Auditing and Assurence Services Chapter 2 Solutions

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CHAPTER 2

Professional Standards

LEARNING OBJECTIVES

| | | | | | |Exercises, Problems, and | | |Review Checkpoints |Simulations | | |1 |45 | |1. Name the various practice standards for internal, governmental, | | | |and independent auditors and auditing firms, and identify their | | | |sources. | | | | |2, 3, 4, 5, 6, 7 |39, 40, 41, 43, 44, 48, 51 | |2. Explain the 10 AICPA generally accepted auditing standards | | | |(GAAS), and explain how GAAS was or was not followed in specific | | | |fact situations. | | | | |8, 9, 10 |50 | |3. Explain audit evidence in terms of its appropriateness and | | | |relative strength of persuasiveness. | | | | |11, 12, 13, 14, 15 |42, 46 | |4. Describe the standard unqualified audit report in terms of its | | | |communication of audit standards and other messages. | | | | |16, 17 |47 | |5. List the reasons for having general attestation and assurance | | | |standards and explain how attestation standards differ from | | | |generally accepted auditing standards. | | | | |18, 19, 20 |49 | |6. List and explain the important features of quality control | | | |standards for a CPA firm. | | |

SOLUTIONS FOR REVIEW CHECKPOINTS

| | | | |2.1 Practice Standards | |Who issues them | |Statements on Auditing Standards (SASs) (Private Companies) | |AICPA Auditing Standards Board | |Auditing Standards (Public Companies) | |Public Company Accounting Oversight Board (PCAOB) | |Code of Professional Conduct | |AICPA Professional Ethics Division | |Quality Control Standards | |AICPA Division for Firms |...
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