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Flashcards in Audit Standards Deck (10)
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1

What is a compliance audit?

Audits performed to determine if entity is complying with applicable laws and regulations

2

What is an operational audit?

Performed by internal auditors to determine is management's policies are being followed and evaluate compliance with internal controls

3

What is a financial statement audit?

Performed by CPAs and determine if F/S are fairly presented in accordance with applicable financial reporting framework

4

What are examples of general purpose frameworks?

GAAP
IFRS
FFAS
GASB

5

What are examples of special purpose frameworks?

Cash
Tax
Regulatory
Contractual

6

What is an unconditional requirement?

"must be" or "is required to"

7

What is a presumptively mandatory requirement?

"should"

8

What are the 10 Generally Accepted Auditing Standards?

TIPPICANOE - measure quality of auditor's performance
1) General Standards:
Training and proficiency
Independence
Professional care - due
2) Fieldwork Standards:
Planning and supervision
Internal controls
Corroborative audit evidence
3) Reporting Standards:
Accounting principles in conformity with US GAAP
No new accounting principles applies - consistency
Omitted informative disclosures - none
Expression of opinion

9

What types of attestation engagements should an auditor be independent for?

CARES
Compilations (unless indicate lack of independence)
Agreed upon procedures
Reviews
Examinations
Special reports

10

What types of engagements is independence not required?

Compilations (when lack of independence indicated)
Taxes
Consultations
F/S preparation
Bookkeeping or payroll