Audit Standards Flashcards
What is SAS?
Statements on Auditing Standards
What is SSARS
Statement on Standards for Accounting and Review Services
What is OMB?
Office of Management and Budget
What is COSO?
Committee of Sponsoring Organizations
What OMB standard impacts SAO Federal Single Audit field work?
OMB Singular A-133
What framework is established by COSO?
The internal control framework
Which standard setting bodies set the standards for Performance Audits?
GAO - Yellow Book (GAGAS)
Which standard setting bodies set the standards for Financial Audits?
GAO - Yellow Book (GAGAS)
AICPA (GAAS)
What is SSAE?
Statements on Standards for Attestation Engagements
What are the different threats to independence?
Self-Interest Self-Review Bias Familiarity Undue Influence Management Participation Structural Threat
What safeguards are there when there is a threat to independence?
- Consult Third Party
- Bring in anther audit organization to perform or reperform work
- Have a staff member from outside audit team review the work
- Remove individual from audit team
What two actions do organizations that perform audits in accordance with GAGAS need to take to ensure quality control and assurance?
Establish and maintain a system of quality controls
Have an external peer review once every three years
Who does the SAO’s peer reviews?
National State Auditor’s Association (NSAA)
What is the contents of Control Programs? (Hint: there are Five Items)
A - Project Administration B - Planning C - Fieldwork D - Reporting E - Wrap up
