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Chapter 2 - Chapter 2 Professional Standards All my growth...

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Chapter 2 Professional Standards “All my growth and development led me to believe that if you really do the right thing, and if you play by the rules, and if you’ve got good enough, solid judgment and common sense, that you’re going to be able to do whatever you want to do with your life….” Barbara Jordan, first African-American woman from the South ever elected to the U.S. House of Representatives
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Chapter 2 Objectives 1. Name the various practice standards for internal, governmental, and independent auditors and accounting firms and identify their sources. 2. List and explain the 10 AICPA generally accepted auditing standards (GAAS) and explain how GAAS was or was not followed in specific fact situations. 3. Describe how the audit examination is affected by auditors’ responsibility for general standards and the standards of field work. 4. List the standards of reporting and identify how these standards are reflected in the content of the auditors’ report. 5. Identify the need for general attestation standards and explain how attestation standards differ from generally accepted auditing standards. 6. List and explain important quality control standards for an accounting firm. 2-2
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Practice Standards Client Public  Entities Private  Entities Governmental Entities Foreign Entities Rule- making  body Public Company   Accounting  Oversight Board  (PCAOB) AICPA Auditing  Standards Board  (ASB) U.S.  Government  Accountability  Office (GAO) IFAC International  Auditing and  Assurance Standards  Board (IAASB) Standards Auditing Standards  (ASs) Statements on  Auditing Standards  (SASs) Government  Auditing  Standards  (The  “Yellow Book”) International  Standards on  Auditing (ISAs) Web site www.pcaob.org www.aicpa.org www.gao.gov   www.ifac.org 2-3
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Generally Accepted Auditing Standards Measures of the quality of auditors’ performance Same from audit to audit Auditing standards versus auditing procedures 2-4
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Exhibit 2.1 Generally Accepted Auditing Standards 2-5
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Engagement Overview and GAAS OBTAIN (OR RETAIN) CLIENT RISK ASSESSMENT SUBSTANTIVE PROCEDURES ISSUE REPORT ENGAGEMENT
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