GAAS

Question 0

General standards r TIP

Answer 0

Training - education in acctng, practical experience in auditing, knowledge of industry

Independence

Professional Care - what the auditor does & how well it is done

Question 1

What is the foundation of auditing & is used to set the minimum requirements for the profession

Answer 1

10 generally accepted accounting standards

Question 2

The high level of assurance expected tb obtained is referred to as

Answer 2

Reasonable assurance; absolute assurance is not possible

Question 3

Standards of fieldwork r PIE

Answer 3

Planning & supervision
Internal control, entity, & environment
Evidence

Question 4

Standards of reporting r ACDO

Answer 4

Accounting= GAAP - must state
Consistency - implicit in audit report
Disclosure - implicit in audit report
Express opinion - must state

Question 5

The objective of the 4th standard of reporting is to _ _ of the degree of responsibility the auditor is assuming when their name is associated w FS

Answer 5

Prevent misinterpretation

Question 6

The auditor when associated w FS has 2 major choices

Answer 6

To render an opinion on FS taken as a whole

To disclaim an opinion

Question 7

Taken as a whole applies to a

Answer 7

Complete set of FS

Question 8

The auditor may express an unqualified opinion on 1 FS &

Answer 8

Qualified & disclaim on another FS

Question 9

The auditor may report on 1 basic FS & not the others as long as access is not limited to info underlying basic FS is called

Answer 9

Limited reporting