State the term Generally Accepted Auditing Standards (GAAS). Identify the responsible entity for developing standards for the audits of public entities and non-public entities.

Question

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Answer 1

Question

Chapter 2, Problem 1RC

To determine

State the term Generally Accepted Auditing Standards (GAAS). Identify the responsible entity for developing standards for the audits of public entities and non-public entities.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards:

Generally accepted auditing standards are a set of standards which serve guidance in planning and performing audit in such a way that the quality of work is maintained.

Different institutions issue standards for public and non-public entities. These institutions are independent and perform work in their different ways.

The body which issue standards for public entities is Public Company Accounting Oversight Board (PCAOB). It issues standards and guidelines that are to be followed during the audit.

The authority which issues guidelines and standards for non-public entities is American Institute of Certified Public Accountant (AICPA). The audits done in non-public must comply with standards issued by the body.

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Answer 2

Question

Chapter 2, Problem 1RC

To determine

State the term Generally Accepted Auditing Standards (GAAS). Identify the responsible entity for developing standards for the audits of public entities and non-public entities.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards:

Generally accepted auditing standards are a set of standards which serve guidance in planning and performing audit in such a way that the quality of work is maintained.

Different institutions issue standards for public and non-public entities. These institutions are independent and perform work in their different ways.

The body which issue standards for public entities is Public Company Accounting Oversight Board (PCAOB). It issues standards and guidelines that are to be followed during the audit.

The authority which issues guidelines and standards for non-public entities is American Institute of Certified Public Accountant (AICPA). The audits done in non-public must comply with standards issued by the body.

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Answer 3

Question

Chapter 2, Problem 1RC

To determine

State the term Generally Accepted Auditing Standards (GAAS). Identify the responsible entity for developing standards for the audits of public entities and non-public entities.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards:

Generally accepted auditing standards are a set of standards which serve guidance in planning and performing audit in such a way that the quality of work is maintained.

Different institutions issue standards for public and non-public entities. These institutions are independent and perform work in their different ways.

The body which issue standards for public entities is Public Company Accounting Oversight Board (PCAOB). It issues standards and guidelines that are to be followed during the audit.

The authority which issues guidelines and standards for non-public entities is American Institute of Certified Public Accountant (AICPA). The audits done in non-public must comply with standards issued by the body.

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Answer 4

Question

Chapter 2, Problem 1RC

To determine

State the term Generally Accepted Auditing Standards (GAAS). Identify the responsible entity for developing standards for the audits of public entities and non-public entities.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards:

Generally accepted auditing standards are a set of standards which serve guidance in planning and performing audit in such a way that the quality of work is maintained.

Different institutions issue standards for public and non-public entities. These institutions are independent and perform work in their different ways.

The body which issue standards for public entities is Public Company Accounting Oversight Board (PCAOB). It issues standards and guidelines that are to be followed during the audit.

The authority which issues guidelines and standards for non-public entities is American Institute of Certified Public Accountant (AICPA). The audits done in non-public must comply with standards issued by the body.

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Answer 5

Chapter 2, Problem 1RC

To determine

State the term Generally Accepted Auditing Standards (GAAS). Identify the responsible entity for developing standards for the audits of public entities and non-public entities.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards:

Generally accepted auditing standards are a set of standards which serve guidance in planning and performing audit in such a way that the quality of work is maintained.

Different institutions issue standards for public and non-public entities. These institutions are independent and perform work in their different ways.

The body which issue standards for public entities is Public Company Accounting Oversight Board (PCAOB). It issues standards and guidelines that are to be followed during the audit.

The authority which issues guidelines and standards for non-public entities is American Institute of Certified Public Accountant (AICPA). The audits done in non-public must comply with standards issued by the body.

Answer 6

Chapter 2, Problem 1RC

To determine

State the term Generally Accepted Auditing Standards (GAAS). Identify the responsible entity for developing standards for the audits of public entities and non-public entities.

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards:

Generally accepted auditing standards are a set of standards which serve guidance in planning and performing audit in such a way that the quality of work is maintained.

Different institutions issue standards for public and non-public entities. These institutions are independent and perform work in their different ways.

The body which issue standards for public entities is Public Company Accounting Oversight Board (PCAOB). It issues standards and guidelines that are to be followed during the audit.

The authority which issues guidelines and standards for non-public entities is American Institute of Certified Public Accountant (AICPA). The audits done in non-public must comply with standards issued by the body.

Answer 7

Chapter 2, Problem 1RC

To determine

State the term Generally Accepted Auditing Standards (GAAS). Identify the responsible entity for developing standards for the audits of public entities and non-public entities.

Answer 8

Expert Solution & Answer

Explanation of Solution

Generally Accepted Auditing Standards:

Generally accepted auditing standards are a set of standards which serve guidance in planning and performing audit in such a way that the quality of work is maintained.

Different institutions issue standards for public and non-public entities. These institutions are independent and perform work in their different ways.

The body which issue standards for public entities is Public Company Accounting Oversight Board (PCAOB). It issues standards and guidelines that are to be followed during the audit.

The authority which issues guidelines and standards for non-public entities is American Institute of Certified Public Accountant (AICPA). The audits done in non-public must comply with standards issued by the body.