True | |
Engagement letter, attorney letter and written representations are mandated by the Generally accepted auditing standards. However management letters are not |
Management letters are not required by generally accepted auditing standards. O True O False
Generally accepted auditing standards established by the AICPA through April of 2003: Multiple Choice O Were accepted as interim standards by the Public Company Accounting Oversight Board. Provide accounting guidance for nonpublic companies. Were also adopted as international auditing standards at that date. Are now developed by the Securities and Exchange Commission.
principles of auditing chapter 2 QUESTION 13 The three generally accepted auditing standards classified as general standards can be described as criteria for the A. Competence, independence, and professional care of individuals performing the audit. B. Planning and supervision of the audit engagement C. Content of the financial statements and related footnote disclosures and the consistency standard. D. Content of the auditor's report, study of internal control, and planning. QUESTION 14 The internal controls of an entity are the policies...
Discuss the relationship between quality control and generally accepted auditing standards.
Principles of auditing chapter 2 QUESTION 5 The generally accepted standards of fieldwork relate to A. Criteria for the content of the auditor's report on financial statements. B. Audit planning and evidence gathering. C. The need to maintain independence in mental attitude. D. The competence, independence, and professional care of persons performing the audit. QUESTION 6 The preliminary estimate of materiality bears an inverse relationship to audit risk. True False QUESTION 7
Accountants follow generally accepted auditing accounting standards and generally accepted accounting principles (GAAP). Distinguish between the GAAS and GAAP. What professional organization establishes the GAAS and what is its purpose? What professional organization establishes the GAAP? Can GAAS exist without GAAP and/or vice versa and why is this so? Do GAAS and GAAP have different agendas and why is each needed?
Which of the following best describes what is meant by generally accepted auditing standards? A Audit objectives generally determined on audit engagements. B Measures of the quality of the auditors' performance. C Acts to be performed by the auditors. D Procedures to be used to gather evidence to support financial statements.
Can you answer these questions? Thank you 13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
Which of the following types of audits are ordinarily performed following generally accepted auditing standards? A. Public Company Nonpublic Company Audit Audit Yes Yes Yes No NO Yes No NO B. C. D. Multiple Choice Option A Option B Option C Option D
The basic component of share capital is retained earnings. O True O False Generally accepted accounting principles, or GAAP, are the rules and procedures established by the Chartered Professional Accountants of Canada (CPAC). O True O False
Jones and Co. CPA's, performed an audit in which it did not follow generally accepted auditing standards in their auditing of receivables, thereby violating the fifth General Standard of AICPA's Attestion Standards . Which of the 6 Elements of Quality Control was deficient at Jones and Co.?