AUDITING & ASSURANCE SERVICES CONNECT AC
10th Edition
ISBN: 9781259292057
Author: MESSIER
Publisher: MCG
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Question
Chapter 2, Problem 2.22MCQ
To determine
Introduction:ASB stands for Auditing Standards Board and PCAOB stands for Public Company Accounting Oversight Board.
To select: The correct option regarding the type of audits over which ASB and PCAOB have standard setting authority in the United States.
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Chapter 2 Solutions
AUDITING & ASSURANCE SERVICES CONNECT AC
Ch. 2 - Prob. 2.1RQCh. 2 - Prob. 2.2RQCh. 2 - Prob. 2.3RQCh. 2 - Prob. 2.4RQCh. 2 - Prob. 2.5RQCh. 2 - Prob. 2.6RQCh. 2 - Prob. 2.7RQCh. 2 - Prob. 2.8RQCh. 2 - Prob. 2.9RQCh. 2 - Prob. 2.10RQ
Ch. 2 - Prob. 2.11RQCh. 2 - Prob. 2.12RQCh. 2 - Prob. 2.13RQCh. 2 - Prob. 2.14RQCh. 2 - Prob. 2.15MCQCh. 2 - Prob. 2.16MCQCh. 2 - Prob. 2.17MCQCh. 2 - Prob. 2.18MCQCh. 2 - Prob. 2.19MCQCh. 2 - Prob. 2.20MCQCh. 2 - Prob. 2.21MCQCh. 2 - Prob. 2.22MCQCh. 2 - Prob. 2.23MCQCh. 2 - Prob. 2.24PCh. 2 - Prob. 2.25PCh. 2 - Prob. 2.26P
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- Do you believe that the current international accounting standard-setting arrangements, based around the IASB, are at risk of regulatory capture? Why or why not?arrow_forwardHow does the Single Audit Act work?What effect has this legislation had on governmental organization auditing?What formats do auditors' reports and opinions take?arrow_forwardWhat rules must auditors follow for governmental audits?arrow_forward
- 23. Which of the following types of audits is designed to determine that an organization has complied with the specific requirements of major financial assistance programs? Group of answer choices An audit in accordance with Government Auditing Standards. A single audit. An audit in accordance with generally accepted auditing standards. An operational audit.arrow_forwardWho is responsible for establishing auditing standards foraudits of U.S. public companies? Who is responsible for establishing auditing standardsfor U.S. private companies? Explainarrow_forwardAlthough the scope of audits of recipients of federal financial assistance in accordancewith federal audit regulations varies, these audits generally have which of the followingelements in common?(1) The auditor is to determine whether the financial assistance has been administered in accordance with applicable laws and regulations.(2) The materiality levels are lower and are determined by the governmental entitiesthat provided the federal financial assistance to the recipient.(3) The auditor should obtain written management representations that the recipient’sinternal auditors will report their findings objectively and without fear of politicalrepercussions.(4) The auditor is required to express both positive and negative assurance that illegalacts that could have a material effect on the recipient’s financial statements aredisclosed to the inspector general.arrow_forward
- Explain how the purposes and principles of internal controls are different between accounting systems reporting under IFRS versus U.S. GAAP.arrow_forwardWhich of the following is not true about the major differences in the scope of audit responsibilities for CPAS, GAO auditors, IRS agents, and internal auditors? CPAS perform audits of financial statements of private and public companies (A) prepared in accordance with U.S. or international auditing standards. GAO auditors perform compliance or operational audits in order to assure the B government of the expenditure of public funds in accordance with its directives and the law. IRS agents perform compliance audits to enforce the federal tax laws as defined by the government, interpreted by the courts, and regulated by the IRS. Internal auditors perform compliance or operational audits in order to assure management or the board of directors that controls and policies are properly and consistently developed, applied, and evaluated.arrow_forwardThe AICPA has issued several audit and accounting guides for specialized industries. Do auditors have a responsibility to refer to these guidelines when auditing clients to those industries?arrow_forward
- What are the major types of audits and audit engagements described in the Government Accountability Office's Government Auditing Standards or generally accepted government auditing standards (GAGAS), and how do they differ?arrow_forwardVarious organizations develop standards for audits and regulate CPA firms. Compare and contrast the roles of the AICPA, the PCAOB, and the state boards of accountancy along the following dimensions: a. Standard setting. b. Regulation of CPA firms. c. Source of authority.arrow_forward6. In an audit in accordance Government Auditing Standards, the auditors are required to provide a report on: Group of answer choices Compliance applicable to major federal programs. The Schedule of financial assistance received. Compliance with laws and regulations which are required to be tested by generally accepted auditing standards. Internal control systems used in administering federal assistance programs.arrow_forward
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