2011 Auditing 2 Update - 2011 Auditing 2 Update Auditing 2...

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2011 Auditing 2 Update Auditing 2 Update for the 2011 Edition Last Updated March 8, 2011 SECTION A: TEXT AND LECTURE ERRATA Item A.1 Pg. A2-103, Chart: Reports Include a Statement Regarding: The statements listed in the first column of this chart are not aligned correctly with the other three columns. The chart should appear as follows: Reports Include a Statement Regarding: Compilation Report Examination Report Agreed- upon Procedures 1. Identification of PFS Yes Yes Yes 2. Compliance with AICPA standards Yes Yes Yes 3. Limitation of scope of examination Yes -- Yes 4. An enumeration of procedures performed -- -- Yes 5. A caveat that prospective results may not be achieved Yes Yes Yes 6. CPA has no responsibility for updating report Yes Yes Yes 7. PFS conformity with AICPA presentation guidelines -- Yes -- 8. Limited use of report Only required for projection Only required for projection Yes Item A.2 Pg. A2-7, Item E.5. Peer Review, National Instructor Comments: After the National Lecturer asks you to put "Peer review every 3 years" in the margin of your textbook, he makes the following comment: "Now incidentally, if you are an auditor in a CPA firm like the Big Four accounting firms and you audit more than I believe it's 10 publically traded companies, then the PCAOB (the Public Company Accounting Oversight Board) is going to be doing an internal investigation of your quality control every year." The National Instructor should have said 100 publically traded companies, not 10 publically traded companies. To expand on the National Instructor's comment, the annual inspection for all firms that regularly provide audit reports for more than 100 publically traded companies (issuers) includes an inspection of the firms' 1 © 2010 DeVry/Becker Educational Development Corp. All rights reserved.
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2011 Auditing 2 Update compliance with SOX, the rules of the PCAOB, and professional standards (including the quality control standards). Firms that regularly provide audit reports for 100 or fewer issues must have such inspections at least every three years. Item A.3
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This note was uploaded on 09/25/2011 for the course ACCOUNTING AC591 taught by Professor W during the Spring '11 term at Keller Graduate School of Management.

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2011 Auditing 2 Update - 2011 Auditing 2 Update Auditing 2...

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