They are sufficiently specific to provide any meaningful guide to practitioners. B maximum standards that denote excellent work. C minimum standards of performance that must be achieved on each audit engagement.
D benchmarks to be used on all audits, reviews, and compilations. B interpretations of generally accepted auditing standards and departures from such statements must be justified.
C interpretations of generally accepted auditing standards and such standards must be followed in every engagement. What professional organization establishes GAAS? What professional organization establishes GAAP? Answer: Generally accepted auditing standards are general guidelines to help auditors meet their professional responsibilities in the audit of historical financial statements. The general standards stress the important personal qualities that the auditor should possess.
The standards of field work concern evidence accumulation and other activities during the actual conduct of the audit. The reporting standards require the auditor to prepare a report on the financial statements taken as a whole, stating whether the statements are prepared in accordance with Generally Accepted Accounting Principles GAAP. They are considered to be the minimum standards of performance for auditors to follow and are established by the Auditing Standards Board of the American Institute of Certified Public Accountants for private companies and by the Public Company Accounting Oversight Board for public companies.
B compliance with generally accepted reporting standards. C quality control. D peer review. Answer: C Terms: Quality control policies and procedures Diff: Moderate Objective: LO AACSB: Reflective thinking skills 3 Within the context of quality control, the primary purpose of continuing professional education and training activities is to enable a CPA firm to provide its personnel with: A technical training that assures proficiency as a valuation expert.
B professional education that is required in order to perform with due professional care. C knowledge required to fulfill assigned responsibilities. D knowledge required to perform a peer review. B monitor the risk factors concerning misstatements that arise from the misappropriation of assets.
D minimize the likelihood of associating with a client whose management may lack integrity. A Policies and procedures to ensure that firm personnel are actively engaged in marketing strategies B Policies and procedures to ensure that the work performed by firm personnel meet applicable professional standards C Policies to ensure that personnel maintain their independence in fact and in appearance D Policies that ensure that monitoring activities are effectively applied Answer: A Terms: Component of quality control Diff: Moderate Objective: LO AACSB: Reflective thinking skills.
A A CPA firm must develop and adhere to quality control standards. B Peer reviews are mandatory. Answer: For a CPA firm, quality control encompasses the methods used to make sure that the firm meets its professional responsibilities to clients.
Quality control is closely related to, but distinct from, GAAS. The standards recognize that a quality control system can provide only reasonable assurance, not a guarantee that auditing standards are followed. Quality controls are the procedures used by the entire CPA firm that help it meet requirements demanded by GAAS on every engagement in a consistent manner.
Who establishes the standards for quality control? These policies should minimize the risk of associating with a client whose management lacks integrity. Quality control standards are established by the Auditing Standards Board for auditors of private companies and by the Public Company Accounting Oversight Board for auditors of public companies. Audit firm Policy or Procedure 1.
Determination on whether to accept or reject a new client. Standards Category 2. A client evaluation form. GAAS 3. All personnel participate in continuing b.
Quality Control professional education. Conducting the audit with professional skepticism. Answering an independence questionnaire. Determine and apply materiality levels. Audit staff workpapers are reviewed by audit seniors, then managers. Plan work and supervise assistants. Answer: 1. Match the definition with its associated term. Each term can be used once, more than once or not at all. Definition 1. An organizational structure where professional services are provided by one or more shareholders.
The grantor of the right to practice public accounting. Audit Term a. AICPA 3. A report filed to indicate a significant event. Sets professional standards and rules for auditors. PCAOB 5. Oversees accounting firms who audit public c. Securities Exchange companies. Commission 6.
An organizational structure where the owners are d. Form k taxed like a partnership and have limited personal e. IAASB liability. Form S-1 7. A report that is filed when a company wishes to g.
Due professional care issue new securities. Limited Liability Partnership 8. The methods used to ensure the firm meets its i. Professional Corporation professional responsibilities to clients and others. Limited Liability Company 9. Assists in providing investors with reliable k. Peer review information. Requires annual inspections of accounting firms m. Form 8-k Practice monitoring by a CPA firm for another o. State Regulation CPA firm. Code of Professional Conduct Fulfilling duties diligently and carefully.
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Strawser, auditing and assurance services , 4th edition. Mcgraw-hill irwin, Solutions manual and test bank - Removed Auditing and assurance services , 4th edition. Louwers, timothy j. Solutions manual and test bank. Download links and password may be in the description section , read description carefully! Do a search to find mirrors if no download links or dead links.
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