Term
| How does an auditor test and report on segment information? |
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Definition
| Auditor would apply standard auditing procedures and generally will not refer to segment information unless there is a problem |
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Term
| What procedures would an auditor perform related to supplemantary information that is required by GAAP and accompanies the financial statements? |
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Definition
1. Inquire how info was prepared
2. Determine whether methods are consistent with mgmts responses, audited f/s & other knowledge
3. Consider client representation letter obtained during the audit refers to supplementary info
4. Auditor may report on info but not req'd. |
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Term
| What is the objective of the independent audit? |
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Definition
| To express an opinion stating whether the f/s's, taken as a whole, are fairly presented in all material resptects in conformity with GAAP |
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Term
| Which stds provide the most authoritative auditing guidance for nonissues, and who issues them? |
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Definition
| Statement on Auditing Stds issued by the AICPA Auditing Stds Board |
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Term
What are the three general Stds?
TIP |
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Definition
Training
Independence
Professional care |
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Term
What are the three stds of fieldwork?
PIE |
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Definition
Planning
Internal Controls
Evidence |
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Term
ADCOWhat are the four Stds of reporting?
ADCO |
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Definition
Accounting Principles
Consistency
Disclosures
Express Opinion |
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Term
| What is the difference between auditing stds and auditing procedures? |
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Definition
Auditing Stds-measure the quailty of performance of the audit
Auditing Procedures-Act to be performed during the audit |
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Term
| What should be included in the introductory paragraph of the auditor's std report? |
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Definition
f/s identified (being audited)
mgmt-repsonsibility
auditor's-responisibility |
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