How do IAASB audit standards compare to US audit standards?

Q: How does the scope of practice differ for governmental audits?

A: Given: The scope of practice differ from government audits.

Q: Who created the International Auditing Standards?

A:

Q: what is the  purpose of the Generally Accepted Government Auditing Standards

A: Generally Accepted Government Auditing Standards (GAGAS) are issued by the Comptroller General and…

Q: International Standards on Auditing (ISAs) are issued by the International Auditingand Assurance…

A: International Accounting Standards Board (IASB):   International Auditing and Assurance Standards…

Q: What rules must auditors follow for governmental audits?

A:

Q: How integration of IT and Financial audit done and benefits derived?

A: Here discuss about the benefits which are associated with the financial Audit while integrate with…

Q: What is the purpose of the Audit Committee?

A: Definition:   Audit committee: Audit committee is a committee formed to oversee the financial…

Q: What makes certain industries special in terms of audit? *Please do explain elaborately*

A: Specialized industries are more likely to have its own set of financial reporting standards, or to…

Q: Which of the following is an authoritative body that the AICPA Code of Professional Conduct…

A: PCAOB ( PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD ):  PCAOB OVERSEE AUDIT OF PUBLIC COMPANIES IN…

Q: ctiveness and audi

A: Given: To explain the association of audit committee effectiveness and quality after adoption of…

Q: Explain what is meant by the Single Audit Act. What is its purpose?

A: Single Audit Act refers to the auditing of organization's wide financial statement and federal…

Q: The general objectives of international auditing standards a. Defining the responsibilities B. audit…

A: Financial statements are those statements which are prepared at the end of accounting period.…

Q: Standardize auditing procedures by identifying industry consensus (GAAS). What's the point of GAAS,…

A: The Question deals with standardize auditing procedures by identifying industry consensus (GAAS):

Q: What are advantages of internal public audit?

A: Given: The advantages of the internal audit in the public sector.

Q: How does AASB come up with Canadian Auditing Standards?

A: The Auditing and Assurance Standards Board (AASB) is an independent body with the authority and…

Q: Provide the objectives for a successful audit program according to ISO9001:2015

A: An audit program according to ISO 9001:2015 is the one which involves commitments, responsibility…

Q: For whom were IAASB International Auditing Standards created?

A: IAASB International Auditing standards (ISA) were introduced for the setting an international…

Q: What is ethics in auditing?

A: Ethics is the study of what is right or wrong in human conduct. This is a branch of Philosophy which…

Q: Which one of the following section of the auditor's report gives a description of an audit conducted…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: What is the special function that auditors perform? Whom doesthe external auditing profession serve…

A: Auditing: It is an independent assessment of an organization's financial information to determine…

Q: Discuss why we have a dual system of auditing standards in the U.S. (AICPA Auditing Standards…

A: Introduction:  AICPA is a association for the certified public accountants (a professional members…

Q: What is operational auditing? How does the AICPA (American Institute of Certified Public…

A: Operational Auditing:  The process by which effectiveness and efficiency of business operations are…

Q: What are the audit considerations for specialized industries?   *Please do explain elaborately*

A: The management of the company is the main responsible for preparing the financial statements which…

Q: what audit determines whether organizational policies are being followed and whether external…

A: A compliance audit is a thorough examination of a company's conformity to regulatory requirements.…

Q: What are some advantages of international harmonization of audit standards? List and briefly discuss…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: Summarise current audit practices

A: The current audit practices are -

Q: To whom is the auditors’ report addressed?

A: The financial statement of a company is examined by an independent auditor with regard to their…

Q: How does a very material GAAP issue affect the Audit Report?

A: Audit opinions are the opinions given by the auditor about the financial statements. There are…

Q: distinguish between audit, attest, and assurance services. What is GAAS? Which agency is responsible…

A: The shareholders or investors or management have a keen interest in the organization mainly the…

Q: Define generally accepted auditing standards (GAAS). What is the purpose of GAAS?

A: The explanation is provided as follows: