01 -- Engagement Responsibilities

01 -- Engagement Responsibilities - CPA AUDITING - STUDY...

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CPA AUDITING - STUDY UNIT 1 Engagement Responsibilities: Core Concepts A. Statements on Standards for Attestation Engagements (SSAEs) and Statements on Auditing Standards (SASs) are issued by the AICPA. A new standard setter in this area is the Public Company Accounting Oversight Board (PCAOB) , which was created by the Sarbanes- Oxley Act of 2002 . It is authorized to register public accounting firms; adopt auditing and related attestation, quality control, and ethics standards; inspect and investigate accounting firms; and engage in enforcement activities. B. In an attest engagement , a practitioner performs an examination, a review, or agreed upon procedures. The report is directly on subject matter, or an assertion thereon, that is the responsibility of another party. 1. The attestation standards include five general standards (training and proficiency in attestation, subject matter knowledge, suitable and available criteria, independence in mental attitude, and due professional care), two field work standards (planning and supervision, and sufficient evidence), and four reporting standards (character of engagement, conclusions, reservations, and limitations on report use). 2.
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This note was uploaded on 08/29/2010 for the course CBEAM AUD taught by Professor Gleim during the Spring '10 term at De La Salle Lipa.

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01 -- Engagement Responsibilities - CPA AUDITING - STUDY...

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