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External Audit Manual Generator for the USA

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Key Requirements PROMPT example:

External Audit Manual

"Need to create an External Audit Manual for our mid-sized accounting firm that specializes in healthcare and technology clients, with specific focus on SOX compliance and cybersecurity audit procedures, to be implemented by March 2025."

Document background

The External Audit Manual is essential for audit firms operating in the United States to ensure compliance with federal and state regulations while maintaining consistent quality in audit engagements. This document provides comprehensive guidance on audit methodology, quality control procedures, documentation requirements, and reporting standards. It incorporates requirements from key legislation such as the Sarbanes-Oxley Act, SEC regulations, and PCAOB standards, while addressing industry-specific considerations and professional ethics requirements.

Suggested Sections

1. Introduction and Purpose: Overview of the manual's objectives, scope and how to use this manual

2. Regulatory Framework: Overview of applicable laws, regulations and professional standards including SOX, GAAS, PCAOB standards

3. Independence and Ethics: Requirements for maintaining independence and ethical conduct in accordance with AICPA and SEC guidelines

4. Audit Methodology: Standard audit approach, procedures, risk assessment and materiality considerations

5. Quality Control Procedures: Standards for maintaining audit quality, review procedures and consistency across engagements

6. Documentation Standards: Required documentation standards, working paper requirements and retention policies

7. Reporting Requirements: Guidelines for audit report preparation, review process and different types of audit opinions

8. Communication Protocols: Standards for communication with client management, those charged with governance, and regulators

Optional Sections

1. Introduction and Purpose: Overview of the manual's objectives, scope and how to use this manual

2. Regulatory Framework: Overview of applicable laws, regulations and professional standards including SOX, GAAS, PCAOB standards

3. Independence and Ethics: Requirements for maintaining independence and ethical conduct in accordance with AICPA and SEC guidelines

4. Audit Methodology: Standard audit approach, procedures, risk assessment and materiality considerations

5. Quality Control Procedures: Standards for maintaining audit quality, review procedures and consistency across engagements

6. Documentation Standards: Required documentation standards, working paper requirements and retention policies

7. Reporting Requirements: Guidelines for audit report preparation, review process and different types of audit opinions

8. Communication Protocols: Standards for communication with client management, those charged with governance, and regulators

Suggested Schedules

1. Appendix A - Audit Program Templates: Standard audit programs for different types of engagements and account areas

2. Appendix B - Documentation Templates: Standard forms and templates for audit working papers and documentation

3. Appendix C - Quality Control Checklists: Comprehensive checklists for engagement quality review procedures

4. Appendix D - Independence Questionnaires: Standard forms for evaluating and documenting auditor independence

5. Appendix E - Risk Assessment Templates: Forms and templates for documenting risk assessment procedures and conclusions

6. Appendix F - Sample Audit Reports: Template audit reports for various scenarios and modifications

7. Appendix G - Regulatory References: Detailed references to relevant laws, regulations and professional standards

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Significant Risk

Clauses

Relevant Industries

Financial Services
Public Companies
Healthcare
Manufacturing
Technology
Non-profit Organizations

Relevant Teams

Audit
Quality Assurance
Risk Management
Compliance
Technical Services
Training

Relevant Roles

External Auditor
Audit Partner
Quality Control Manager
Audit Manager
Technical Director
Compliance Officer

Industries

Sarbanes-Oxley Act (SOX): Primary federal legislation from 2002 that sets requirements for all U.S. public company boards, management, and public accounting firms, including provisions for corporate responsibility, enhanced financial disclosures, and fraud accountability

Securities Exchange Act: 1934 law that governs secondary trading of securities and requires periodic reporting by public companies, forming basis for SEC oversight of securities markets

Securities Act: 1933 law requiring registration of securities offerings and detailed financial disclosure through registration statements and prospectuses

Dodd-Frank Act: 2010 legislation implementing financial regulatory reform, including changes to financial regulation and consumer protection following the 2008 financial crisis

GAAS: Generally Accepted Auditing Standards - systematic guidelines used by auditors when conducting audits on companies' financial records

PCAOB Standards: Public Company Accounting Oversight Board standards governing the audits of public companies and other issuers

GAAP: Generally Accepted Accounting Principles - standard framework of guidelines for financial accounting and reporting

SEC Requirements: Securities and Exchange Commission regulations governing public company reporting, disclosures, and audit requirements

AICPA Guidelines: American Institute of CPAs professional standards and guidelines for accounting professionals

FASB Pronouncements: Financial Accounting Standards Board authoritative standards, interpretations, and guidance for financial accounting

Privacy Regulations: Including Gramm-Leach-Bliley Act and state-specific privacy laws governing the handling of sensitive financial information

Document Retention Requirements: IRS, SEC, and state-specific requirements for maintaining audit documentation and working papers

Independence Requirements: Rules and regulations from AICPA, SEC, and PCAOB governing auditor independence and professional conduct

Quality Control Standards: AICPA and PCAOB standards for maintaining quality control systems in audit firms

Ethics Requirements: Professional conduct and ethics requirements from AICPA, state boards, and regulatory bodies governing auditor behavior

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