GAAS Guide® (2023)

Wolters Kluwer's GAAS Guide 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 2023 Edition of Wolters Kluwer's GAAS Guide has been updated to reflect the latest available professional standards. This edition reflects all the changes resulting from the AICPA's efforts to clarify auditing, attestation, preparation, compilation, and review standards. It includes coverage of recently issued Statements on Auditing Standards, Statements on Standards for Accounting and Review Services (SSARS), and Statements on Standards for Attestation Engagements (SSAEs).

The 2023 Edition of the GAAS Guide incorporates these requirements throughout the affected standards and includes coverage of the following:

• Statements on Auditing Standards No. 133, Auditor Involvement with Exempt Offering Documents
• Statements on Standards for Attestation Engagements No. 18, Attestation Standards: Clarification and Recodification
• Statements on Standards for Accounting and Review Services No. 24, Omnibus Statement on Standards for Accounting and Review Services—2018

The 2023 GAAS Guide also highlights recently issued audit and SSARS interpretations, and it summarizes current exposure drafts of proposed new standards. Included in the coverage of recently issued audit and SSARS standards and interpretations includes:

• Statements on Auditing Standards No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements
• Statements on Auditing Standards No. 135, Omnibus Statement on Auditing Standards—2019

Omnibus Statement on Auditing Standards—2019The extensive coverage of these AICPA standards is particularly relevant to CPAs who serve nonpublic entity clients. The guidance contained in this edition is also relevant to CPAs who serve public company clients. Although the Public Company Accounting Oversight Board (PCAOB) is responsible for establishing professional standards applicable to audits of public companies, this edition includes summaries of issues having implications for audits of public companies. These summaries, labeled “Public Company Implication,” are incorporated throughout the coverage of the AICPA's AU-Cs. CPAs who audit public companies will find that these summaries help them identify key differences between audits of public and nonpublic companies.

Our summaries of PCAOB Auditing Standards reflect the most recently issued standards including PCAOB AS-3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards, issued in June 2017, including the requirement that auditors communicate critical audit matters (CAMs) in the auditor’s report. Our summaries also discuss a number of PCAOB exposure drafts and recently issued Staff Alerts, other notices and PCAOB staff guidance.

Note: The PCAOB reorganized its Auditing Standards using a topical structure and a single integrated numbering system. We use that new numbering system when we refer to specific PCAOB Auditing Standards.

Owing to the attention focused on corporate scandals involving allegations of fraudulent financial reporting, the need for auditors to detect material misstatements due to fraud is critical. To help sensitize CPAs to issues affecting auditor responsibility for fraud, this edition contains “Fraud Pointers,” which integrate fraud issues related to a particular professional standard's requirement. This should aid CPAs in considering fraud risks throughout the entire audit engagement.

To keep CPAs abreast of potential changes affecting the AICPA Professional Standards and other developments affecting auditing practice, this edition contains overviews of outstanding exposure drafts. Throughout the book, highlights labeled “Important Notice for 2020” explain key elements of potential changes, including proposed redrafts of existing professional standards and other regulatory changes, alerting CPAs to issues that may affect their engagements.

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