What is the American Institute of Certified Public Accountants
100
The typical/ordinary framework for audits
What is GAAP
100
Responsibility is to express an opinion on these consolidated financial statements based on our audits.
Who is the auditor
100
Rule 101 of the code of professional conduct.
What is Independence
100
The opinion is on whether the financial statements are in accordance, in all ____________ respects, with the applicable financial reporting framework.
What is material
200
Agency of US government Securities Act of 1933 and Securities Exchange Act of 1934. Oversight responsibility of PCAOB
Who is the Securities and Exchange Commission
200
The standard auditor's report
What is Unqualified
200
Responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America
Who is Management
200
Independence of _________ and in _________.
What is mind and appearance
200
A questioning mind and a critical assessment of audit evidence
What is professional skepticism
300
Oversees and disciplines CPAs and public firms that audit public companies. 5 member board (under SEC)
Who is the Public Company Accounting Oversight Board
300
The standards are Adequate Training & proficiency as an auditor, An Independence in mental attitude, and Due Professional care
What are General Standards of GAAS
300
Involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
What is an audit
300
Responsibilities, The Public Interest, Integrity, Objectivity, and Independence, Due Care, and Scope and Nature of Services
What are Principles of the Code.
300
The auditor is unable to obtain ______________ assurance due to scope.
What is absolute
400
Established in 1984, sets appropriate accounting principles for state and local government like cities and school districts
Who is the Government Accounting Standards Board
400
the standards are Planning and Supervision, Understanding of Internal control, and Sufficient, appropriate Evidence
What are Standards of Field Work in GAAS
400
The auditor considers ________________ relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances
What is internal controls
400
Rule 301 of the code of professional conduct
What is confidential client information
400
Presentation and disclosure, Existence (assets) or occurrence (transactions), Rights and obligations, Completeness, and Valuation or allocation
What are assertions
500
The audit, evaluation, and investigative arm of the US Congress. (Legislative branch).
Who is the Government Accountability Office
500
the standards are F/S in accordance With GAAP, Disclosures are Adequate, GAAP applied Consistently, and
Must Express Opinion (or disclaim)
What are Standards of Reporting in GAAS
500
In our opinion, the financial statements referred to above present _____________, in all material respects, the financial position of ABC Company
What is fairly
500
Designed to provide a framework for expanding professional services and responding to changes in the profession
What is the Code of Professional Conduct
500
A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested users.