Audit Chapter 1 Flashcards Preview

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Flashcards in Audit Chapter 1 Deck (3)
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1
Q

What is the objective of the independent audit?

A

The objective of the independent audit is to express an opinion stating whether the financial statements, taken as a whole, are fairly presented in all material respects in conformity with accounting principles generally accepted in the United States of America.

2
Q

Which standards provide the most authoritative auditing guidance and who issues them?

A

Statement on Auditing Standards (SASs), issued by the AICPA Auditing Standards Board.

3
Q

What are the three general standards?

A

The audit is to be performed by person or persons having adequate technical TRAINING and proficiency as an auditor.

In all matters relating to the assignment, an INDEPENDENCE in mental attitude is to be maintained by the auditor or auditors.

Due PROFESSIONAL CARE is to be excised in the planning and performance of the audit and the preparation of the report.