Chapter 2 LO6 Flashcards
Understand the role of international auditing standards and their relation to U.S. auditing standards
The AICPA standards are also referred to as ?
generally accepted auditing standards (GAAS)
who works to improve uniformity of auditing practices throughout the world
International Auditing and Assurance Standards Board (IAASB
Auditing standards for private companies and other entities in the United States are established by who?
the Auditing Standards Board (ASB) of the AICPA.
T/F Most countries, including the United States, base their auditing standards on ISAs, modified as appropriate for each country’s regulatory environment
T
T/F The PCAOB considers international standards when developing new standards
T
Auditing standards for private companies and other entities in the United States (by ASB of the AICPA) are called
Statements of Auditing Standards (SASs).
Prior to passage of the Sarbanes-Oxley Act, the ASB (AICPA) established auditing standards for
for private and public companies
PCAOB standards apply only to the audits of
U.S. public companies and brokers and dealers registered with the SEC
what is the worldwide organization for the accountancy profession?
International Federation of Accountants (IFAC).
Initially, the PCAOB adopted existing auditing standards established by the ASB (AICPA) as what kind of standards
interim
How has the responsibility for auditing standards for public companies and brokers and dealers registered with the SEC?
PCAOB
International Standards on Auditing (ISAs) are issued by who? (2)
the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC).
T/F International Standards on Auditing (ISAs) override a country’s regulations governing audit practices
F
T/F The Auditing Standards Board in the United States has revised its audit standards to converge with international standards
T
