Standards on auditing: There are two organizations which make auditing and accounting standards i.e. AICPA (American Institute of certified public accountants) and PCAOB (Public company accounting oversight board). These two organizations have different roles and responsibility but also have some similarities like both have accounting and auditing related works. To choose: The most appropriate auditing standards.

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The accounting firm you work for has been hired to conduct an audit of ABCIn * c' * s financial statements ABC Inc. is a US - based publicly traded company . In conducting your audit , the suitable criteria or financial reporting framework that you would likely be evaluating the financial statements und be : Generally Accepted Auditing Standards . International Financial Reporting Standards . Generally Accepted Accounting Principles. PCAOB Generally Accepted Auditing Standards COSO Framework.

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Chapter 5, Problem 26MCQ

To determine

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Standards on auditing: There are two organizations which make auditing and accounting standards i.e. AICPA (American Institute of certified public accountants) and PCAOB (Public company accounting oversight board). These two organizations have different roles and responsibility but also have some similarities like both have accounting and auditing related works.

To choose: The most appropriate auditing standards.

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The accounting firm you work for has been hired to conduct an audit of ABCIn * c' * s financial statements ABC Inc. is a US - based publicly traded company . In conducting your audit , the suitable criteria or financial reporting framework that you would likely be evaluating the financial statements und be : Generally Accepted Auditing Standards . International Financial Reporting Standards . Generally Accepted Accounting Principles. PCAOB Generally Accepted Auditing Standards COSO Framework.

For each engagement described below, indicate whether the engagement is likely to be conducted under international auditing standards, AICPA auditing standards, or PCAOB auditing standards. An audit of a U.S. private company with no public equity or debt. An audit of a German private company with public debt in Germany. An audit of a U.S. broker-dealer registered with the SEC. An audit of a United Kingdom public company that is listed in the United STates and whose financial statements will be filed with the SEC. An audit of a U.S. not for profit organization An audit of a U.S. private company to be used for a loan from a publicly traded bank. An audit of a U.S. public company. An audit of a U.S. public company that is a subsidiary of a Japanese company that will be used for reporting by the parent company in Japan.

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)