Professional Standards

Question 1

GAAS is

Answer 1

Generally Accepted Auditing Standards

Question 2

GAAS for nonissuers are issued by

Answer 2

AICPA’s Auditing Standards Board

Question 3

The ASB issues

Answer 3

Statements on Auditing Standards (SAS)

Question 4

The Pubilic Company Accounting Oversight Board (PCAOB) establishes

Answer 4

auditing and professional standards in audit reports for issuers

Question 5

Issuers are

Answer 5

primarily public companies

Question 6

To audit a public company a public accounting firm must

Answer 6

register with the PCAOB

Question 7

IAASB is

Answer 7

International Auditing and Assurance Standards Board

Question 8

Overall Objectives of the Auditor

Answer 8

1. To obtain reasonable assurance

2. To report on Financial Statements

Question 9

Conduct of the Audit includes

Answer 9

1. Skepticism
2. Ethical Requirements
3. Judgment
4. Sufficient Appropriate Audit Evidence and Audit Risk
5. Compliance with GAAS

Question 10

Weak internal control does not equal

Answer 10

adverse opinion

Question 11

The most authoritative guidance for the auditor of a nonissuer

Answer 11

Statement on Auditing Standards

Question 12

The PCAOB was established by

Answer 12

The Sarbanes - Oxley Act of 2002