assurance service improves the quality of information for whom?
decision makers
the evaluation of interal control over financial reporting is integrated with what?
the audit of fianncial statement
the the federal securities act says what kind of companies are required to have audits?
publicly traded companies in US
what are the 4 primary categories of attestation services?
- Audits of historical financial statements 2. Audits of internal control over financial reporting 3. Reviews of historical financial statements 4/. Other attestation that may be applied to a broad range of subjects
an assurance service improves what?
the quality of information
what is an audit of internal control over financial reporting?
management asserts that internal controls have been developed and implemented following well established criteria .
why do government and not for profit entitite often have audits ?
to meet the requirments of lenders or funding sources
CPAs have expanded types of assurance services they provide to include other info of interest to investors such as ?
- CSR 2. sustainabilty reports
how are other assurance services that CPA provide different from attestation srvices. how do they dont meet the definition?
- a written report not required 2. it doesn’t have to be about the reliability of another partys assertion about compliance with specified criteria
a category of assurance service provided by CPAs in which they issue a report about a subject matter or assertion that is made by another party? what kind of service is this?
attestation service
Assurance services by CPAs have been common for years, especially regarding what?
historical financial statement information
an audit is designed to provide what?
reasonable assurance that the financial statements are free of material misstatement
what is an audit of historical financial statements?
a form of attestation service in which the auditor issues a written report expressing an opinion about whether the financial statements are fairly stated in accordance with applicable accounting standards
where can poublicly traded companies audited fiancial statements be accessed?
- SEC EDGAR database 2. from companies website
how is a review of historical financial statement the same and different from an audit
- same- attestation service that management asserts statements are fairly stated in accordance with accounting standard. 2. different- CPA provides lower level of assurance so less evidence is needed. can be provided for lower fee because less evidence needed, many non public companies will use to provide limited assurance on their finanical statments
what are other attestation services?
CPA engages to provide written assurance about reliability of assertion made by management. or ex. laon agreement may require compnay to engage CPA to provide assurance about compnay comliance with financial provisions of loan ex. service provider engage auditor to provide attestation report on design and effectiveness of controls at service organi. like it they provide payrool to another company
what is an assurance service?
independent professional service that improves the quality of information for decision makers.
Publicly traded companies in US are required to have audits under what?
the federal securities act
why do many privately held cdompnaies have their annual financial statements audited?
to obtain finanicng from banks and other financial insttitutions
independent professional service that improves the quality of information for decision makers is what kind of service?
an assurance service
Section 404 of the Sarbanes-Oxley Act now requires assurance regarding what?
internal controls over financial reporting for larger public companies.
a form of attestation service in which the auditor issues a written report expressing an opinion about whether the financial statements are fairly stated in accordance with applicable accounting standards. what is this?
an audit of historical financial statements
what does section 404 of sarbanes oxley require ?(2)
- public companies to report managments assessment of the effectiveness of internal control over financial reporting 2. requires auditors for larger public companies to attest to the effectiveness of internal control.
what are some examples of assurance services provided by those that are not CPAs
- consumers union’ consumers reports- tests product for consumers 2. BBB 3. Nielsen televsion and Internet ratings 4. ARbitron radio ratings
-
Chapter 4 ethical dilemas4
-
Chapter 4 What are ethics5
-
Chapter 4 special need for ethical conduct in professions17
-
Chapter 4 Code of professional conduct38
-
Chapter 1 LO25
-
Chapter 1 LO158
-
Chapter 1 LO36
-
Chapter 1 LO439
-
Chapter 1 LO529
-
Chapter 1 LO616
-
Chapt 1 LO716
-
chap 1 LO85
-
Chapter 2 LO110
-
Chapt 2 LO226
-
chapter 2 LO39
-
Chapter 2 LO48
-
Chapter 2 LO516
-
Chapter 2 LO614
-
Chapter 2 LO738
-
Chapter 2 LO824
-
Chapter 3 LO124
-
Chapter 3 LO25
-
Chapter 3 LO 312
-
Chapt3 LO421
-
chapter 4 independence rule17
-
chap 4 sarbanes oxley and realted independece requirments3
-
Chapter 3 standard unmodified opinion audit report for nonpublic entities11
-
chapter 3 conditions for standard unmodifed opionion audit report1
-
chap 3 standard audit report and report on internal control over financial reporting under PCAOB auditing standards7
-
chapt 3 unmodified opinon audit report with emphasis of matter explanator paragraph or nonstandard workding4
-
chapt 4 modifictation to opinion in audit report8
-
chapt 4 materiality3
-
chap 4 discussion of conditions requireing modification of opinion4
