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T/F Independent Audits today place more emphasis on sampling than did the audits of 19th century
T/F AICPA issues CPA certificates and Permits CPAs to practice
False- They only prepare and grade. State Board of Accountancy issues CPA permits.
T/F Many small companies elect to have their financial statements audited by a CPA firm, rather than incur the cost of an audit.
T/F Staff assistants in CPA firms generally are responsible for planning and coordinating audit engagements.
False- Senior: Daily, Manager: Supervises overall engagement, Partner: Overall Responsibility
T/F SOX requires that auditors of certain publicly traded companies in the U.S. perform an integrated audit that includes providing assurance on both the financial statements and on compliance with laws and regulations
False- financial statements & internal control
What org. protects investors and the public by requiring full disclosure of financial info. by companies offering securities to the public is
Serially numbered pronouncements issued by ASB over a period of years
SASs: Statements on Auditing Standards
Audits now, compared to those before 1900 are more likely to include
Tests of compliance with laws and regulations
Created to toughen penalties for corporate fraud, restricts types of consulting CPA may perform for audit clients, eliminated portions of Self Regulation
Boundaries of an ______ audit are often drawn from an org. chart and are not limited to a single accounting period.
AICPA continuing professional education requirements ..
members, regardless of whether they are in public practice are required to meet these req
FDIC Improvement Act required large financial institutions to have their internal controls over _____ attested.
______ auditing is primarily oriented toward future improvements to accomplish the goals of management by providing recommendations.
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