The Government Accounting Office reports directly to the.Internal auditors are primarily involved with.2 identifies certain quality control elements that should be considered when performing which types of services? Statement on Quality Control Standards No.Which of the following best describes the relationship that should exist between the external auditor and the management of the client company?.Statements on auditing standards are interpretations of what?.Within generally accepted auditing standards, general standards relate primarily to.Section 18 liability is relatively narrow in scope because it relates to a false or misleading statement in documents filed with the.Individuals or entities the auditor knew or should have known and would rely on the audit report in making business and investment decisions are.Under the Act, the standard used to determine an items materiality Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required.Which of the following assertions is NOT made by management in placing an item in the financial statements?.The rights and obligations assertion applies to.If reported sales for 2010 erroneously include sales that occur in 2011, the assertion violated on the 2010 statements would be acc 491 final exam.
#Acc 491 generally accepted auditing standards paper download#
The auditor is to verify accuracy of financial statement reporting and disclose any information pertaining to any changes in accounting in the consistency of accounting principles (Bent, 2002).įollowing the Arthur Anderson scandal and collapse of both WorldCom and Enron, restoring investor confidence and attempting to prevent future fraudulent accounting behaviors became the government focal points.Description ACC 491 Final Exam Free Download First and foremost, financial statements must be in compliance with GAAP. Last, the reporting standards section contains the final four standards including disclosures, obligation, consistency, and GAAP adherence. The auditor must plan and supervise all audits being conducted and document all evidence that supports the financial statements. Understanding the company internal controls is one requirement. The second section, standards of fieldwork, also contains three standards that affect the audit work to be performed.
The auditor must be proficient in accounting and auditing, and the auditor must use due care. The auditor is required to be an independent party to which the audit is taking place. How do these 10 standards apply to auditing? The first section of the GAAS, the General Standards, contains three standards. GAAS contains 10 different standards, classified within three sections. Generally Accepted Auditing Standards, otherwise known by the acronym GAAS, is the set of guidelines for conducting and reporting of financial statements, as set forth by the AICPA. Lastly, this paper will address additional requirements that auditors are now responsible for due to the Sarbanes-Oxley Act and the actions of the PCAOB. This paper will also explain Sarbanes-Oxley Act of 2002 and the Public Company Accounting Oversight Board (PCAOB), and the effect that these entities have on audits of publicly traded companies. This paper will explain the nature and functions of auditing, describe the main parts of the Generally Accepted Auditing Standards (GAAS) and give details how the GAAS standards apply to financial, operational, and compliance audits. The process of auditing consists of gathering, evaluating/verifying, and reporting financial information. Generally Accepted Auditing Standards Paperĭ defines auditing as "an examination of an organization's financial documents in order to determine whether the records and reports are valid and the information is fairly presented" (, 2009).
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