Term
|
Definition
| voluntary organization of CPAs that sets professional requirements, conducts research, and publishes materials |
|
|
Term
| Center for Audit Quality (CAQ) |
|
Definition
| an autonomous public policy organization with a mission to foster confidence in the audit process and to make public company audits even more reliable and relevant for investors |
|
|
Term
| generally accepted auditing standards (GAAS) |
|
Definition
| 10 auditing standards, developed by the AICPA consisting of general standards, standards of field work, and standards of reporting, along with interpretations |
|
|
Term
| International Standards on Auditing (ISAs) |
|
Definition
| statements issued to promote international acceptance of auditing standards |
|
|
Term
|
Definition
| the review of CPAs of a CPA firm's compliance with its quality control system |
|
|
Term
|
Definition
| board created by SOX to oversee auditors of public companies, including establishing auditing and quality control standards and performing inspections of registered accounting firms |
|
|
Term
|
Definition
| methods used by a CPA firm to ensure that the firm meets its professional responsibilities to clients and others |
|
|
Term
|
Definition
| a federal agency that oversees the orderly conduct of the securities markets |
|
|
Term
| Statements on Auditing Standards (SASs) |
|
Definition
| pronouncements issued by the AICPA to interpret generally accepted auditing standards |
|
|
Term
|
Definition
1. adequate training
2. maintain independence
3. exercise due professional care |
|
|
Term
|
Definition
1. adequately plan and supervise
2. sufficient understanding of the entity
3. obtain sufficient appropriate audit evidence |
|
|
Term
|
Definition
1. state if FS are presented in GAAP
2. identify principles not consistently observed
3. state if disclosures are not reasonably adequate
4. express an opinion regarding the financial statements |
|
|
Term
| elements for quality control |
|
Definition
| leadership, ethical requirements, acceptance and continuation of clients and engagements, human resources, engagement performance, monitoring |
|
|
