December 16, 2011

Statements of Accounting Standards #104 – #111 went into effect for all financial statement audits following a December 31, 2007 year end. Senior Audit Manager Trevor Williams provided a overview of each one and described the impact on the auditor’s work.  The new standards are intended to:

  • Provide guidance to the auditor to obtain a more in-depth understanding of the auditee and its environment
  • Provide guidnace on the auditor’s assessment of the risks of material misstatement of the financial statements based on that understanding
  • Provide guidance to the auditor on the design and performance of audit procedures
  • Provide guidance to the auditor on planning and supervision and the nature of audit evidence
  • Evaluate audit evidence once it is obtained

 

This article was originally posted on December 16, 2011 and the information may no longer be current. For questions, please contact GRF CPAs & Advisors at marketing@grfcpa.com.