Services
Types of Audits
Abbreviations
Professional Standards
Miscellaneous
100
This is the broad range of services provided by CPA's. A good CPA will assure you get great service.
What are assurance services.
100
An IRS audit is in this category.
What is a compliance audit.
100
This is abbreviated as GAAP.
What are Generally Accepted Accounting Principles.
100
This type of assurance is the goal of an auditor. Absolute assurance is not possible.
What is Reasonable assurance.
100
This is when a CPA firms reviews the work of another CPA firm.
What is a peer review.
200
The major subset of Assurance services that includes an examination (Audit), Review, and Agreed-upon procedures.
What are Attestation Services.
200
Auditing the finacial statements of a company.
What is a financial audit.
200
Abbreviated CPA.
What is a Certified Public Accountant.
200
An auditor who is unbias and provides a fair and complete audit is called this. Happy 4th of July.
What is Independent.
200
An amount that would be large enough to influence decisions made by a reasonable user is called this.
What is Material.
300
This Attestation service lends moderate level of assurance. Not as complete as an examination or full audit.
What is a Review.
300
This audit looks at the effectiveness and efficiency of a companys performance. You may need to speak with the Operations Manager.
What is an Operational Audit.
300
This is abbreviated as SEC.
What is the Securites and Exchange Commission.
300
They are responsible for the Financial statement.
What is Management's Responsibility.
300
These is intentional act that causes misstatements in the financial statements.
What is Fraud.
400
This service lends the highest "reasonble assurance" to our audit clients.
What is an Examination.
400
This audits goal is to make sure that company statements followed GAAP.
What is a financial audit.
400
This is abbreviated as GAAS.
What are Generally Accepted Auditing Standards.
400
What does an auditor give at the end of his report regarding the financial statements. Could be Unmodified, Qualified, or Adverse.
What is an Opinion.
400
This is an unintentional misstatement or ommission.
What is an error.
500
Tax services along with consulting and Fraud investigations are examples of this type of service.
What are Non-Assurance Services.
500
This audit included both a financial audit along with an audit of the internal controls.
What is an Integrated audit.
500
This abbreviated as PCAOB.
What is the Public Company Accounting Oversight Board.
500
This opinion is given when the auditor is unable to dertermine the overall fairness of the statements. Don't claim you know.
What is a disclaimer of opinion.
500
The PCAOB has how many General Standards.
What is Three. 1) Adequate training and proficency 2) Indepenent 3) Due professional care to be exercised
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