Professional Standards Flashcards
What is the primary responsibility of the AICPA?
Develop standards for CPAs.
What are the statements developed by the AICPA for non-issuers?
Statements of Auditing Services
What are the statements developed by the AICPA for compilation reviews, preparation?
Statements on standards for Accounting and Review Services
What does the SASS contain?
Interpretive Publications
SASS has interpretive publications (interpretations of standards, audit guides), CPAS should do what with this literature?
CPAS should document compliance with these standards when they’ve decided not to apply interpretive interpretations.
What are the two categories of “PROFESSIONAL REQUIREMENTS” in AICPA Standards?
1) Unconditional mandatory requirements- Must
2) Presumptively mandatory requirements- Should
Other AICPA guidance not considered requirements include:
“Application & Other Explantory Material”- “may”, “might”, or “could”