Explain how you would retain your professional skepticism.ĭ.
Further, assume there have never been any audit issues with the client, management is very honest and forthcoming, and the company is well run.
Assume you work on an audit engagement for a client for some period of time. Explain why independence issues were a primary concern of Congress when it developed the Sarbanes-Oxley Act.Ĭ. Explain why independence is often considered the cornerstone of the auditing profession. Define the standard of “due professional care” and indicate how a court might decide whether an audit firm met the standard.ī. Both sources of guidance address important concepts related to the conduct of the audit.Ī. More recently, the AICPA has a proposed standard, Overall Objectives of the Independent Auditor and Conduct of an Audit in Accordance with Generally Accepted Auditing Standards (which has been issued but is not effective as the proposed effective date is December 2012). (Auditing Standards, LO 4) The ten generally accepted auditing standards (GAAS) have historically provided the foundation for the conduct of audits. … Get solutions Get solutions Get solutions done loading Looking for the textbook? If an auditor is engaged to conduct an audit and finds numerous mistakes, is it possible for the auditor to resign and not issue an audit opinion? Explain. Explain how you would retain your professional skepticism. Explain why independence issues were a primary concern of Congress when it developed the Sarbanes-Oxley Act. Define the standard of “due professional care” and indicate how a court might decide whether an audit firm met the standard. Both sources of guidance address important concepts related to the conduct of the audit. This problem has been solved: Solutions for Chapter 1 Problem 58DRQ: (Auditing Standards, LO 4) The ten generally accepted auditing standards (GAAS) have historically provided the foundation for the conduct of audits.
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