Study Outline for first midterm.docx

B what kinds of services do accounting firms and cpas

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B. What kinds of services do accounting firms and CPAs provide? C. Management Assertions 1. PERCV from slides 2. Be sure to see how it relates to assertions in textbook. Not a substitute, just an easier way to remember all of them 3. Be able to choose an account and tell me all the assertions related to that account D. Who governs CPAs 1. Licenses 2. Standards E. Professional Skepticism Chapter 2: Professional Standards A. Auditing Standards B. AICPA and the Audit Standards Board issue SASs: Generally Accepted Audit Standards a. Fundamental Principles C. PCAOB issues ASs for publicly traded companies (SEC registrants) D. Generally Accepted Auditing Standards (GAAS) 1. General Standards a. Competence b. Independence c. Due Care 2. Fieldwork Standards a. Planning and Supervision b. Gaining an understanding of internal control c. Gather sufficient competent evidence to form an opinion 3. Reporting Standards a. Must refer to GAAP
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b. Must identify instances where financial statements are not consistent from last year c. Disclosures are adequate unless otherwise stated d. Opinion on the statements as a whole Module B: Professional Ethics A. AICPA Code of Professional Conduct 1.
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  • Fall '10
  • Meyer
  • Financial audit, auditing standards, Audit Standards Board, A. AICPA Code

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