AUDITING+ASSURANCE SERVICES (LL)
11th Edition
ISBN: 9781266448119
Author: MESSIER
Publisher: MCG
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Question
Chapter 2, Problem 2.8RQ
To determine
Concept Introduction:
AICPA is the American Institute of CPAs is a professional organization for CPAs. AICPA prepares various auditing standards to bring uniformity in the audit. AICPA set various audit standards for various types of audit. Auditing standards apply to all auditors and members of AICPA. Various rules and standards are issued by AICPA.
To indicate: List of four rules or standards issued by AICPA.
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Students have asked these similar questions
Various 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.
Which of the following is an authoritative body that the AICPA Code of Professional Conduct authorizes to promulgate auditing and attestion?
The AICPA allows an auditor to perform which of the following services for an audit client?
Chapter 2 Solutions
AUDITING+ASSURANCE SERVICES (LL)
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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- Which of the following is usually not part of an internal audit department’s audit charter?a. A commitment from management to ensure the independence of the internal auditdepartment.b. A definition of the scope of the audit department’s activities.c. The organizational structure of the internal audit department.d. The reporting requirements of the internal audit department.arrow_forwardWhich section of the regulations require a CPA to comply with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards? If compliance is required by other organizations (PCAOB, AICPA, etc.) why do you think this requirement is also included in the regulations?arrow_forwardWho is ultimately responsible for determining that the objectives for an internal audit engagement have been met? A The individual internal audit staff member. B The CAE. (C) The audit committee. The internal audit engagement supervisor.arrow_forward
- Complete the following chart indicating the corresponding Auditing Standards Board assertions and whether the assertion relates to transactions, balances, or disclosures.arrow_forwardWhich 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, iiiarrow_forwardWhat is the Committee of Sponsoring Organizations (COSO)? Summarize its history and explain why it is relevant to auditing. Explain what internal control means and explain how internal control relates to auditing. Please provide references if any.arrow_forward
- Answer the following questions :arrow_forwardWhich of the following audit types is designed to add value and improve the organization's operations and internal controls? a. External audit b. Internal audit c. Statutory audit d. Government auditarrow_forwardIAASB defines the role of an external audit as follows:arrow_forward
- PCAOB Auditing Standard No. 5, titled "An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements," provides guidance for auditors when performing integrated audits. Visit the PCAOB web site (pcaobus.org) and refer to the "Standards" tab. Read the auditing standard and address the following: a. In what situations does the integrated audit apply? b. According to the standard, what is the objective of an audit of internal control over financial reporting? c. What is the role of risk assessment as it relates to the audit of internal control over financial reporting? d. How should the auditor determine which controls to test? e. How might the auditor use evidence obtained in the audit of the financial statements when concluding on the effectiveness of internal control over financial reporting?arrow_forwardThe Responsibilities principle underlying AICPA auditing standards includes arequirement that(1) field work be adequately planned and supervised.(2) the auditor’s report state whether or not the financial statements conform togenerally accepted accounting principles.(3) professional judgment be exercised by the auditor.(4) informative disclosures in the financial statements be reasonably adequate.arrow_forwardDiscuss the difference between the Audit Committee Report and Auditors Report. What is the basic information discussed in these two reports?arrow_forward
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