Professional Standards

Question 1

GAAS - General Accepted Auditing Standards

Answer 1

Auditor is responsible for performing an audit in accordance with GAAS. Compliance with GAAS is mandatory on all audit engagements.

Question 2

ASB - Auditing Standards Board

Answer 2

GAAS for audits of non issuers are issued by AICPA’s ASB..

Question 3

GAGAS - Generally Accepted Government Auditing Standards

Answer 3

Audit of government organizations, programs, activities, and of entities that receive government funds

Question 4

PCAOB - Public Company Accounting Oversight Board

Answer 4

PCAOB establishes auditing and related professional practice standards to be used in the preparation and issuance of audit reports for issuers.

Question 5

SSAE - Statements on Standards for Attestation Engagements

Answer 5

• issued by AICPA

- apply to attest engagements

Question 6

SSARS - Statements on Standards for Accounting and Review Services

Answer 6

• established by AICPA
• establish standards for privately-held (nonissuer) companies not seeking audited statements. Apply to unaudited financial statements or unaudited financial information of a nonpublic entity.

Question 7

Three levels of auditing guidance :

Answer 7

• AICPA SASs (non issuers) and PCAOB (issuers)
• Interpretive Publications (recommendations not standards)
• Other auditing procedures