Question Details

ACCT 431
CHAPTER 2
1) Which of the following are audit standards used 
in professional practice by audit firms?
2) For privately held companies who of the 
following is responsible for establishing auditing 
standards?
3) Standards issued by the Public Company 
Accounting Oversight Board must be followed by 
CPAs who audit:
4) The Audit Standards Board of the AICPA has 
make GAAS easier to read understand and apply; as 
undertaken the Clarity & Convergence Project to 
well as converge GAAS with the International 
following statements concerning the Clarity & 
Standards on Auditing (ISAs). Which of the 
Convergence Project is(are) true?
I.	The "General" standards of GAAS will be termed 
"Responsibilities".
II.	The "Fieldwork" standards will be termed 
"Performance".
"Communications".
III.	The "Reporting" standards will be termed 
5) If an auditor of a public company cannot find 
guidance issued by the PCAOB on a particular audit 
matter, the auditor should generally seek guidance 
from which of the following sources?
6) The Auditing Standards Board of the AICPA has 
undertaken a Clarity and Convergence Project 
whose aim is to make GAAS easier to read, apply 
and converge with International Audit Standards. 
As a result the GAAS will become "Auditing 
the three categories of GAAS. Accordingly, which of 
Principles". The principles will be consistent with 
the following is true?
I	The General Standards will be termed 
Responsibilities Principles.
II.	The Fieldwork Standards will be termed 
Performance Principles.
III.	The Reporting Standards will be termed 
Communication Principles.
7) Auditors of public companies should, in the 
absence of guidance issued by the PCAOB, follow 
auditing standards issued by the SEC.
A) True
B) False
8) International Standards on Auditing are issued by 
the International Auditing Practices Committee.
A) True
B) False