ACC 491 Contemporary Auditing 1
Week 2
Week 2 DQ 1
What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?
Week 2 DQ 2
What are the components of the audit risk model? How does the audit risk model affect an audit plan?
Week 2 DQ 3
The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination. In considering what constitutes sufficient, competent audit evidence, a distinction should be made between underlying accounting data and all corroborating information available to the auditor. What presumptions can be made about the following?
Week 2 Assignments:
Contemporary AuditingPresentation(16 Slides)
Auditing, Attestation, and Assurance Services(700+ Words)
Comprehensive Question: 1-23
(Organizations associated with the public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations.
· License individuals to practice as CPAs.
· Promulgate GAAP.
· Issue Statements on Auditing Standards.
· Regulate the distribution and trading of securities offered for public sale.
· Establish its own code of professional ethics.
· Issue Statements of Financial Accounting Standards.
· Impose mandatory continuing education as a requirement for renewal of license to practice as a CPA.
· Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP.
· Issue auditing interpretations.
· Cooperate with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement.
· Take punitive action against an independent auditor.
· Establish accounting principles for state and local governmental entities.
· Establish GAAS.
· Suspend or revoke a CPA’s license to practice.
· Establish quality control standards.
· Operate as proprietorships, partnerships, or professional corporations.
· Issue government auditing standards.
· Administer federal tax laws.
