Financial Statement Audits Flashcards
Types of Interpretive Publications
1) Appendices to the SAS
2) Auditing Interpretations of SASs
3) Auditing guidance included in the AICPA Audit and Accounting Guides
4) AICPA auditing Statements of Position
10 Original AICPA Auditing Standards used by the PCAOB
TID-PIE-GCDO
1) Training
2) Independence
3) Due Care
4) Planning and Supervision
5) Internal Control
6) Evidence
7) GAAP
8) Consistency
9) Disclosure
10) Opinion
3 Main Categories of the 10 Auditing Standards
1) General
2) Field Work
3) Reporting
4 Primary theme of the new clarified auditing standards
PR-PR
1) Purpose/Premise
2) Responsibilities
3) Performance
4) Reporting
The 7 principles of the claried auditing standards are not requirments and have no authoritative status (T/F)
True
Interpretive publications are not considered to be auditing standards (T/F)
True
Statements on Auditing Standards (SASs) constitute what?
Generally Accepted Auditing Standards (GAAS)
Who issues SASs
Auditing Standards Board
What two principals underline SASs
Materiality & Audit Risk
The Auditing Standards Board is part of what Organization?
American Institute of CPAs (AICPA)
The Auditing Standards Board promulgates what?
1) Statements on Auditing Standards (SASs)
2) Statements on Standards for Attestation Engagements (SSAE)
3) Statements on Quality Control Standards (SQCS)
Who governs Governmental Audits?
Government Accountability Office (GAO) with the GAGAS
What is the “Purpose” of the audit
Provide an opinion
What is the “Premise” of the audit
Management has the responsibility for
- Financial Statements
- Providing the auditor with information
What are the “Responsibilities” of an auditor?
Competence
Capabilities
Ethics
Professional Skepticism
