Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 1, Problem 43RSCQ

a.

To determine

Introduction:AICPA regulates accounting profession within the country and issues codes of professional conduct that are to be followed by the AICPA members.

To identify:The advantages and disadvantages of having different accounting standards for the public and non-public company both.

b.

To determine

To identify:The ways in which auditing standards differs for both the public and private companies.

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Students have asked these similar questions
Which of the following are reasons for the audit profession issuing auditing standards?             (i) To ensure consistency of audits across different firms             (ii) To provide bureaucracy for auditors to deal with             (iii) To ensure quality in the standard of audits performed i, ii, iii i, ii i, iii ii, iii
Which of the following groups is responsible for developing auditing standards for public firms in the U.S.?  A.  American Institution of Certified Public Accountant (AICPA)B.  Public Company Accounting Oversight Board (PCAOB)C.  Organizations for Economic Cooperation and Development (OECD)D.  Center for Audit Quality (CAQ)
Distinguish between auditing standards and generally accepted accounting principles, and give two examples of each. Auditing standards: A. represent pronouncements by any of the organizations responsible for setting auditing standards. In the U.S. these standards are set by the PCAOB for public companies and broker dealers, and by the Auditing Standards Board of the AICPA for other entities. B. are ten general guidelines to aid auditors in fulfilling their professional responsibilities and maintain professional skepticism and exercise professional judgment. C. represent the combination of the six principles and four of the Statements on Auditing Standards (SASS) that are codified in the AU-C sections. D. outline specific rules for accounting for transactions occurring in a business enterprise for all private companies in the United States.
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