Auditing, Attestation, & Assurance

To begin the audit, a review of previous 2 years of financial statements, provided by current or previous auditors for any unusual business transactions relating to revenue.

According to an article in the CPA Journal, the accounting profession has long contended that an audit conducted in accordance with generally accepted auditing standards (GAAS) provides reasonable assurance that there are no material misstatements contained within financial statements. Suggest at least two (2) alternative methods that auditors can use to provide a more concrete level of assurance to investors. Provide support for your responses with examples of such methods in use.

According to the Notice to Constituents (v4.7), the FASC superseded all previous level (a)-(d) US GAAP (refers to the previous accounting hierarchy) standards by a standard setter. This means that all other accounting literature not included in the Codification is non-authoritative.

These committees lasted until 1973. In 1972, a special study group of the AICPA recommended establishment of the FASB, and these recommendations were adopted in 1973 (Gibson, 2007, p. 2).

Elder, A. A., Beasley, M., & Elder, R. J. (2014). Auditing and assurance services (15th ed.). Upper Saddle River, NJ: Pearson.

generally accepted accounting standards for private-sector entities, including businesses and not-for-profit organizations. A recognized expert in forensic accounting, Mr. Siegel has 17 years of experience in diverse and global industries that include technology, media, telecommunications, healthcare, retail, and insurance. Prior to his appointment to the FASB, he led the Accounting Research and Analysis team at the RiskMetrics Group in Rockville, Maryland (FASB.org, 2009f).

The need for a Federal Bureau of standards was talked about for almost 20 years before legislation

The current Canadian Auditing Standard [CAS] 610 has an exposure draft that is being reviewed currently to replace

Arens, A. A., Elder, R. J., & Beasley, M. S. (2013). Auditing and Assurance Services. Old Tappan, NJ: Pearson Education.

A review and an audit report are both a form of an attestation engagement. A Review, however, is less in scope so it provides a moderate level of assurance on the financial statements. It is considered a “sniff” of an audit, which comparatively provides reasonable assurance that no material misstatements occurred. Since a review deals with a limited scope, it does not provide the basis for expressing an opinion on the presentation of the

American Institute of Certified Public Accountants (AICPA). 2015. Statements on Auditing Standards. Accessed at AICPA web site (March 6, 2015): http://www.aicpa.org/research/standards/auditattest/pages/sas.aspx

The IASB and FASB met in Norwalk, Connecticut, on September 18, 2002 to acknowledge their undertaking to create a “high quality, compatible accounting standards that could be used for both domestic and cross-border financial reporting” which is known as the “Norwalk Agreement” [ (Business Wire, 2002) ]. At this meeting, both parties agreed to craft a congruent financial reporting practice as quickly as possible and to coordinate their impending prospectus to ensure that compatibility would be sustained.

| * David should keep a straightforward and honest relationship with MAL. * David integrity will be compromised if these errors are discovered.

ESAA’s standards committee started a project to update EASs to comply with changes and additions to IFRSs. It is expected

Regulations or other enactment. They speak to great or best practice and are thought to be