Outline Day 2 - Student - Outline Day 2 Chapter 1 2 4 recap...

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Outline Day 2 Chapter 1, 2, & 4 recap: Types of audit evidence Understand the types of audits PCAOB Mgmt. Responsible for F/S Difference between Quality Control and Peer Review Sarbanes Oxley Why does CPA profession need ethics? Independent – Audits? Tax returns – No; Consulting – No Lack of Independent - (Key positions or significant influence) Sarbanes Oxley – Bookkeeping and audit? Sarbanes Oxley – Cooling off period for auditor? Material misstatement discovered after audit completed? Chapter 3 – Audit Reports Standard unqualified audit report (non-public) 1. Report title “Independent” 2. Audit Report addressee – Company 3. Introduction paragraph – CPA firm performed audit (must distinguish the report from a compilation or review. 4. Management’s responsibility – Accounting principles and maintains IC over financial reporting 5. Auditor’s Responsibility a) Auditing standards generally accepted in the United States of America. b) Reasonable assurance free of material misstatement. c) Sufficient appropriate evidence has been obtained 6. Opinion paragraph – what is meant by presented fairly? 7. Name and address of CPA firm 8. Audit report date – Last day of fieldwork (auditor’s responsibility for review of significant events) Standard unqualified audit report (page 49) – Reasonable Assurance Public Company (Title, address, CPA firm name, and audit report date similar). Figure 3-3 page 52. What are the differences?
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