A1

Question 1

GAAS for nonusers are issued by

Answer 1

AICPA’s ASB (Auditing Standard Board) in the form of SAS

Question 2

What should an auditor do when subsequent events is discovered after the issuance but affecting to the event on the audit period?

Answer 2

1. Assess the importance of the omitted procedure to present the ability to support the opinion.
2. Assure if there is any compensated procedures.
3. Determine any significant parties that rely on the on the information
4. Inform the management to make changes if there is no compensated procedures and other alternative procedures can’t be applied.
5. If mgmt refuse to make the updated changes–>tell the BOD.
6. If BOD can’t help-disassociate Audit report.

Question 3

Audit procedures when auditing a single F/S, or elements, specific items on the F/S

Answer 3

perform procedures on any interrelated item as necessary