Becker AUD 1 Flashcards
What is the difference between ISA and US standards for audits?
- ISA expands mgmt & auditor responsibilities
- Country or jurisdiction of auditor should be named
- Refer to ISA & local jurisdiction standards if not conflicts
What is SSAE?
Statements on Standards for Attestation Engagement
What is SSARS?
Statements on standards for accounting & review services
SSAEs are in…
Section AT of AICPA Prof. standard
SSARS established by
The accounting and review services committee by AICPA
What is the primary assertion of audit?
If statements are presented fairly in accordance with GAAP
Application of accounting principles “report” contents?
- Description of engagement
- Statement saying in accounting w/AICPA
- ID entity, transactions
- Statement saying accounting principles or type of opinion
- F/S’ are mgmt.’s decision
- Changes in facts, circumstance may change report
- Restrict use of report
F/S prepared for use in other countries auditor should?
Obtain understanding of, and written management representations regarding, purpose and use of F/S
ASB acronym?
Auditing Standards Board (of AICPA)
Reports distributed outside the US auditor may use:
- Report of other country
2. US style modified to report on the accounting principles of another country
What is IAASB?
A standard setting board of IFAC (Int’l Federation of Accountants)
IESBA
International Ethics Standard Board for Accountants
SSARS outlined in…
Section AR of the AICPA professional standards
AICPA
American Institute of Certified Public Accountants
ASB’s SASs are outlined in…
Section AU of the AICPA professional standards
