AUD 1.1 - Professional Standards

Question 1

This standard/guideline provides generally accepted auditing standards for the audits of NONISSUERS. It also provides guidance for other services such as review of interim financial information and letters to underwriters. What is this standard/guidance, what is the “section reference” and what is the standard setting body?

Answer 1

Statement of Auditing Standards (SAS)
AU-C
AICPA Auditing Standards Board

Question 2

This standard/guideline provides generally accepted auditing standards for the audits of ISSUERS. It also provides guidance for other services such as review of interim financial information and letters to underwriters. What is this standard/guidance, what is the “section reference” and what is the standard setting body?

Answer 2

Public Company Accounting Oversight Board Auditing Standards (PCAOB AS)
PCAOB AS
Public Accounting Oversight Board

Question 3

This standard/guideline provides guidance for audits of government organizations, programs, activities and of entities that receive government funds. What is this standard/guidance, what is the “section reference” and what is the standard setting body?

Answer 3

Generally Accepted Government Auditing Standards (GAGAS)
GAGAS
Government Accountability Office

Question 4

This standard/guideline provides guidance for attestation engagements. What is this standard/guidance, what is the “section reference” and what is the standard setting body?

Answer 4

Statements on Standards for Attestation Engagements (SSAE)
AT-C
AICPA

Question 5

This standard/guideline provides guidance for unaudited financial statements or unaudited financial information of NONISSUERS. What is this standard/guidance, what is the “section reference” and what is the standard setting body?

Answer 5

Statements on Standards for Accounting and Review (SSARS)
AR-C
AICPA Accounting and Review Services Committee

Question 6

Which standard setting body oversees the code of professional conduct that provides members with guidelines for behavior in the conduct of the professional affairs?

Answer 6

AICPA

Question 7

Which standard setting body oversees the guidance to CPA firms about the statements on quality control standards?

Answer 7

AICPA

Question 8

Nonissuers are synonymous with?
Issuers are synonymous with?

Answer 8

Non-issuers = private company’s
Issuers = public company’s