Principles of Auditing & Other Assurance Services (Irwin Accounting)
20th Edition
ISBN: 9780077729141
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Chapter 2, Problem 30EOQ
To determine
Identify the professional standards that help in conforming the professional standards.
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One of an accounting firm’s basic objectives is to provide professional services that conform to professional standards. Reasonable assurance of achieving this objective can be obtained by followinga. Generally accepted auditing standards.b. Standards within a system of quality control.c. Generally accepted accounting principles.d. International auditing standards.
The standards are divided into attribute, performance and implementation guidance. Classify the following standards according to attribute and performance standards:A) Chief Audit Executive Roles Beyond Internal Auditing.B) Engagement Planning.C) Continuing Professional Development.D) Requirements of the Quality Assurance and Improvement Program.E) External Service Provider and Organizational Responsibility for Internal Auditing.F) Due Professional Care
What are the advantages of a CPA over members of other professions in rendering management advisory services or consulting work? Explain.
Enumerate the practice standards in MAS and explain each.
Chapter 2 Solutions
Principles of Auditing & Other Assurance Services (Irwin Accounting)
Ch. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - Prob. 10RQ
Ch. 2 - Prob. 11RQCh. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 14RQCh. 2 - Prob. 15RQCh. 2 - Prob. 16RQCh. 2 - Prob. 17RQCh. 2 - Prob. 18RQCh. 2 - Prob. 19RQCh. 2 - Prob. 20RQCh. 2 - Prob. 21RQCh. 2 - Prob. 22RQCh. 2 - Prob. 23RQCh. 2 - Prob. 24RQCh. 2 - Prob. 25QRACh. 2 - Prob. 26QRACh. 2 - Jane Lee, a director of a nonpublic corporation...Ch. 2 - Prob. 28QRACh. 2 - Prob. 29QRACh. 2 - Prob. 30AOQCh. 2 - Prob. 30BOQCh. 2 - Prob. 30COQCh. 2 - Prob. 30DOQCh. 2 - Prob. 30EOQCh. 2 - Prob. 30FOQCh. 2 - Prob. 30GOQCh. 2 - Prob. 30HOQCh. 2 - Prob. 30IOQCh. 2 - Prob. 30JOQCh. 2 - Prob. 30KOQCh. 2 - Prob. 30LOQCh. 2 - Prob. 31OQCh. 2 - Prob. 32OQCh. 2 - Prob. 33OQCh. 2 - Prob. 34OQCh. 2 - Prob. 35OQCh. 2 - Joe Rezzo, a college student majoring in...Ch. 2 - Prob. 37PCh. 2 - Hide-It (HI), a family-owned business based in...Ch. 2 - Prob. 39RDC
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- Which of the following elements of a system of quality control is related to firms receiving independence confirmations from its professionals with respect to clients?a. Acceptance and continuance of client relationships and specific engagements.b. Engagement performance.c. Monitoring.d. Relevant ethical requirements.arrow_forward1. Professional competence, due professional care, planning and supervision, and sufficient relevant data are general standards for MAS practice, including Role of MAS practitioner c. Association with forecasts Understanding with client d. Communication of results 2. Which of the following is not one of the steps in MAS engagement? Implementation c. Analysis Informal meeting with client d. Design 3. A certified public accountant’s scope of mgt. services is broad and covers all of the following except audit engagement c. Re-engineering job computerization engagements d. Change mgt. engagements 4. Which of the following is not an area in MAS practice Conducting special studies Reviewing and suggesting improvement of policies , procedures, systems and methods, etc. Marketing and public relations work Introducing new ideas, concepts…arrow_forward31. Which of the following statements is true regarding involvement of the CAE in a consulting engagement? a. CAE must determine if the scope of the engagement is sufficient to achieve the desired objectives before committing to the task b. CAE must determine if there is expertise in internal audit to conduct the engagement on its own c. CAE is ultimately responsible for the objectives and scope of the engagement d. CAE should ensure that the objectives, scope, and approach of the consulting engagement are achievable within a month 33. Objectives of the risk management process include all of the following, except a. To look for ways to take advantage of opportunities b. To link growth, risk, and return c. To comply with laws and regulations d. To act as a reasonable "brake" on strategic growth 34. How is the COSO ERM framework different from ISO 31000 guide? a. COSO Framework describes ERM as an iterative process and ISO Guidance describes ERM as a serial…arrow_forward
- Answer the below: What do you understand by attestation services? Discuss the responsibility and functions of CPA. Why independent Auditors' Reports are usually required? What type of information usually discussed in this report?arrow_forwardWhich of the following BEST (select one) explains why IT governance provides a starting point for the IT auditor? a) IT governance provides a means to communicate relevant policies to management and staff. b) IT governance is the responsibility of the board of directors and executive management. c) IT governance includes the tone at the top which influences the culture and overall acceptance of the IT audit process. d) IT governance focuses accountability at both management and staff during the employee evaluation process.arrow_forwardWhat is meant by the term quality control as it relates to CPA firm?arrow_forward
- Compile a full set of notes which you will use to prepare for the training session that you are required to present. The notes should include: a) The steps a professional accountant should take in applying the conceptual framework approach. b) An explanation of the five categories of threats suggested by the code. c) A brief description of six general safeguards in an audit firm’s work environment that will ensure that threats to compliance with the fundamental principles are addressed appropriatelyarrow_forwardThe final stage in the client acceptance and continuance decision process involves: a. the auditor obtaining a management representation letter from the client. b. the auditor preparing an independence declaration statement. c. the client's audit committee meeting with the auditor. d. the preparation of an engagement letter.arrow_forwardExplain two (2) types of information that will assist the engagement partner in determining whether the conclusions reached regarding the acceptance and continuance of client relationships and audit engagements are appropriate.arrow_forward
- Identify the drivers of audit quality as specified by the Financial Reporting Council's Audit Quality Framework. Please use the illustration below to help you answer the question.arrow_forwardWhat do you think is meant by the term ethical auditing with respect to the principles and rules of professional conduct in the AICPA Code?arrow_forwardAn accounting association established a code of ethics for all members. The most likely primary purpose for establishing the code of ethics was to: a Outline criteria for professional behavior to maintain standards of competence, morality, honesty, and dignity within the association. b Establish standards to follow for effective accounting practice. c Provide a framework within which accounting policies could be effectively developed and executed. d Outline criteria that can be utilized in conducting interviews of potential new accountants.arrow_forward
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