Descriptive Evidence from Audit Practice on SAS No. 99 Brainstorming Activities-Reference-Cited by-同舟云学术

Descriptive Evidence from Audit Practice on SAS No. 99 Brainstorming Activities

Published:2007-01-01 Issue:1 Volume:1 Page:A1-A11
ISSN:1936-1270
Container-title:Current Issues in Auditing
language:en
Short-container-title:

Author:

Bellovary Jodi L.¹,Johnstone Karla M.¹

Affiliation:

1. Jodi L. Bellovary is a Ph.D. Candidate and Karla M. Johnstone is an Associate Professor, both at the University of Wisconsin–Madison.

Abstract

SUMMARY: This paper describes how auditors conduct brainstorming sessions to comply with the requirements of SAS No. 99. We gather evidence by interviewing 22 auditors at all personnel levels across seven audit firms (including all of the Big 4 firms) and by observing actual brainstorming sessions. The results reveal how auditors prepare for brainstorming sessions and allow us to describe a typical four-step brainstorming session process. We describe brainstorming group interactions and provide evidence on brainstorming session outcomes in terms of fraud risk assessments, audit plan modifications, and budget modifications. Finally, we report how audit firms encourage professional skepticism during brainstorming.

Publisher

American Accounting Association

Subject

Accounting

Link

http://meridian.allenpress.com/cia/article-pdf/1/1/A1/1504012/ciia_2007_1_1_a1.pdf

Reference18 articles.

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2. American Institute of Certified Public Accountants ( AICPA). 2002. Consideration of Fraud in a Financial Statement Audit. Statement on Auditing Standards No. 99. New York, NY:AICPA.

3. American Institute of Certified Public Accountants ( AICPA). 2006. Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. Statement on Auditing Standards No. 109. New York, NY:AICPA.

4. The effectiveness of alternative risk assessment and program planning tools in a fraud setting;Asare;Contemporary Accounting Research,2004

5. A primer for brainstorming fraud risks;Beasley;Journal of Accountancy,2003

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