ME1 review

Question 1

Auditing standards apply to all audits, whereas auditing procedures may vary from one engagement to the next.

Auditing standards set a minimum requirement for the profession, and apply to all audits.

Answer 1

Auditing standards are issued by both AICPA and PCAOB, but auditing procedures are determined by the auditor using professional judgment. The auditor determines the nature, extent and timing of audit procedures for each audit.

Auditing standards underly the application of auditing procedures. Audit procedures are developed as a means of achieving auditing standards.