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15 Cards in this Set
- Front
- Back
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What is GAAS?
(A1-5) |
Generally Accepted Auditing Standards (GAAS).
Compliance is mandatory on all audit engagements. |
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What is SAS?
(A1-5) |
Statements on Auditing Standards (SAS).
Interpretations of GAAS issued the ASB (Auditing Standards Board) of the AICPA. |
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What is GAGAS?
(A1-5) |
Generally Accepted Government Auditing Standards (GAGAS).
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What is PCAOB?
(A1-5) |
Public Company Accounting Oversite Board (PCAOB).
Established pursuant to the Sarbanes-Oxley Act of 2002 for 'issuers'(entities subject to the rules of the SEC - primarily public companies). Public accounting firms must register with the PCAOB in order to audit a public company. |
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What is PCAOB AS?
(A1-5) |
PCAOB Auditing Standards.
PCAOB initially adopted ASB standards, but also issues its own Auditing Standards (AS). |
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What is IAASB?
(A1-6) |
International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC).
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What is ISA?
(A1-6) |
International Standards on Auditing (ISA) issued by the IAASB.
These do not override the local laws and regulations or national standards. |
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What is SSAE?
(A1-6) |
Statements on Standards for Attestation Engagements (SSAE) issued by the AICPA.
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What is SSARS?
(A1-6) |
Statements on Standards for Accounting and Review Services (SSARS) issued by the Accounting and Reveiw Services Committee.
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What is SOX?
(A1-7) |
The Sarbanes-Oxley Act of 2002 (SOX).
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What are the 3 levels of the GAAS hierarchy for auditing guidance?
(A1-7,8) |
1. AICPA Statements on Auditing Standards (SASs) and PCAOB Auditing Standards.
2. Interpretive Publications: SAS Interpretations, appendices to the SASs, AICPA Audit and Accounting Guides, and AICPA auditing Statements of Position. 3. Other Auditing Publications:auditing articles in the Journal of Accountancy, auditing articles in the AICPA CPA Letter, CPE materials, textbooks, etc. |
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Describe the difference between Auditing Standards and Auditing Procedures.
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Auditing Standards - deal with measures of the quality of the performance.
Auditing Procedures - relate to acts to be performed. |
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What are the 3 General Standards of GAAS?
(A1-9) |
T = Training & proficiency of auditor.
I = Independence in fact & appearance. P = Due professional care. |
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What are the 3 Standards of Fieldwork of GAAS?
(A1-10) |
P = Planning & supervision.
I = Internal control evaluation. E = Evidence. |
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What are the 4 Standards of Reporting of GAAS?
(A1-10,11) |
A = Accounting = GAAP (= explicit)
C = Consistency (silent = implicit) D = Disclosure (silent = implicit) O = Opinion must be expressed (= explicit) |
