Auditing Chapter 2

  1. AICPA
    American Institute of Certified Public Accountants, a voluntary organization of CPAs that sets professional requirements, conducts research, and publishes material relevant to accounting, auditing, management consulting services, and taxes
  2. Center for Audit Quality (CAQ)
    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
  3. Generally accepted auditing standards (GAAS)
    10 auditing standards, developed by the AICPA, consisting of general standards, standards of field work, and standards of reporting, along with interpretations; often called auditing standards
  4. International Standards on Auditing (ISAs)
    statements issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants to promote international acceptance of auditing standards
  5. Peer review
    the review by CPAs of a CPA firm's compliance with its quality control system
  6. Public Company Accounting Oversight Board (PCAOB)
    Board created by the Sarbanes-Oxley Act to oversee auditors of public companies, including establishing auditing and quality control standards and performing inspections of registered accounting firms
  7. Quality control
    methods used by a CPA firm to ensure that the firm meets its professional responsibilities to clients and others
  8. Securities and Exchange Commission (SEC)
    a federal agency that oversees the orderly conduct of the securities markets; the SEC assists in providing investors in public corporations with reliable information upon which to make investment decisions
  9. Statements on Auditing Standards (SASs)
    pronouncements issued by the AICPA to interpret generally accepted auditing standards
Card Set
Auditing Chapter 2
Auditing Chapter 2