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    Sample Page: Auditing and Attestation

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    1. Accountants performing audits, attestation engagements, or reviews and compilations of nonpublic companies must follow the Clarified Statements on Auditing Standards, Statements on Standards for Attestation Engagements, or Statements on Standards for Accounting and Review Services respectively, as issued by the AICPA. 2. When conducting an audit, the accountant is responsible for obtaining reasonable assurance that the financial statements are free from material misstatement by following GAAS. Client management is responsible for preparing and fairly presenting the financial statements. 3. For public companies, auditors must register with the PCAOB and follow the Auditing Standards it issues, with SEC approval, covering

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    Sample Page: Auditing and Attestation

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    1. Accountants performing audits, attestation engagements, or reviews and compilations of nonpublic companies must follow the Clarified Statements on Auditing Standards, Statements on Standards for Attestation Engagements, or Statements on Standards for Accounting and Review Services respectively, as issued by the AICPA. 2. When conducting an audit, the accountant is responsible for obtaining reasonable assurance that the financial statements are free from material misstatement by following GAAS. Client management is responsible for preparing and fairly presenting the financial statements. 3. For public companies, auditors must register with the PCAOB and follow the Auditing Standards it issues, with SEC approval, covering

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    Sample Page: Auditing and Attestation

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    1. Accountants performing audits, attestation engagements, or reviews and compilations of nonpublic companies must follow the Clarified Statements on Auditing Standards, Statements on Standards for Attestation Engagements, or Statements on Standards for Accounting and Review Services respectively, as issued by the AICPA. 2. When conducting an audit, the accountant is responsible for obtaining reasonable assurance that the financial statements are free from material misstatement by following GAAS. Client management is responsible for preparing and fairly presenting the financial statements. 3. For public companies, auditors must register with the PCAOB and follow the Auditing Standards it issues, with SEC approval, covering

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    2K views1 page

    Sample Page: Auditing and Attestation

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    Admin - At Least Know This
    1. Accountants performing audits, attestation engagements, or reviews and compilations of nonpublic companies must follow the Clarified Statements on Auditing Standards, Statements on Standards for Attestation Engagements, or Statements on Standards for Accounting and Review Services respectively, as issued by the AICPA. 2. When conducting an audit, the accountant is responsible for obtaining reasonable assurance that the financial statements are free from material misstatement by following GAAS. Client management is responsible for preparing and fairly presenting the financial statements. 3. For public companies, auditors must register with the PCAOB and follow the Auditing Standards it issues, with SEC approval, covering

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    of 1

    1.

    Introduction and Professional Responsibilities

    INTRODUCTION

    Audit Attestation Review and Compilation

    During engagement with Clarified Statements on Auditing Statements on Standards for Statements on Standards for
    nonpublic company, accountant is Standards (SASs) issued by Attestation Engagements Accounting and Review Services
    subject to: (SSAEs) issued by (SSARSs) issued by

    AICPA Auditing Standards Board. AICPA Auditing Standards Board. AICPA Accounting and Review
    Services Committee.

    All statements are recorded in the AICPA Professional Standards. SAS sections have identifier AU-C.
    SSAE sections have identifier AT-C. SSARS sections have identifier AR-C.

    Attestation Audit, review or agreed-upon procedures engagement to report about whether a subject matter or assertion is in conformity with selected
    criteria.

    Audit Form of attestation in which practitioner obtains reasonable assurance that subject matter is in conformity with applicable financial reporting
    framework, where subject matter is a historical financial statement(s).
    Objective is to determine if financial statements (FS) are presented fairly.
    Determination is based on auditor obtaining reasonable assurance that FS are free from material misstatement, whether due to fraud or error.
    Reasonable assurance High level of assurance, but not absolute.
    Materiality Total misstatement large enough to influence economic decisions of users on the basis of FS.

    Auditor responsibility
    Auditor always has general responsibility to conduct audit in accordance with Generally Accepted Auditing Standards. GAAS are made of the
    above Clarified Statements on Auditing Standards and recorded in AICPA Professional Standards.

    Client responsibilities
    To prepare and fairly present FS in accordance with the applicable financial reporting framework.
    To maintain internal controls for FS preparation.
    To provide the auditor with:
    All information, of which management is aware, that is relevant to FS preparation.
    Other information at request of auditor.
    Unrestricted access to personnel to obtain audit evidence.

    Audit for public company Sarbanes-Oxley Act (SOX) of 2002 established the Public Company Accounting Oversight Board (PCAOB). To conduct an
    audit of a public company, SOX requires auditor to register with the PCAOB.

    During audit with public company, Auditing Standards (AS) issued


    accountant is subject to: by

    PCAOB with the approval of SEC.

    General standards

    Adequate technical training, proficiency.


    Independence.
    Due professional care.

    Standards of fieldwork

    Adequate planning and supervision.


    Sufficient evidence to give reasonable basis for conclusion.
    Adequate understanding of internal control (IC).

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