Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

PCAOB 14: Evaluating Audit Results1

EFFECTIVE DATE AND APPLICABILITY

Effective Date	This standard currently is effective.
Applicability	All audit planning.

OBJECTIVES OF PCAOB STANDARD 14

Public Company Accounting Oversight Board (PCAOB) Auditing Standard 14 sets the objective of evaluating the results of the audit to determine whether the evidence obtained is sufficient and appropriate to support the opinion to be expressed in the auditor’s report.

FUNDAMENTAL REQUIREMENTS

Evaluating the Results of the Audit of Financial Statements

When forming an opinion about whether financial statements are presented fairly in all material respects, the auditor should consider all relevant audit evidence, whether or not it appears to corroborate or contradict the assertions in the financial statements. This evaluation should include:

1. The results of those analytical procedures performed in the review of the financial statements

2. Misstatements accumulated during the audit (especially uncorrected ones)

3. Qualitative aspects of the company’s accounting practices

4. Conditions identified during the audit relating to the assessment of risk of material misstatement due to fraud

5. The presentation of the financial statements, including disclosures

6. The sufficiency and appropriateness of audit evidence obtained

Performing Analytical Procedures in the Overall Review

The auditor should read the financial statements and disclosures as part of an overall review and perform analytical ...