Chapter 2 Flashcards
What is the goal of an external auditor?
an audit report
What is the goal of an internal auditor?
manage internal controls, precheck reports before external auditors check them
What are non-audit jobs an auditor can perform?
tax preparation, management advisory, reviews and compilations, ESG (eco) standards
What is the hierarchy in an audit group?
partner, manager (senior), senior, associate
How often are publicly traded companies required to issue 10q forms?
quarterly
What did the Dodd Frank Act do?
passed PCAOB authority over foreign firms working in the us
Are accounts with more or less transactions at higher risk?
more
Who hires the audit comittee?
the audit committee of the board
What are attest services?
reporting on nature and quantity of inventory stored in a company’s warehouse so that the company can obtain a bank loan
