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Auditing
Chapter 1
10
Accounting
Professional
08/26/2011

Additional Accounting Flashcards

 


 

Cards

Term
How does an auditor test and report on segment information?
Definition
Auditor would apply standard auditing procedures and generally will not refer to segment information unless there is a problem
Term
What procedures would an auditor perform related to supplemantary information that is required by GAAP and accompanies the financial statements?
Definition

1. Inquire how info was prepared

2. Determine whether methods are consistent with mgmts responses, audited f/s & other knowledge

3. Consider client representation letter obtained during the audit refers to supplementary info

4. Auditor may report on info but not req'd.

Term
What is the objective of the independent audit?
Definition
To express an opinion stating whether the f/s's, taken as a whole, are fairly presented in all material resptects in conformity with GAAP
Term
Which stds provide the most authoritative auditing guidance for nonissues, and who issues them?
Definition
Statement on Auditing Stds issued by the AICPA Auditing Stds Board
Term

What are the three general Stds?

 

TIP

Definition

Training

Independence

Professional care

Term

What are the three stds of fieldwork?

 

PIE

Definition

Planning

Internal Controls

Evidence

Term

 

ADCOWhat are the four Stds of reporting?

 

ADCO

Definition

Accounting Principles

Consistency

Disclosures

Express Opinion

Term
What is the difference between auditing stds and auditing procedures?
Definition

Auditing Stds-measure the quailty of performance of the audit

 

Auditing Procedures-Act to be performed during the audit

Term
What should be included in the introductory paragraph of the auditor's std report?
Definition

f/s identified (being audited)

mgmt-repsonsibility

auditor's-responisibility

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