Public vs. Non Public

Question 1

public company f/s audit is…

Answer 1

required

Question 2

public f/s audit opinion

Answer 2

public in 10k

Question 3

non public f/s audit is…

Answer 3

not required

Question 4

why would non public need f/s audit?

Answer 4

for a bank loan

Question 5

non public f/s audit opinion

Answer 5

not public

Question 6

what is an ICFR audit?

Answer 6

controls audit

Question 7

for public companies, ICFR is…

Answer 7

required by accelerated fillers but not other fillers

Question 8

for a public company, why would non accelerate fillers want a ICFR?

Answer 8

1. audit committee contracts it
2. auditor choses to test to decrease audit work

Question 9

if a public non accelerated audit committee contracts ICFR, audit opinion…

Answer 9

is public

Question 10

if a public non accelerated auditor chooses to test ICFR to decrease audit work, opinion is…

Answer 10

not public

Question 11

for non public, ICFR is…

Answer 11

not required

Question 12

why would a non public do an ICFR?

Answer 12

1. owner contracts it
2. auditor chooses to to lesson work
   BOTH NOT PUBLIC

Question 13

public auditing stands

Answer 13

PCAOB: AS (auditing standards)

Question 14

non public auditing standards

Answer 14

AICPA ASB: statements on auditing standards

Question 15

quality control for public

Answer 15

PCAOB inspections

Question 16

quality control for private

Answer 16

peer review system

Question 17

how often does peer review need to be done?

Answer 17

every three years