The Independent Audit Function Flashcards
Audit adds credibility to
The FS
The purpose of an audit
To provide FS users w an opinion that the FS r presented fairly
Mgmt is responsible for
Preparation n fair presentation
Auditor responsibilities
Expressing an opinion
Performance is RIT
Reasonable assurance - pdio Plan n supervise Determine b apply ID n assess Obtain sufficient appropriate
Inherent limitations of an audit
NFR
NAP
ToFR n balance between c n b
Mgmt judgement
Mgmt give incomplete FS, fraud cb concealed
What r the auditing standards
GAAS
Pcaob
ISA
Gaas stands for
Generally accepted auditing standards
Gaas compliance is
For audits of
Mandatory for all audit engagements
Nonissuers
What does PCOAB stand for
Used in the preparation n issuance of audit reports for
Public comp accounting oversight board
Issuers
What does Isa stand for
The ISAAB a standard setting board for IFAC
International standards on auditing
The international auditing n assurance standards board
International federation of accountants
Who provides members w guidelines for behavior in the conduct of their professional affairs n applicable to all services performed n the practice of public acctng.
The AICPA code of professional conduct
What ensure company compliance w professional standards n legal/regulatory requirements
Statements on QC
Who is the standard setting board for IFAC of ethics for professional standards
The International ethics standards board of accountants(IESBA)
All auditors r required to comply w SAS
Published by ASB for_____ PCOAB for______
Nonissuers
Issuers
