Auditing And Attestation Ch 2 And 3 Hw Problems

Chapter 2, pp. 41-44: Problems 2-7, 2-10, 2-16, 2-20 2-7 (Objectives 2-2, 2-4, 2-5) Who is responsible for establishing auditing standards for audits of public companies? Who is responsible for establishing auditing standards for private companies? Explain. The PCAOB which was established by the Sarbanes-Oxley Act is responsible for providing oversight for auditors of public companies, establishes auditing and case countermine standards for public company audits, and performs inspections of quality controls at audit firms playacting those audits. The AICPAs Auditing Standards Board is responsible for issuing pronouncements on auditing matters for on the whole entities other than publicly traded companies. 2-10 (Objective 2-6) Generally accept auditing standards call for been criticized by different sources for failing to can useful guidelines for assumeing an audit. The critics consider the standards should be more item to enable practitioners to improve the quality of their performance. As the standards atomic number 18 now stated, nigh critics believe that they support belittled more than an excuse to conduct inadequate audits. Evaluate this rebuke of the 10 largely accepted auditing standards.

GAAS and the answer should not be seen as maximum standards, kinda they should be looked on by practitioners as minimum standards of performance. GAAS and SASs are authoritative auditing guidelines, barely they dont provide as much way as some efficacy assume. Almost no specific audit procedures are inevitable by the standards, and there are no specific requirements for auditors decisions, such as determining exemplification size, selecting sampl e items from the population for testing, or ! evaluating results. While many practitioners that standards should provide more clearly define guidelines, such specificity could turn auditing into mechanistic evidence gathering, devoid of professional judgment. 2-16 (Objective 2-6) The following questions deal with generally accepted auditing...If you want to entrance a full essay, come in it on our website: OrderEssay.net

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