What is the Auditing Standards Board?The Auditing Standards Board (ASB) is saddled with the responsibility of communicating audit standards that practitioners are expected to live by. ASB is a senior committee member of the American Institute of Certified Public Accountants (AICPA). This board serves public interest through auditing, attestation, and quality control of practitioners. ASB also sets auditing, Attestation and Quality Control Standards that are applicable to the performance of the accounting industry. Aside from setting standards and giving guidance to certified public accountants for non-public company audits, ASB also issue audit and attestation reports to practitioners. Show
What does the Auditing Standards Board Do?The Auditing Standards Board consists of 20 committee members. The board has the role of making the Generally Accepted Auditing Standards, or GAAS easily comprehensible and applicable for accounting practitioners. ABS was the authoritative body for GAAS that was designated for non-public companies. The following is a highlight of roles performed by the Auditing Standard Boards;
While ASB was designed for non-public companies, Public Company Accounting Oversight Board (PCAOB) and the Securities Exchange Commission (SEC) were in charge of Public accounting companies. Notes This preview shows page 30 - 33 out of 71 pages. 12. Which of the following is the authoritative body designated to promulgate attestationstandards for nonpublic entities?A.AICPA (Auditing Standards Board)B.Governmental Accounting Standards BoardC.Financial Accounting Standards BoardD.General Accounting Office AACSB: CommunicationsAICPA BB: LegalAICPA FN: Decision MakingBloom's: ComprehensionDifficulty: EasyLearning Objective: 2Learning Objective: 513. In performing an attestation engagement, a CPA typically Get answer to your question and much more AACSB: CommunicationsAICPA BB: IndustryAICPA FN: ReportingBloom's: ApplicationDifficulty: EasyLearning Objective: 3Learning Objective: 421-30 We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Fraud Examination Albrecht/Albrecht Expert Verified Chapter 21 - Assurance, Attestation, and Internal Auditing Services14. Which of the following is a conceptual difference between the attestation standards andgenerally accepted auditing standards? Get answer to your question and much more AACSB: CommunicationsAICPA BB: LegalAICPA FN: Decision MakingBloom's: ComprehensionDifficulty: EasyLearning Objective: 3Learning Objective: 515. Which of the following conditions is necessary for a practitioner to accept an attestengagement to examine and report on an entity's internal control over financial reporting? Get answer to your question and much more AACSB: CommunicationsAICPA BB: IndustryAICPA FN: ReportingBloom's: KnowledgeDifficulty: EasyLearning Objective: 621-31 Chapter 21 - Assurance, Attestation, and Internal Auditing Services Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 71 pages? Upload your study docs or become a Course Hero member to access this document Tags Accountant, internal auditing services We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Fraud Examination Albrecht/Albrecht Expert Verified Which of the following is the authoritative body designated to promulgate attestation standards?Which of the following is the authoritative body designated to promulgate attestation standards? Auditing Standards Board.
What is the most authoritative government audit guidance publication?FASAB (the Federal Accounting Standards Advisory Board) publishes its standards in the FASAB Handbook of Accounting Standards (FASAB Handbook). The FASAB Handbook is the most authoritative source of generally accepted accounting principles (GAAP) developed by FASAB for federal entities.
Which entity is responsible for the oversight of auditing standards?The Sarbanes-Oxley Act of 2002 authorized the Public Company Accounting Oversight Board ("PCAOB") to establish auditing and related professional practice standards to be used by registered public accounting firms.
Which of the following should be performed on an attestation engagement?Option A: The examination of financial records of the company is performed as a part of an attestation engagement. Option B: Review of the financial statement is also an attestation service performed by CPAs.
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Which of the following is the authoritative body designated to promulgate auditing standards?
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