Author: Rosalee Hacker, CPA

This book shows practitioners the most effective approach for conducting the highest quality audits, compilations and reviews of common interest realty associations. It includes the practice aids—checklists, questionnaires, workpapers, sample correspondence, and sample audit, compilation, and review reports—to take the practitioner through an engagement, from the initial evaluation of a client to the issuance of the audit, compilation, or review report.

This edition provides guidance by the FASB and AICPA on the audit, compilation, and review of financial statements of common interest realty associations, based on the guidance and auditing pronouncements available through February 2012 and current through Statements on Standards Accounting and Review Services No. 20 (SSARS-20), "Revised Applicability of Statements on Standards for Accounting and Review Services."

• Part I is applicable to all audit, compilation, and review engagements of common interest realty associations;
• Part II is applicable to audit engagements; and
• Part III is applicable to compilation and review engagements.

This book consists of 33 chapters and covers all major audit, compilation, and review topics.

TABLE OF CONTENTS

Part I:  Common Interest Realty Associations

Chapter 1:  Industry and Regulatory Overview
Chapter 2:  Overview of Accounting Principles and Practices
Chapter 3:  Financial Accounting and Reporting Considerations

Part II:  Audit Engagements

Chapter 4:   Auditing Standards, the Code of Professional Conduct, Quality Control Standards, and the KBA Methodology
Chapter 5:   Financial Statement Assertions, Audit Evidence, and Audit Documentation
Chapter 6:   Pre-Engagement Procedures and Audit Planning
Chapter 7:   Risk Assessment Procedures: Obtaining an Understanding of the CIRA and Its Environment
Chapter 8:   Assessing the Risks of Material Misstatement
Chapter 9:   Performing Audit Procedures in Response to Assessed Risks
Chapter 10:  Extent of Audit Procedures and Sampling
Chapter 11:  Analytical Procedures
Chapter 12:  Cash
Chapter 13:  Investments in Securities, Derivative Instruments, and Hedging Activities
Chapter 14:  Receivables and Revenues
Chapter 15:  Property and Equipment
Chapter 16:  Prepaid Expenses, Deferred Charges, Intangibles, and Other Assets
Chapter 17:  Accounts Payable
Chapter 18:  Payroll and Other Liabilities
Chapter 19:  Income Taxes
Chapter 20:  Debt Obligations
Chapter 21:  Equity
Chapter 22:  Revenue, Operating Expenses, and Expenditures for Major Repairs and Replacements
Chapter 23:&nb

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Comprehensive how-to book that guides the reader on performing risk management-based audits. The book covers the Enterprise Risk Management Integrated Framework issued by the Committee of Sponsoring Organizations (COSO).

Following the passage of Sarbanes-Oxley and its strict corporate governance and accountability provisions, developing better risk management techniques is becoming more important in meeting higher audit committee expectations.

The first part of the Auditor's Risk Management Guide provides a broad understanding of corporate governance, ERM principles, and different auditing approaches. It also provides step-by-step instructions on how to execute the risk management-based audit, including frequently asked questions.

The second part of the book is devoted to detailed case studies that illustrate the risk management-based audit methodology and tools in different scenarios, beginning with a business risk assessment and working through common audit areas such as closing the books, accounts payable, and accounts receivable. Practice Pointers and Observations throughout provide additional commentary to assist the reader in understanding the methodology.

A free CD-ROM is included with the book provides electronic versions of the various work programs, checklists, and other tools in the book.

PART I: Risk Management-Based Auditing
1.      Overview of Enterprise Risk Management
2.      The Enterprise Risk Management Funnel
3.      Evolution of Auditing Approaches
4.      Strategy: The Beginning of the Journey
5.      Risk Assessment: Business Level
6.      Risk Assessment Qualification Techniques
7.      Entity-Level Control
8.      Risk Assessment: Process Level
9.      Process Design Phase
10.      Testing Phase
11.      Risk Infrastructure Assessment
12.      Action Planning Phase: The Real Value
13.      Monitoring and Follow-Up
14.      Auditing the ERM Process
15.      The Future of Risk Management-Based Auditing
16.     Frequently Asked Questions

PART II: Case Studies
17.  Case Study: Business Risk Assessment
18.  Case Study: Risk Management Infrastructure
19.  Case Study: Close the Books
20.  Case Study: Inventory
21.  Case Study: Procurement
22.  Case Study: Accounts Payable and Disbursements
23.  Case Study: Accounts Receivable and Collections
24.  Case Study: Quality Assurance
25.  Case Study: Payroll and Relat

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Public Accounts Committee chairman Adhir Ranjan Chowdhury urged the Speaker to take an expeditious and positive decision on allowing meetings of parliamentary committees including PAC via videoconference given the importance of assessing the economic and social costs these sectors have suffered due to lockdown.