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.
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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
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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
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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)"
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