Flashcards in Chapter 2 Deck (6)
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1
Q
GAAS
A
generally accepted auditing standards by the PCAOB
2
Q
standards of GAAS
A
General Standards
- audit performed by an proficient and trained accountant
- indepence must be maintained
- Due profecssional care
Standards of Field work
- Work must be mapped out and assistants must be supervised
- know the internal control to know how to plan the audit and understand the reliability of information
- Gather sufficient evidence
Standards of Reporting
- report has got to say if it lines up with GAAS
- circumstances when GAAP is not followed
- Expression of opinion as a whole (SOX regulation)
3
Q
Internal Audti
A
• Internal Control
o Testing internal things and expressing their own opinion
•
4
Q
Compliance Audit
A
o Determine if organization is following rules set up by a higher authority
Can be if an entity has received money from the government is complying with certain rules and regulations
5
Q
Operational Audit (Management auditing, performance auditing, operational auditing)
A
o Determine efficiency and effectiveness
6
Q
• Forensics Audits
A
o To detect and deter money crimes