Deficiencies in Broker-Dealer Audits under PCAOB Standards
The first five inspections of broker-dealer audit and new attestation
engagements subject to PCAOB standards show deficiencies in the
auditors' application of these standards, the Public Company
AICPA = GAAP + GAAS + More
Sufficient evidence of consistency = no reference needed
Positive Confirmation for Material A/R
Negative Confirmation for Immaterial A/R
Sufficient appropriate audit evidence to afford a reasonable basis for the opi
There are many differences between IAASB Auditing Standards
and US PCAOB Standards. They are :
1. International Standards do not require an audit of
Internal Controls while PCAOB Standards, do so require.
2. International Standards for documentation are l
The ACFE is the world's largest anti-fraud organization and premier
provider of anti-fraud training and education The Certified Fraud
Examiner (CFE) credential denotes proven expertise in fraud
prevention, detection and deterrence. CFEs around the world h
We also have the Institute of Internal Auditors (IIA). Started
on 1941, The functions of IIA are:
1. To make the Internal Auditing, a dignified profession.
2. Educating the practitioners and other relevant audiences
the best practices in Internal Auditing
MULTIPLE CHOICE QUESTIONS FROM CPA
6-19 (Objective 6-1) The following questions concern the reasons auditors do audits.
Choose the best response.
(2) Different interests may exist between the company preparing the
statements and the persons