Term
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Definition
| examining the F/S in order to issue an opinion . |
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Term
| Responsibilites of Management in regards to Audit? |
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Definition
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Term
| Responsibilites of Auditor in regards to Audit? |
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Definition
| Issue opinion (are reports stated fairly? Which is a judgement call), following 10 GAAS, with knowledge of GAAS, GAAP, clients industry, independent and professional skecpticism . |
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Term
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Definition
| Generally Accepted Auditing Standards (there are 10 of them). |
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Definition
| Generally Accepted Government Auditing Standards. |
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Term
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Definition
| Public Company Accounting Oversight Board. Established due to SOX 2002. establishes auditing & related professional practice standards to be used in prep and issuance of audit report for issuers. 2 CPA 3 non. |
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Definition
| International Auditing and Assurance Standards Board. |
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Term
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Definition
| Statement on Audit Standards. Intrepretations of GAAS by the ASB (audit standards board of the AICPA). |
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Definition
| American Institute of Certified Public Accountants. |
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Term
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Definition
| Statement of Standards on Attestation Engagement. Applies to non-audit attest engagements Issued by AICPA. (section AT of AICPA professional standards) |
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Term
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Definition
| Standards for Accounting and Review Services. Applies to unaudited financial statements or unaudited financial information of a nonpublic entity. (seciton AR of AICPA professional standards) |
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Term
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Definition
| International Federation of Accountants |
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Term
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Definition
| International Standards on Auditing. Issued by the IAASB, which is the standard setting board of the IFAC. These are the international auditing standards |
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Definition
| Provides members with guidelines for behavior in the conduct of their professional affairs. Applies to all services performed by CPAs. (section ET of AICPA professional standards) |
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Term
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Definition
| Sarbane Oxley Act of 2002. |
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Term
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Definition
| Statements on Quality Control Standards. Quality standards for firms providing auditing, attestation, and accounting and review services. (section QC of the AICPA professional standards) |
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Term
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Definition
| Securities Acts of 1933 and 1934 give SEC authority to set guidelines for Publicly Traded Companies (PTC). PCAOB standards must be approved by the SEC to be effective. SEC Standards are published in the Accounting Series Releases and in Regulation S-K |
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Term
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Definition
| International Ethics Standards Board for Accountants (SSB or the IFAC). |
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Term
| IFAC Code of Ethics for Professional Accountants? |
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Definition
| foundation for the codes of ethics developed and enforced by member bodies of the IFAC. |
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Term
| Three levels of auditing guidance? |
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Definition
| 1) SAS for private companies and PCAOB Auditing Standards for public companies 2) Interpretive Publications (SAS interpretations, appedices to the SASs, AICPA Audit and Accounting Guides, and AIPCA auditing Statements of position 3) Other Auditing Publications (Journal of Accountancy, auditing articles in the AICPA CPA Letter, continuing professional education materials, textbooks, etc.) |
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Term
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Definition
| 1) Training, Independence and Professional Care (TIP) |
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Term
| direct financial interest that is material (does it impair independence?) |
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Definition
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Term
| indirect financial interest that is material (does it impair independence?) |
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Definition
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Term
| direct financial interest that is immaterial (does it impair independence?) |
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Definition
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Term
| indirect financial interest that is immaterial (does it impair independence?) |
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Definition
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Term
| GAAS Standards of Field Work? |
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Definition
| 1) Planning and Supervision 2) Internal Control, Entity, and Envrionment 3) Evidence (PIE) |
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Term
| GAAS Standards of Reporting? |
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Definition
| 1) Accounting = GAAP (explicit) 2) Consistency 3) Disclosure 4) Express Opinion (explicit) (ACDE ) |
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