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7 Cards in this Set

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AICPA Standard Setting and Rules (5)
1. Auditing Standards (Statements on Auditing Standards-SAS)
2. Compiliation and review standards (Stmts on Stndrds for Acctg & Review Svcs-SSARS)
3. Other attestation standards
4. Consulting standards
5. Code of Profesional Conudct
GAAS General Standards (3)
1. Audit must be performed by a person having adequate tech training and proficiency as an auditor
2. Auditor must maintain independence in mental attitude in all matters relating to audit
3. auditor must excercise due professional care
GAAS Standards of Field Work (3)
1. must adequately plan work and properly supervise asst's
2. must obtain sufficient understanding of entity and environment (incl IC) to assess risk of MMS, error due to fraud, and to design the nature and timeing of further audit procedures
3. must obtain sufficient appropriate audit evidence by performing audt procedures to be able to have a reasonable basis for an opinion
GAAS Standards of Reporting (4)
1. must state in auditor's opinion whether financials are GAAP
2. Must ID in audit report where GAAP wasn't followed
3. If disclosures aren't adequate, auditor must state in audit report
4. Must express opinion or decline to, in the report.
Elements of Quality Control for Audits (5)
1. Independence, integrity & objectivity
2. Personnel management (qualified, competent, continuing edu, proper advancement)
3. Acceptance and continuation of clients engagements (policy for accepting clients, don't deal w/ clients w/o integrity)
4. Engagement performance (measure performance to make sure team is measuring up)
5. Monitoring (make sure other 4 are being followed
Four types of activities CPA firms engage in
1. Acctg & Bookkeeping
2. Tax
3. Mgmt Consulting
4. Auditing & Attestation
Public Company Accounting Oversight Board
Board created by SOX to oversee auditor of public companies, including establishing auditing and QC standards and performing inspection of registered acctg firms