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 firstname.lastname@example.org.