Book Review: Auditing Standards and Procedures Manual 1992

Article excerpt

This manual is the 1992 edition of a volume that is updated annually. It is a companion document to the AICPA Codification of Auditing Standards and tracks each section of the codification. As explained in the preface, the objective is to reduce the official language of the SASs to easy-to-read and understandable advice. It separates those things specifically required to satisfy GAAS from the advice, suggestions, and observations that are often contained in professional standards. Each section is divided into the following categories:

* Effective date and applicability;

* Definitions;

* Objectives;

* Fundamental requirements;

* Techniques of application; and

* Illustrations (not in all sections).

For example, under Sec. 319, "Consideration of the Internal Control Structure in a Financial Statement Audit," the manual gives an approach to complying with the standard and the kinds of documentation that may be effective and appropriate. It gives advice under the requirement to document control procedures, unless the auditor believes that understanding of particular procedures is necessary for audit planning, the control procedures need not be documented."

The manual has sample checklists, illustrative letters and accountants' reports, questionnaires, and the like, all designed to give practical guidance to the auditor. …


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