A6 Flashcards
What is the standard of professional behavior?
An auditor’s best effort in the performance of professional services in accordance with the relevant technical and professional standards.
Define the public interest standard
Collective well-being of the community of the people and entities served by the auditor
In a preparation engagement - if the accountant is unable to include the statement “no assurance is provided” on each page, what can the auditor do?
- Issue disclaimer that makes clear no assurance is provided on the F/S
- Perform a compilation engagement
- Withdraw from the engagement
What are the Generally accepted government auditing standards?
- Serving the public interest
- integrity
- objectivity
- proper use of government information
- resources and positions
- professional behavior
What is the issuer and nonissuer standards relating to a lead partner rotating engagements?
Issuer: Every 5 years
Nonissuer: none
What is an example of exercising due care?
Consultation or referral when professional engagement exceeds the CPA’s personal competence