your paper.  Keep this receipt as evidence  you timely submitted your paper. Late submissions will NOT be accepted.          Prior to class day 3, review all course work. Exam 2 (take home) is due by email to the professor by 5 PM  Central U.S. time on April 30, 2011.  The professor will acknowledge receipt of his receiving your paper.   Keep this receipt as evidence you timely submitted your paper.                                          Late submissions will NOT be accepted.    By May 7, 2011, by 5 PM Central U.S. Time, your research paper is to be submitted to the Professor by  email.  The professor will acknowledge receipt of his receiving your paper.  Keep  this receipt as evidence you timely submitted your paper.                                           Late submissions will NOT be accepted.      Research Paper Requirement – each student is required to submit a 3,000 word minimum (including  footnotes/endnotes) APA formatted research paper.  References are not included in the 3,000 word total.   7

Be sure to use Spell and Grammar check in Microsoft.  See the APA Format Guide in Course Modules on  Blackboard.  A suggested format appears below: 

o Title page  To include: paper title, school name, course title and number, semester and year, professor’s name, author’s name, date of submission, and a statement… “This paper is submitted in partial fulfillment of the requirements for BUS 5423.” o Abstract o Keywords and list of acronyms (if any) o Table of contents o Requirements statement (your charter) – what you are required to research o Introduction o Discussion of the concepts/facts reviewed o Issues involved (regulation or laws, goals being achieved?) o Recommendation(s) o Conclusion o Footnotes o References The topic for the research paper is to be selected from the following: o Role and function of the public company Audit Committee (include a discussion of the pertinent promulgations) o Role and function of the PCAOB and AS 5 o COSO IFIC and ERM Models and their codification into the SASes, impact and ramifications o Does SOX Section 302 require a restructuring of the organizational structure such that the CFO should become a de facto COO? o Or any of the following SASes: 3/48, 20/60, 23/56, 99, 103, 106, 107, 109, 115 (/= “superseded by”) Your research paper needs to be very well written as you will be required to submit your work to www.ssrn.com – The Social Science Research Network for publication there. This is a very prestigious academic venue. In the last Auditing II class five students submitted their work to SSRN and all five papers were accepted. Four of the Five papers submitted won the SSRN ‘Top 10’ paper award. So you will be challenged.   (Schedules are subject to change, as deemed necessary by the professor)      Instructor:    Dr. John H. Nugent John is a Board of Director Member of Digital Defense Group, Omaha, NE, and is an  Associate Professor of Accounting at TWU.  Previously he served as the founding director of Center of  Information Assurance (IA) and MBA and MM programs in IA, and served as an associate professor at  the Graduate School of Management, University of Dallas where he taught courses in accounting,  auditing, business strategy, IA, wireless, telecommunications and capstone courses.  Previously, John  8

also served as a Fortune 10 subsidiary CEO serving as president and a board of director member of a  number of AT&T international subsidiaries.  There he oversaw the development of over 100 state of the  art products ranging from chips, to communication products, to secure switches and satellite systems.   John was awarded the Defense Electronics “10 Rising Stars” award for his company in July 1989 as well  as the Diplome de Citoyen D’Honneur, Republic of France in June1988 for his work there.  John is a  member of the U.S. Secret Service’s North Texas Electronic Crimes Task Force and is a sub‐committee  chair of several American Bar Association (ABA) committees that research and publish on cyber security,  cyber law, privacy, and Information Assurance matters.  John also serves as a national lecturer for the  American Institute of Certified Public Accountants (AICPA) where he leads sessions for State CPA  Societies on auditing, internal controls, fraud prevention and detection, IT controls, and the  International Financial Reporting Standards (IFRS).  He is widely published and has appeared many times  on national television and radio, as well as a business and technology expert in leading newspapers.    John has consulted for many organizations including, but not limited to, the following:   American  Institute  of  CPAs  (AICPA)  ,  Bank  of  America,  Canadian  Foreign  Ministry,  Convergent  International, Dallas Convention & Visitors Bureau,  Dallas Police Department Intelligence Fusion Center,  DLJ (now CSFB), Ericsson, Federal Deposit Insurance Corporation (FDIC), Fujitsu, Globe Ranger, Haynes &  Boone, IBM/LCI – Australia,  InventX Corporation, IP Communications, Language Computer Corporation,  Lymba  Corporation,  Marconi  Communications,  MCI  /  Pace  University,  METI  (formerly  MITI,  Japan),  Nortel  Networks,  Pension  Benefit  Guaranty  Corporation  (PBGC),  Pet  Ecology  Brands,  Inc.,  PMMR,  Inc.(mining  company),  Source,  Inc.,  SyberPro,  Inc.,  U.S.  State  Department,  and  Winstar  Corporation  amongst others.           Statements on Auditing Standards No.

