A1 M1: Professional Standards Flashcards
The Public Company Accounting Oversight Board Auditing Standards (PCAOB AS) are issued by the PCAOB and provide standards for what kind of users?
Issuers (Public Companies)
What is included in a Attestation engagement?
Examination, review, or agreed upon procedure report on a subject matter
What does Generally Accepted Auditing Standards Measure?
The quality of the auditors performance, and guide the auditor in the performance of a properly planned/executed audit
Generally Accepted Government Auditing Standards (GAGAS), which are issued by the Government Accountability Office, provide guidance for what kind of audits?
Audits for government organizations
Statements on Auditing Standards (SAS) are issued by the AICPA and they provide standards for what kind of users?
Non Issuers (Private Companies)
May, might, and could indicates what?
Explanatory material
Statements on Standards for Accounting and Review Services provides guidance for what?
Unaudited financial statements or in audited financial information for non- issuers (private companies)
Both SAS and PCAOB AS provide guidance for what?
Audits of annual historical financial statements, special reports, and interim financial reports
Should indicates what?
Presumptively mandatory requirement
T/F: U.S. Generally Accepted Accounting Principles do- not change overtime?
False, they do!.
Must “Is required” indicates what?
Unconditional requirement
Statements on Standards for Attestation Engagements (SSAE) issued by the AICPA provide guidance for what kind of engagement?
Attestation engagements
Of SAS/PCAOB Guidance, interpretative publications, and auditing publications, which is the most authoritative?
SAS/PCAOB Guidance
