cpa audit ch1 review 3

Consideration of the team’s understanding of similar engagements through training and participation.

The quality control element of human resources requires assignment of appropriate personnel with the competence and capabilities to (1) perform engagements in accordance with professional standards and legal and regulatory requirements and (2) enable the firm to issue appropriate reports. The determination of team assignments and levels of supervision includes considering the team’s understanding of similar engagements through appropriate training and practical experience.

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.

WebTrust principles relate to security, privacy, availability, processing integrity, and confidentiality. Confidentiality criteria include providing for proper protection, e.g., encryption over transmission and encryption of storage of data. Availability criteria relate to assurance that electronic systems and data are available to meet the objectives of the entity and those depending on it. WebTrust is designed to help overcome the obstacles to mainstream consumer acceptance of electronic commerce.

True ----GAAS require the audit report to state whether the financial statements are presented fairly, in all material respects, in accordance with the applicable reporting framework