cpa audit ch1 review

Control risk is the risk that material misstatements that could occur in an assertion  will not be prevented or detected on a timely basis by the entity’s internal control

Accounting and Review Services Committee.

The AICPA bylaws designate the Accounting and Review Services Committee as the senior technical committee authorized to issue pronouncements in connection with the unaudited financial statements or other unaudited financial information of a nonissuer.

Online privacy.

WebTrust provides assurance about compliance with the principles of online privacy, security, processing integrity, availability, and confidentiality. It is a modular service that allows the practitioner to express an opinion and grant the corresponding seal with respect to individual principles or combinations of principles.

provides no form of positive or negative assurance.

They are generally accepted auditing standards.

Generally accepted auditing standards are defined as SASs. Conduct Rule 202 requires members who perform professional services to comply with standards promulgated by bodies designated by the AICPA Council. Thus, an AICPA member who performs an audit of a nonissuer must comply with SASs promulgated by the Auditing Standards Board (ASB).