Can aicpa audit and accounting guide that provides

C.An AICPA audit and accounting guide that provides specific guidance with respect
to the accounting practices in the client's industry.
D.General guidance provided by a Statement on Auditing Standards.
『 Answer 』 D
2.The Independent Audit Function - the Basics
· The purpose of an audit
· The purpose of an audit is to provide financial statements users with an opinion on
whether the financial statements are presented fairly, in all material respects, in
accordance with the applicable financial reporting framework .
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校企合作共建课程
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US GAAP
IFRS
Special purpose framework
· The audit function adds “ credibility ”
2.1 Management responsibilities: A1-8
1.Preparation and fair presentation of F/S
2.Design, implementation and maintenance of I/C
3.Providing the auditor adequate information
2.1 Management responsibilities
The preparation and fair presentation of the financial statements requires: A1-8
第 二
个 pass key
1. identification of the applicable financial reporting framework;
2. preparation and fair presentation of the financial statements in accordance
with the framework ;and
3.inclusion of an adequate description of the framework in the financial
statements.
2.2 Auditor responsibilities A1-9
1.Professional skepticism
2.Ethical requirements
3.Professional judgment
4.Sufficient appropriate audit evidence and audit risk
5.Complying with GAAS
1.Professional skepticism
The auditor should neither assume that management is dishonest nor assume
unquestioned honesty .A belief that management is honest and has integrity does
not relieve the auditor of the need to maintain professional skepticism or allow the
auditor to be satisfied with less than persuasive evidence.
2.Ethical requirements
· Independence in both fact and appearance is most important.
· The auditor must be independent of an entity when performing an engagement in
accordance with GAAS unless: a
）
GAAS provides otherwise or b
）
the auditor is
required by law or regulation to accept the engagement and report on the financial
statements.
3.Professional judgment A1-10
· The auditor should exercise professional judgment in planning and performing an
audit.
4.Sufficient appropriate audit evidence and audit risk
5.Compliance with GAAS
2.3 Reasonable assurance and Inherent limitations of an audit A1-10
Reasonable Assurance is a high, but not absolute, level of assurance.Auditor must;
1.Plan and supervise
2.Materiality levels
3.Risks of material misstatement
4.Audit evidence
2.3 Reasonable assurance and Inherent limitations of an audit
2. Inherent limitations of an Audit A1-11
The nature of financial reporting （ because they involve judgment by management
）
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The nature of audit procedures
Timeliness of financial reporting and the balance between cost and benefit
3.Determine The Nature and Scope of The Engagement
3.1 Nonissuers
Financial statement audit only
Integrated audit
GAAS
3.2 Issuers
Integrated auditPCAOB AS
4.Overall Objective of Audit Engagement