Financial Statement Audits (CPAExcel)

Question 1

General Standards (Define an Audit)

Answer 1

Training
Independence
Due (Professional) Care
(GAAS and Principles)

Question 2

Fieldwork Standards (Define an Audit)

Answer 2

Planning/Supervision
Internal Control
Evidence (sufficient, appropriate, reasonable basis)
(GAAS and Principles)

Question 3

Reporting Standards (Define an Audit)

Answer 3

GAAP
Consistency (reporting inconsistencies)
Disclosure (only mentioned if inadequate)
Opinion
(GAAS and Principles)

Question 4

Principles Underlying an Audit Conducted According to GAAS?

Answer 4

Purpose/Premise
Responsibilities
Performance
Reporting
(Under Audit Clarity Project Converging GAAP and ISA)
(GAAS and Principles)