Official title

Issued on November 1972 October 1974 December 1974 December 1974

1

Codification of Auditing Standards and Procedures

2

Reports on Audited Financial Statements

3

The Effects of EDP on the Auditor’s Study and Evaluation of Internal Control

4

Quality Control Considerations for a Firm of Independent Auditors

5

The Meaning of "Present Fairly in Conformity With Generally Accepted Accounting Principles" in the Independent Auditor's Report

July 1975

6

Related Party Transactions

July 1975

7

Communications Between the Predecessor and Successor Auditors

8

Other Information in Documents Containing Audited Financial Statements

Current status In effect Superseded by SAS 58 Superseded by SAS 48 Superseded by SAS 25 Superseded by SAS 69 Superseded by SAS 45 Superseded by SAS 84

October 1975 December In effect 1975

9

9

The Effect of an Internal Audit Function on the Scope of the Independent Auditor's Examination

December 1975 December 1975 December 1975 January 1976

Superseded by SAS 65 Superseded by SAS 24 Superseded by SAS 73

10

Limited Review of Interim Financial Information

11

Using the Work of a Specialist

12

Inquiry of a Client's Lawyer Concerning Litigation, Claims, and Assessments

13

Reports on a Limited Review of Interim Financial Information

14

Special Reports

15

Reports on Comparative Financial Statements

16

The Independent Auditor's Responsibility

17

Illegal Acts by Clients

18

Unaudited Replacement Cost-Information

19

Client Representations

20

Required Communication of Material Weaknesses in Internal Accounting Control

21

Segment Information

22

Planning and Supervision

23

Analytical Review Procedures

24

Review of Interim Financial Information

25

The Relationship of Generally Accepted Auditing Standards to Quality Control Standards

26

Association with Financial Statements

27

Supplementary Information Required by the Financial Accounting Standards Board

28

Supplementary Information on the Effects of Changing Prices

29

Reporting on Information Accompanying the Basic Financial Statements in Auditor-Submitted Documents

July 1980 In effect

30

Reporting on Internal Accounting Control

July 1980

31

Evidential Matter

In effect

Superseded by SAS 24 December Superseded by 1976 SAS 62 December Superseded by 1976 SAS 58 January Superseded by 1977 SAS 53 January Superseded by 1977 SAS 54 Withdrawn by May 1977 the ASB Superseded by June 1977 SAS 85 August Superseded by 1977 SAS 60 December Withdrawn by 1977 the ASB March 1978 In effect October Superseded by 1978 SAS 56 Superseded by March 1979 SAS 36 November In effect 1979 November In effect 1979 December Superseded by 1979 SAS 52 Superseded by June 1980 SAS 52 May 1976

August 1980

Superseded by SSAE 2 In effect 10

32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57

Adequacy of Disclosure of Financial Statements

October 1980 October 1980

In effect

Superseded by SAS 45 Superseded by The Auditor's Consideration When a Question Arises About and March 1981 Entity's Continued Existence SAS 59 Superseded by Special Reports-Applying Agreed-Upon Procedures to Specified April 1981 SAS 75 Elements, Accounts, or Items of a Financial Statement Superseded by Review of Interim Financial Information April 1981 SAS 71 Filings Under Federal Securities Statutes April 1981 In effect Superseded by Letters for Underwriters April 1981 SAS 49 Audit Sampling June 1981 In effect February Superseded by Supplementary Mineral Reserve Information 1982 SAS 52 Superseded by Working Papers April 1982 SAS 96 Reporting on Condensed Financial Statements and Selected September In effect Financial Data 1982 August Superseded by Omnibus Statement on Auditing Standards 1982 various SAS Special-Purpose Reports on Internal Accounting Control at Service December Superseded by Organizations 1982 SAS 70 August Omnibus Statement on Auditing Standards-1983 In effect 1983 September Consideration of Omitted Procedures After the Report Date In effect 1983 December Audit Risk and Materiality in Conducting an Audit In effect 1983 The Effects of Computer Processing on the Audit of Financial July 1984 In effect Statements September Superseded by Letters for Underwriters 1984 SAS 72 Reports on the Application of Accounting Principles July 1986 In effect Reporting on Financial Statements Prepared for Use in Other July 1986 In effect Countries Omnibus Statement on Auditing Standards-1987 April 1988 In effect The Auditor's Responsibility to Detect and Report Errors and Superseded by April 1988 Irregularities SAS 82 Illegal Acts by Clients April 1988 In effect Consideration of Internal Control in a Financial Statement Audit April 1988 In effect Analytical Procedures April 1988 In effect Auditing Accounting Estimates April 1988 In effect Supplementary Oil and Gas Reserve Information

