Chapter 1, Problem 41RSCQ

a.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe:The role of Congress and in which way it affects external auditing profession.

b.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of PCAOB (Public Accounting Oversight Board) and in which way it affects external auditing profession.

c.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of SEC (Securities and exchange commission) and in which way it affects external auditing profession.

d.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of AICPA (American Institute of Certified Public Accountants) and in which way it affects external auditing profession.

e.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of CAQ (The Centre for Audit Quality) and in which way it affects external auditing profession.

f.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of IAASB (International auditing and assurance standards board) and in which way it affects external auditing profession.

g.

To determine

Introduction: External audit is examining the financial statements of an organization independently. This examining is based on certain rules and laws to check the accuracy of the company’s record. This type of audit is independent in nature.

To describe: The role of COSO (Committee of Sponsoring Organizations of the Treadway Commission) and in which way it affects external auditing profession.