Podcast
Questions and Answers
Which of the following auditing standards is specifically designed for audits of issuers?
Which of the following auditing standards is specifically designed for audits of issuers?
What type of engagements, aside from audits, does the Auditing and Attestation section cover?
What type of engagements, aside from audits, does the Auditing and Attestation section cover?
Which organization provides guidance for audits of government entities and programs?
Which organization provides guidance for audits of government entities and programs?
What do Statements on Auditing Standards (SAS) primarily provide?
What do Statements on Auditing Standards (SAS) primarily provide?
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When performing an audit, which standard must the auditor comply with for nonissuers?
When performing an audit, which standard must the auditor comply with for nonissuers?
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What is the primary purpose of the Statements on Standards for Attestation Engagements (SSAE)?
What is the primary purpose of the Statements on Standards for Attestation Engagements (SSAE)?
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Which of the following activities is specifically guided by the Statements on Standards for Accounting and Review Services (SSARS)?
Which of the following activities is specifically guided by the Statements on Standards for Accounting and Review Services (SSARS)?
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What does the AICPA Code of Professional Conduct emphasize?
What does the AICPA Code of Professional Conduct emphasize?
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What is the main focus of the Statements on Quality Control Standards (SQCS)?
What is the main focus of the Statements on Quality Control Standards (SQCS)?
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How are the Statements on Standards for Attestation Engagements (SSAE) and the Statements on Standards for Accounting and Review Services (SSARS) different?
How are the Statements on Standards for Attestation Engagements (SSAE) and the Statements on Standards for Accounting and Review Services (SSARS) different?
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Study Notes
Auditing and Attestation Engagements
- Audits are tested for various entities, including issuers, nonissuers, governmental entities, not-for-profit entities, and employee benefit plans.
- Accountants may also perform other engagement types, such as accounting and review service engagements, and attestation and assurance engagements.
- Engagement types require accountants to follow specific ethical guidelines and standards, such as GAAS for audit engagements.
Professional Standards and Guidelines
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Statements on Auditing Standards (SAS) are issued by the AICPA Auditing Standards Board (ASB) for audits of nonissuers.
- SAS cover audits of annual historical financial statements, special reports, and interim financial statements for nonissuers.
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Public Company Accounting Oversight Board Auditing Standards (PCAOB AS) are issued by the PCAOB for audits of issuers.
- PCAOB AS cover audits of annual historical financial statements, special reports, and interim financial statements for issuers.
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Generally Accepted Government Auditing Standards (GAGAS) are issued by the Governmental Accountability Office (GAO) for audits of government organizations, programs, and activities.
- GAGAS cover financial or performance audits of government organizations, programs, activities, and entities that receive government funds.
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Statements on Standards for Attestation Engagements (SSAE) are issued by the AICPA for attestation engagements.
- SSAE cover engagements for examination, review, or agreed-upon procedures reports on a subject matter, or an assertion about a subject matter, that is the responsibility of another party.
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Statements on Standards for Accounting and Review Services (SSARS) are issued by the AICPA Accounting and Review Services Committee (ARSC) for unaudited financial statements or unaudited financial information of nonissuers.
- SSARS cover preparation, compilation, and reviews of historical financial statements, preparation or compilation of pro forma financial information and forecasts for nonissuers.
Guidelines
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Code of Professional Conduct is issued by the AICPA and provides guidance for members' professional behavior.
- It aims to maintain high standards by enforcing compliance with its standards among members.
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Statements on Quality Control Standards (SQCS) are issued by the AICPA to guide CPA firms on their quality control systems.
- This ensures compliance with professional standards, legal and regulatory requirements, and appropriate report issuance.
- SQCS applies to CPA firms providing auditing, attestation, and accounting and review services.
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Description
This quiz covers the fundamentals of auditing and attestation engagements, including their types and the professional standards governing them. It highlights the different standards set by AICPA and PCAOB for various entities, including nonissuers and issuers. Test your knowledge on ethical guidelines and the specific requirements for auditors.
