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 superior give in standards for public company audits, and performs inspections of quality controls at audit firms execute 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 authorized auditing standards throw off been criticized by different sources for failing to can useful guidelines for expecting an audit. The critics study the standards should be more item to enable practitioners to improve the quality of their performance. As the standards atomic number 18 now stated, rough critics believe that they leave behind belittled more than an excuse to conduct inadequate audits. Evaluate this rebuke of the 10 largely accepted auditing standards.

GAAS and the rim should not be seen as maximum standards, rather 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 talent assume. Almost no specific audit procedures are unavoidable by the standards, and there are no specific requirements for auditors decisions, such as determining exemplification size, selecting sa mple items from the population for testing, ! or evaluating results. While many practitioners that standards should provide more clearly be guidelines, such specificity could turn auditing into mechanistic evidence gathering, devoid of passkey judgment. 2-16 (Objective 2-6) The following questions deal with generally accepted auditing...If you want to constrict a full essay, come in it on our website: OrderEssay.net

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