Articles by Larry Perry

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Auditing Special Purpose Frameworks: Internal Control Basics

Professional standards require an auditor to obtain an understanding of a client's business and industry, including its internal control.
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Auditing Special Purpose Frameworks: the General Ledger

One of the most significant analytical procedures is reading, or scanning, the general ledger account activity. It can have a major effect on audit strategy.
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Auditing Special Purpose Frameworks: Risk Assessment

We'll now focus on risk assessment at the financial statement level; a Client Acceptance and Continuance Form can facilitate the risk assessment process.
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Audits of Special Purpose Frameworks: Obtaining Substantive Evidence from Engagement Letters, Part 2

Additional reasons why the engagement letter is the linchpin of the audit.
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Auditing Special Purpose Frameworks: Client Acceptance and Continuance Decision-Making

CPA firms must establish and document policies and procedures for the acceptance and continuance of clients and engagements.
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Auditing Special Purpose Frameworks: Reviewing Prior-Year Audit Documentation

If you want to get the right answers in an audit, you have to ask the right questions, and that requires a prior-year review.
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Auditing Special Purpose Frameworks - Part 11: Overview of the Pre-Engagement Planning Process

Here is a table that provides a chronological approach to pre-engagement planning for audits of special purpose and other reporting frameworks. Future articles will present further details.
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Auditing Special Purpose Frameworks - Part 10: Planning and Performing the Audit

The effectiveness of an auditor’s planning process ultimately determines the efficiency with which an engagement can be performed. Following is an outline of some of the initial steps in planning an engagement, called the “preplanning phase.”
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Auditing Special Purpose Frameworks - Part 9: Clarified Auditing Standard

CPA Larry Perry provides a step-by-step approach to performing small audits of financial statements prepared using special purpose frameworks.
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Auditing Special Purpose Frameworks - Part 8: Stock-based Comp, Business Combinations, and More

Continuing to lay a foundation for developing audit strategies and audit plans, this article presents more comparisons of significant requirements in US GAAP and the AICPA’s "Financial Reporting Framework for Small- and Medium-Sized Entities" (FRF for SMEs).
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Auditing Special Purpose Frameworks - Part 6

In the newest installment of his series, CPA Larry Perry looks at how lease accounting and income tax accounting differ within US GAAP and the American Institute of CPAs "Framework for Small- and Medium-Sized Entities."
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Auditing Special Purpose Frameworks - Part 5

The fifth installment in this series looks at how investments, fair value accounting, and derivatives differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
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Auditing Special Purpose Frameworks - Part 4

To continue laying the foundation of principles for commonly used financial reporting frameworks, this article presents how key issues differ within US GAAP and the American Institute of CPAs "Financial Reporting Framework for Small- and Medium-Sized Entities."
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Auditing Special Purpose Frameworks - Part 3

The last article in this series summarized four basic principles for the income tax basis. Other basic principles for this basis are presented in this article.
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Auditing Special Purpose Frameworks - Part 2

This series focuses both on general audit requirements applicable to all financial reporting frameworks as well as specific requirements relevant to two special purpose frameworks – the income tax basis and the AICPA’s FRF for SMEs basis.
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Auditing Special Purpose Frameworks - Part 1

This series of articles by Larry Perry, CPA, will discuss special considerations concerning engagement acceptance, the planning and performance phase of this type of engagement, and determining an opinion and reporting on the audit.

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