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 obligated 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 lapse for auditors of public companies, establishes auditing and part generate standards for public company audits, and performs inspections of lineament controls at audit firms acting 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 original auditing standards shake off been criticized by different sources for flunk to can useful guidelines for mannersing an audit. The critics hope the standards should be more stage to enable practitioners to improve the quality of their performance. As the standards atomic observe 18 now stated, or so critics believe that they proffer modest more than an excuse to conduct inadequate audits. Evaluate this nark of the 10 largely accepted auditing standards.

GAAS and the lip should not be seen as maximum standards, or else they should be looked on by practitioners as minimum standards of performance. GAAS and SASs are authoritative auditing guidelines, besides they dont exit as much modality as some efficacy assume. Almost no specialized audit procedures are involve by the standards, and there are no specific requirements for auditors decisions, such(prenominal) as determining specimen size, selecting sample items from the population for testing, or evaluating results. While many practitioners that standards should provide more clearly delimit guidelines, such specificity could turn auditing into mechanistic evidence gathering, devoid of paid judgment. 2-16 (Objective 2-6) The following questions deal with more often than not accepted auditing...If you want to get a full essay, get by in it on our website: Ordercustompaper.com

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