- Auditing Week 1 Ch 2 2-7 The PCAOB has the primary responsibility for establishing auditing standards for public companies The ASB of the AICPA

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Auditing Week 1 Ch. 2 2-7 The PCAOB has the primary responsibility for establishing auditing standards for public companies. The ASB of the AICPA establishes auditing standards for private companies. 2-10 The Ten Generally Accepted Auditing Standards have received much criticism, especially for being more general in its standards than specific. The standards should provide more clearly defined guidelines as a aid to figure out how much evidence should be accumulated, which could help CPA s who are accused of an inadequate. But having specific requirements may also have a negative affect. 2-16 a. 1 b. 2 c. 3 d. 3 2-20 a. The ethical implications of Rossi and Montgomery if they engage in they accept the engagement is their professional competence to accurately perform all the filing work necessary for the SEC. The firm must also be registered with the PCAOB. Rossi and Montgomery also performed bookkeeping services for Mobile, therefore impairing independence. b. The filing with the SEC will require completion and registration with the SEC of Form S-1.
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This note was uploaded on 05/02/2010 for the course AC 555 AC 555 taught by Professor Na during the Spring '10 term at Keller Graduate School of Management.

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- Auditing Week 1 Ch 2 2-7 The PCAOB has the primary responsibility for establishing auditing standards for public companies The ASB of the AICPA

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