AUD 1.01 - Professional Standards

  1. Which accounting entity is responsible for the auditing standards of nonissuers, what is the section reference, and name of the standards involved?
    • The AICPA Standards Board
    • Reference AU-C
    • Statement of Auditing Standards (SAS)
  2. Which accounting entity is responsible for the auditing standards of issuers, what is the section reference and what is the name of the standards involved?
    • The PCAOB
    • Reference PCAOB AS
    • Public Company Accounting Oversight Board Auditing Standards (PCAOB AS)
  3. Which accounting entity is responsible for the auditing standards of government organizations and programs that receive government funds, what is the section reference, and what is the name of the standards involved?
    • The GAO
    • Reference GAGAS
    • Generally Accepted Government Auditing Standards (GAGAS)
  4. Which accounting entity is responsible for standards regarding assertions, what is the section reference, and name of the standards involved?
    • The AICPA
    • Reference AT-C
    • Statements of Standards for Attestation Engagements (SSAE)
  5. Which accounting entity is responsible for standards regarding unaudited, nonissuer accounting and review services, what is the section reference, and name of the standards involved?
    • The AICPA Accting & Review Services Committee
    • Reference AR-C
    • Statements of Standards for Accounting and Review Services (SSARS)
  6. Which accounting entity is responsible for standards regarding professional conduct, what is the section reference, and name of the standards involved?
    • The AICPA
    • Reference ET
    • Code of Professional Conduct
  7. To whom does the Code of Professional Conduct apply and what is its primary purpose? Is the Code a Standard?
    • It applies to members of the AICPA.
    • It provides guidelines for behavior in the conduct of their professional affairs.
    • It provides assurance to the public of the expected high standards of the profession.
    • No - it's a guideline.
  8. Which accounting entity is responsible for standards regarding quality control, what is the section reference, and name of the standards involved? Is the QC a standard?
    • The AICPA
    • Reference QC
    • Statements on Quality Control Standards (SQCS)
    • No - it's a guideline
  9. To whom does the Statements of Quality Control Standards apply and what is its primary purpose?
    • It applies to CPA Firms
    • It provides guidance regarding quality control within the firm
  10. True / False: Interpretive publications are authoritative and equivalent to auditing standards.
    • False
    • Interpretive publications should be considered, but are considered recommendations, not standards. But any departure from their guidance must be explained.
  11. What is the purpose of the Generally Accepted Auditing Standards (GAAS)?
    The GAAS guides the auditor in the proper planning and execution of an audit to ensure it is performed with the highest of quality.
  12. Which standards are used for examination of the MD&A?
    Statements on Standards for Attestation Engagements
  13. What does the acronym SAS stand for?
    Statements of Auditing Standards
  14. What does the acronym SSARS stand for?
    Statements of Standards for Accounting and Review Services
  15. What does the acronym SSAE stand for?
    Statements of Standards for Attestation Engagements
Author
BethM
ID
331970
Card Set
AUD 1.01 - Professional Standards
Description
Becker Review 2017
Updated