CHAPTER 1 THE DEMAND FOR AUDIT AND OTHER ASSURANCE SERVICES

CHAPTER 1 THE DEMAND FOR AUDIT AND OTHER ASSURANCE SERVICES...

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Nilde Delgado Homework Week 1 2-7 (Objectives 2-2 , 2-4 , 2-5 ) Who is responsible for establishing auditing standards for audits of public companies? Who is responsible for establishing auditing standards for private companies? Explain. - The organization responsible for establishing auditing standards for public companies is PCAOB, for private companies is Auditing Standard Board (ASB) The standards for both private and public are very similar. They are both based on previous standards established by ASB. 2-10 (Objective 2-6 ) Generally accepted auditing standards have been criticized by different sources for failing to provide useful guidelines for conducting an audit. The critics believe the standards should be more specific to enable practitioners to improve the quality of their performance. As the standards are now stated, some critics believe that they provide little more than an excuse to conduct inadequate audits. Evaluate this criticism of the 10 generally accepted auditing standards. - The auditor must have knowledge of the entity and have adequate training and proficiency to perform an audit. An auditor must have experience and must support every finding. An auditor must explain and express an opinion. If one is not provided, must provide the reason why. I believe is very detailed. The auditor also follows SAS for more specific guidance. MULTIPLE CHOICE QUESTIONS FROM CPA EXAMINATIONS 2-16 (Objective 2-6 ) The following questions deal with generally accepted auditing standards. Choose the best response. a. The first general standard, which states in part that the audit must be performed
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This note was uploaded on 10/28/2011 for the course AUDIT audit taught by Professor Unknown during the Spring '11 term at Keller Graduate School of Management.

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CHAPTER 1 THE DEMAND FOR AUDIT AND OTHER ASSURANCE SERVICES...

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