Chapter 1 Practice:
_ is (are) responsible for the financial statements.
The Audit Committee
The auditor's report is the _ of an audit.
Chapter 2 ACG 6635
Award: 10 out of 10.00 points
Quality control procedures exist to provide reasonable assurance that the firm follows professional standards
on _ engagement(s).
Award: 10 out of 10.00 points
Which of the following would be considered a Principle of the Code of Professional Conduct?
Confidential Client Information
Which of the
The assignment can be found in the Assignments folder within the Content area of your Blackboard
site. This assignment will be open from 7:00 a.m. on Tuesday, June 30, 2015 until 11:59 p.m. on Friday,
July 17, 2015. You are
Provides guidance for engagements related to
an entity's compliance with requirements of
specified laws, regulations, rules, contracts, or
the effectiveness of an entity's
This section addresses the application of GAAS
to a compliance audit which is usually
performed in conjunction with a financial
statement audit for entities that are required
by governmental units t
Applies to situations in which practitioners are
engaged to issue or does issue an
Agreed upon procedures report
Assertion about subject matter that is the
AT 20 & AT 50
AT 50: SSAE Hierarchy
AT 20: Defining Professional Requirements in Statements on
Standards for Attestation Engagements
Location of standards and source of standards
SSAE Hierarchy (AT 50)
Defining Professional Requirements in
AT 601 Management Representations
In an examination engagement or an agreed-upon procedures engagement, the practitioner should
obtain written representations from the responsible party.
The representation letter should contain the following items:
Threats to Independence from the Yellow Book
A3.03 Examples of circumstances that create self-interest threats for an auditor include:
a. A member of the audit team having a direct financial interest in the audited entity. This would not
From AU-C 935, Compliance Audits:
AU-C 935 Management Representations
Written representations from management include:
a. acknowledging management's responsibility for understanding and complying with the
b. acknowledging managemen
AT 601 Elements of the Report
The practitioner's report on agreed-upon procedures on an entity's compliance with specified
requirements (or the effectiveness of an entity's internal control over compliance) should be in the form
of procedures and findings
Auditors _ an opinion when they are unable to form an opinion.
Limitations on the scope of an audit may create a situation in which the auditors are unable to
The _ requires registration of an initial stock sale.
The 1933 Act requires _ to prove a loss and misleading financial statements.
The Effect of Disclosing Critical Audit Matters in the Auditors Report
on Perceived Auditor Responsibility for Misstatements
STEVEN J. KACHELMEIER
Professor and Randal B. McDonald Chair in Accounting
University of Texas at Austin
JAIME J. SCHMIDT*