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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

  1. audit performed by an proficient and trained accountant
  2. indepence must be maintained
  3. Due profecssional care

Standards of Field work

  1. Work must be mapped out and assistants must be supervised
  2. know the internal control to know how to plan the audit and understand the reliability of information
  3. Gather sufficient evidence

Standards of Reporting

  1. report has got to say if it lines up with GAAS
  2. circumstances when GAAP is not followed
  3. 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