Professional Standards Flashcards

1
Q

What is the primary responsibility of the AICPA?

A

Develop standards for CPAs.

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2
Q

What are the statements developed by the AICPA for non-issuers?

A

Statements of Auditing Services

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3
Q

What are the statements developed by the AICPA for compilation reviews, preparation?

A

Statements on standards for Accounting and Review Services

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4
Q

What does the SASS contain?

A

Interpretive Publications

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5
Q

SASS has interpretive publications (interpretations of standards, audit guides), CPAS should do what with this literature?

A

CPAS should document compliance with these standards when they’ve decided not to apply interpretive interpretations.

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6
Q

What are the two categories of “PROFESSIONAL REQUIREMENTS” in AICPA Standards?

A

1) Unconditional mandatory requirements- Must

2) Presumptively mandatory requirements- Should

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7
Q

Other AICPA guidance not considered requirements include:

A

“Application & Other Explantory Material”- “may”, “might”, or “could”

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