Professional Standards

Question 1

What is the primary responsibility of the AICPA?

Answer 1

Develop standards for CPAs.

Question 2

What are the statements developed by the AICPA for non-issuers?

Answer 2

Statements of Auditing Services

Question 3

What are the statements developed by the AICPA for compilation reviews, preparation?

Answer 3

Statements on standards for Accounting and Review Services

Question 4

What does the SASS contain?

Answer 4

Interpretive Publications

Question 5

SASS has interpretive publications (interpretations of standards, audit guides), CPAS should do what with this literature?

Answer 5

CPAS should document compliance with these standards when they’ve decided not to apply interpretive interpretations.

Question 6

What are the two categories of “PROFESSIONAL REQUIREMENTS” in AICPA Standards?

Answer 6

1) Unconditional mandatory requirements- Must

2) Presumptively mandatory requirements- Should

Question 7

Other AICPA guidance not considered requirements include:

Answer 7

“Application & Other Explantory Material”- “may”, “might”, or “could”