Auditing Standard AU-C 320: Materiality

Materiality

Today the topic of our accounting podcast is Auditing Standard AU-C 320, which discusses Materiality.  We’ll answer such questions as, What is materiality?  How is it determined?  What has to be documented?

To provide some context to our conversation, we’ll relate the discussion to AU-C 200, which discusses the overall objectives and conduct of an audit, and we’ll discuss how materiality relates to audit risk.

View the text of clarified auditing standard AU-C 320.

Auditing Standard AU-C 315: Understanding the Entity and Risks

Businessman pressing an Risk concept button.

Today the topic of our podcast is Auditing Standard AU-C 315, which discusses the requirement that the auditor understand the entity being audited and its internal control and requires that the auditor identify risks at the financial statement level and at the relevant assertion level.  We’ll answer such questions as, What should we understand about the entity?  How should we perform our risk assessment?  What has to be documented?

To provide background to our conversation, we’ll relate the discussion to our previous two podcast episodes which discussed the overall objectives and conduct of an audit as well as the requirements related to planning an audit.

View the text of clarified auditing standard AU-C 315.

Auditing Standard AU-C 300: Planning an Audit

Planning an Audit
Today the topic of our podcast is Auditing Standard AU-C 300, which discusses Audit Planning.  We’ll answer such questions as, Who is involved in planning an audit?  What are they doing?  What has to be documented?

To provide background to our conversation, we’ll relate the discussion to AU-C 200, which discusses the objectives and conduct of an audit.

View the text of clarified auditing standard AU-C 300.

Auditing Standard AU-C 200: Objectives and Conduct of an Audit

Bridge the GAAP Accounting Podcast

Today the topic of our podcast is Auditing Standard AU-C 200 which answers questions such as:  Just what exactly is an audit?  What is meant by independence?  What is meant by “GAAS”?

As background to our conversation, we’ll also discuss what is meant by the phrase “clarified auditing standards.”

View the text of clarified auditing standard AU-C 200.