evaluation of the results of the detailed testing in light of the auditor's understanding of
the client and forming an opinion on the fair presentation of the client's financial
statements
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, Reporting Phase
an annual financial statement audit and an ICFR audit
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Public companies, or issuers, in the US are required by federal government to
have
How an audit is performed
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What does second paragraph of Auditor's Responsibilities represent?
Express the basic tenets of ethical conduct and provide the framework for the rules that
govern the performance of the member's professional responsibilities
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Principles
,A covered member's parents, nondependent children, brothers and sisters, or
stepbrothers or stepsisters
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Close relative
Ability of a company to pay its debt when they fall due
Using Current ration (CA/CL) and turnover ratios (inventory, A/R, etc.) etc.
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Liquidity
a risk that some of the transactions may not be accounted for according to their true
substance. I.e., transactions may not be the same as "arms-length" transactions (cutting
deals or fraud possible)
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Companies can have transactions with related parties frequently, but there is
Principles are NOT enforceable
Rules of Conduct are enforceable and members must be prepared to justify departures
, from the rules of conduct
Interpretations must justify such departure in any disciplinary hearing
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AICPA enforceability
the standards do not recommend any specific percentages. Auditors rely heavily on
professional judgment
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Auditing standards mention benchmarks, but
Accounting and Review Services Committee
Tasked with issuing Statements on Standards for Accounting and Review Services
(SSARS)
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AICPA is the _________ Committee
Refers to the people, systems, and processes within companies used to ensure that
companies are well-managed and that risks are identified and controlled by
management and entity personnel
(BOD)
the client and forming an opinion on the fair presentation of the client's financial
statements
Give this one a try later!
, Reporting Phase
an annual financial statement audit and an ICFR audit
Give this one a try later!
Public companies, or issuers, in the US are required by federal government to
have
How an audit is performed
Give this one a try later!
What does second paragraph of Auditor's Responsibilities represent?
Express the basic tenets of ethical conduct and provide the framework for the rules that
govern the performance of the member's professional responsibilities
Give this one a try later!
Principles
,A covered member's parents, nondependent children, brothers and sisters, or
stepbrothers or stepsisters
Give this one a try later!
Close relative
Ability of a company to pay its debt when they fall due
Using Current ration (CA/CL) and turnover ratios (inventory, A/R, etc.) etc.
Give this one a try later!
Liquidity
a risk that some of the transactions may not be accounted for according to their true
substance. I.e., transactions may not be the same as "arms-length" transactions (cutting
deals or fraud possible)
Give this one a try later!
Companies can have transactions with related parties frequently, but there is
Principles are NOT enforceable
Rules of Conduct are enforceable and members must be prepared to justify departures
, from the rules of conduct
Interpretations must justify such departure in any disciplinary hearing
Give this one a try later!
AICPA enforceability
the standards do not recommend any specific percentages. Auditors rely heavily on
professional judgment
Give this one a try later!
Auditing standards mention benchmarks, but
Accounting and Review Services Committee
Tasked with issuing Statements on Standards for Accounting and Review Services
(SSARS)
Give this one a try later!
AICPA is the _________ Committee
Refers to the people, systems, and processes within companies used to ensure that
companies are well-managed and that risks are identified and controlled by
management and entity personnel
(BOD)
