Question

A difference between audit standards and attestation standards includes all of the following except C unlike attestation standards, audit standards include an emphasis on internal controls. C penalties and fines for non-compliance with audit standards are much greater. C unlike audit standards, attestation standards emphasize that the subject matter must be capable of evaluation or measurement C unlike audit standards, attestation standards stress the importance of knowledge of the subject matter. • Previous

Answer 1

1) Solution: penalties and fines for non-compliance with audit standards are much greater

Explanation: The auditing standards are less broad in coverage than the attestation standards; and require the auditor to obtain an understanding of the client's system of internal control

2) Solution: SSARS

Explanation: SSARS demands that CPAs should be concerned on the engagement letters. . However the standard doesn't need documentation when only engaged to assist with the financial statements preparation and to perform bookkeeping