Content by Larry Perry CPA

on 03/25/15
In this article, we’ll look at determining reportable control deficiencies under AU-C Section 265. According to the guidance, only significant deficiencies and material weaknesses are required...
on 03/20/15
In this article, we'll take a look at communicating internal control related matters identified in an audit, which is covered in AU-C Section 265. The key word here is "communicate":...
on 03/11/15
This article takes a look at AU-C 250, Consideration of Laws and Regulations in an Audit of Financial Statements. The applicable laws and regulations constitute the legal and...
on 03/04/15
In the first part of this article, we summarized key requirements of the standard. This second part will discuss application issues pertinent to today’s audit practice, including the...
on 02/24/15
While fraud issues have been considered by auditors for many decades, and while this statement is a redraft of SAS No. 99 (see AU-C 240, Consideration of Fraud in a Financial Statement Audit),...
on 02/17/15
System of Quality Control and the Role of Engagement Teams. QC Section 10, A Firm’s System of Quality Control, contains quality systems, policies, and...
on 02/10/15
In my last article, I discussed the objectives and content of engagement letters.  Following are some additional issues from AU-C Section 210 and a discussion of planning issues that an...
on 02/04/15
The auditor’s objective (as described in AU-C Section 210) is to accept an audit engagement for a new or existing audit client only when the basis upon which it is to be performed has been...
on 01/26/15
This Clarified Auditing Standard (AU-C Section 230) is a redraft of SAS No. 103, published in 2006. It contains no significant change to practice. The requirements in this standard underpin the...
on 01/14/15
The objectives of the auditor’s communications with those charged with governance  (AU-C Section 260) are to:Communicate clearly the responsibilities of the auditor in relation to the...
on 01/06/15
In my last article, I presented the definitions of professional skepticism and professional judgment from the foundational clarified standards. As required by the clarified SAS, Audit...
on 12/11/14
This is the first article in a new series focusing on the Clarified Auditing Standards issued by the Auditing Standards Board (ASB) of the AICPA. The first 39 standards were issued in SAS No. 122;...
on 11/24/14
Read more from Larry Perry here and in the Today's World of Audits archive.This final article in this series focuses on the effects of analytical procedures and tests of balances...
on 11/17/14
Read more from Larry Perry here and in the Today's World of Audits archiveThis part covers the effects of key controls on payroll and other expenses, and the focus is on understanding...
on 10/29/14
Read more from Larry Perry here and in the Today's World of Audits archive.This article discusses basic accounting principles for operating expenses under the FRF for SMEs. Part 2 will...
on 10/21/14
Read more from Larry Perry here and in the Today's World of Audits archive.The first part discussed the principles of revenue recognition under the FRF for SMEs. This part will focus on...
on 10/16/14
Read more from Larry Perry here and in the Today's World of Audits archive.Because of the importance of revenue recognition auditing procedures, and because of the breadth of the...
on 10/09/14
Read more from Larry Perry here and in the Today's World of Audits archive.When an entity redeems or acquires shares of its own stock, the transactions are usually recorded as capital...
on 10/01/14
Read more from Larry Perry here and in the Today's World of Audits archive.Accounting PrinciplesAccounts Payable and Accrued Expenses: The AICPA's ...
on 09/24/14
Read more from Larry Perry here and in the Today's World of Audits archive.Auditors are required to evaluate the appropriateness and reasonableness of an entity's applicable...

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