a.
Introduction: Auditing implies the examination of accounting records of the organization to decide whether the records are exactly according to the guidelines of accounting.
To describe: The significance of AICPA as a standard-setter for auditors.
b.
Introduction: Auditing implies the examination of accounting records of the organization to decide whether the records are exactly according to the guidelines of accounting.
To describe: The significance of PCAOB as a standard-setter for auditors.
c.
Introduction: Auditing implies the examination of accounting records of the organization to decide whether the records are exactly according to the guidelines of accounting.
To describe: The significance of IAASB as a standard-setter for auditors.
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Chapter 5 Solutions
Bundle: Auditing: A Risk Based-Approach, Loose-leaf Version, 11th + MindTap Accounting, 1 term (6 months) Printed Access Card
- Define generally accepted auditing standards (GAAS). What is the purpose of GAAS?arrow_forwardExplain the following: A: The significance of audit data analytics B: Audit standards and data analyticsarrow_forwardDirection: summarize the concept of the following audit considerations.1. Competence2. Laws and Regulations3. Reliance on Expertsarrow_forward
- What are the two main categories of the Internal Audit Standards? a) Attribute and Performance b) Planning and Execution c) Internal and External d) Audits and Consultingarrow_forwardDefine and explain the following. Provide two references A: Audit data analytics B: Audit data analytics procedures.arrow_forwardChoose the documents which should be included in the audit documentation a. Summaries of significant matter O b. Issue memoranda O c. Audit program O d. All the optionsarrow_forward
- 18. The steps in planning an audit includes obtaining an understanding of the entity and its environmentSelect one:TrueFalsearrow_forwardOExplain in your own words the meaning of the terms in the figure from Unit 3 below: Assurance, Internal audit, External audit and Statutory audit. External audit Internal audit Statutory audit Assurancearrow_forwardBriefly explain the fundamental principles that an external auditor should follow with examples.arrow_forward
- Define Auditors's report.arrow_forwardDiscuss the types of internal controls and explain how each is important to the auditing process. Explain and give examples of the four main categories of COSO framework regarding management objectives. Please provide refences if there is any.arrow_forwardExplain the following audit strategy document main sections: Scope Materiality Audit Strategies Timeframe Communication and Reportingarrow_forward
- Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage LearningAuditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College PubAccounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,