3300 other reporting topics this includes as 3305 on

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3300 Other Reporting Topics: This includes AS 3305 on special reports, AS 3310 on special reports on regulated companies, AS 3315 reporting on condensed financial statements/ selected financial data and AS 3320 on association with financial statements. Matters Relating to Filings Under Federal Securities Laws This comprises of AS 4101 on responsibilities regarding Filings Under Federal Securities Statutes and AS 4105 on reviews of interim financial information. Other Matters Associated with Audits These include AS 6101 on the letters for underwriters and other requesting parties, AS 6105 reports on the application of accounting principles , AS 6110 on compliance audit consideration on recipients of governmental financial assistance and AS 6115 on reporting whether a previously reported material weakness is still existing. Similarities. Both bodies try to set out auditing standards to aid the industry as a whole. The standards are almost similar in nature touching on the roles, responsibilities, qualification among other things. The objectives of the two bodies are also the same. They try to regulate the industry while protecting both the investors and the companies involved.
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AUDITING STANDARDS 10 Qualifications to become an auditor is another similarity as both require the same level of skills. The main qualification is to be an experienced certified public accountant. Objectives of auditors: In both the two bodies, the overall objectives of the auditor is the same. This is because the auditor tempts to see if the financial statements are prepared in accordance with the generally accepted accounting principles and are free from material misstatements. The auditor generally acts as an assurance to the various parties that have interests in the company. Differences Documentation: PCAOB auditing standards require one to obtain an engagement letter before they start their work which is not the case with AICPA standards. The other difference in regards to documentation is regarding retention whereby PCAOB requires it to be retained for seven years as opposed to the five required by AICPA. The going concern is another difference. PCAOB describes it as one year from the fiscal year being audited, however, AICPA is at least one year but it is not limited to that. It can be more. Internal controls. PCAOB requires that the management should put in place internal controls to make sure that the financial statements are correct. ICPA does not have such requirements explicitly expressed in their standards. Use of another auditor’s report: PCAOB auditors have the option of not using or mentioning this while for AICPA auditors it is a must. This is especially the case with complex entities with multiple subsidiaries.
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AUDITING STANDARDS 11 Another difference is the rules issued by the Public Company Oversight board become generally accepted auditing standards. This is not the case with the standards that are issued by AICPA.
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AUDITING STANDARDS 12 References AICPA. (2018, February 19). AICPA . Retrieved from AICPA website: PCAOB. (2017, December 15). Public Company Accounting Oversight Board. Retrieved February 18, 2018, from PCAOB: December_15_2017.pdf
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  • Fall '19
  • Financial audit, auditing standards, SAS No.

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