11

58 59 60 61 62 63 64 65

66

67

Reports on Audited Financial Statements The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern Communication of Internal Control Related Matters Noted in an Audit Communication With Audit Committees Special Reports Compliance Auditing Applicable to Governmental Entities and Other Recipients of Governmental Financial Assistance Omnibus Statement on Auditing Standards-1990 The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements Communication of Matters About Interim Financial Information Filed or to Be Filed with Special Regulatory Agencies-An Amendment to SAS No. 36: Review of Interim Financial Information The Confirmation Process

70

Compliance Auditing Considerations in Audits of Governmental Financial Assistance The Meaning of "Present Fairly in Conformity With Generally Accepted Accounting Principles" Service Organizations

71

Interim Financial Information

72

Letters for Underwriters and Certain Other Requesting Parties

73

Using the Work of a Specialist Compliance Auditing Considerations in Audits of Governmental Financial Assistance Engagements to Apply Agreed-Upon Procedures to Specified Elements, Accounts, or Items of a Financial Statement Amendments to Statements on Auditing Standards No. 72: Letters for Underwriters and Certain Other Requesting Parties Amendments to Statements on Auditing Standards No. 22: Planning and Supervision, No. 59: The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, and No. 62: Special Reports Consideration of Internal Control in a Financial Statement Audit: An Amendment to Statement on Auditing Standards No. 55 Amendment to Statement on Auditing Standards No. 58: Reports on Audited Financial Statements Amendment to Statement on Auditing Standards No. 31: Evidential Matter

68 69

74 75 76

77

78 79 80

April 1988 In effect April 1988 In effect Superseded by SAS 112 April 1988 In effect April 1989 In effect Superseded by April 1989 SAS 68 December In effect 1990 April 1988

April 1991 In effect

June 1991 November 1991 December 1991 January 1992 April 1992

Superseded by SAS 71 In effect Superseded by SAS 74 In effect

In effect Superseded by May 1992 SAS 100 February In effect 1993 July 1994 In effect February In effect 1995 September Superseded by 1995 SAS 93 September In effect 1995 November In effect 1995 December In effect 1995 December In effect 1995 December In effect 1996 12

81

Auditing Investments

82

Consideration of Fraud in a Financial Statement Audit

83

Establishing and Understanding With the Client

84

Communications Between the Predecessor and Successor Auditors

85

Management Representations

86

Amendments to Statements on Auditing Standards No. 72: Letters for Underwriters and Certain Other Requesting Parties

87

Restricting the Use of the Auditor's Report

88

Service Organizations and Reporting on Consistency

89

Audit Adjustments

90

Audit Committee Communications

91

Federal GAAP Hierarchy Auditing Derivative Instruments, Hedging Activities, and Investments in Securities

92 93

Omnibus Statement on Auditing Standards-2000

94

The Effect of Information Technology on the Auditor's Consideration of Internal Control in a Financial Statement Audit

95

Generally Accepted Auditing Standards

96

Audit Documentation

97 98 99 100 101 102 103

December 1996 February 1997 October 1997 October 1997 November 1997

Superseded by SAS 92 Superseded by SAS 99 In effect In effect In effect

March 1998 In effect September 1998 December 1999 December 1999 December 1999 April 2000 September 2000 October 2000

In effect In effect In effect In effect In effect In effect In effect

May 2001 In effect December In effect 2001 January Superseded by 2002 SAS 103

Amendment to Statement on Auditing Standards No. 50: Reports on June 2002 the Application of Accounting Principles September Omnibus Statement on Auditing Standards-2002 2002 October Consideration of Fraud in a Financial Statement Audit 2002 November Interim Financial Information 2002 January Auditing Fair Value Measurements and Disclosures 2003 Defining Professional Requirements in Statements on Auditing December Standards 2005 December Audit Documentation 2005

In effect In effect In effect In effect In effect In effect In effect 13

Amendment to Statement on Auditing Standards No. 1: Codification February In effect 104 of Auditing Standards and Procedures (Due Professional Care in the 2006 Performance of Work) Amendment to Statement on Auditing Standards No. 95: Generally February In effect 105 Accepted Auditing Standards 2006 February In effect 106 Audit Evidence 2006 February In effect 107 Audit Risk and Materiality in Conducting an Audit 2006 February In effect 108 Planning and Supervision 2006 Understanding the Entity and its Environment and Assessing the February In effect 109 Risks of Material Misstatements 2006 Performing Audit Procedures in Response to Assessed Risks and February In effect 110 Evaluating the Audit Evidence Obtained 2006 Amendment to Statement on Auditing Standards No. 39: Audit February In effect 111 Sampling 2006 Communicating Internal Control Related Matters Identified in an May 2006 In effect 112 Audit November In effect 113 Omnibus 2006 2006 The Auditor’s Communication With Those Charged With December 114 In effect Governance 2006 Effective Communicating Internal Control Related Matters Identified in an October 115 December 15, Audit 2008 2009 Retrieved from "http://en.wikipedia.org/wiki/Statements_on_Auditing_Standards_(USA)"

14