Professional Standards

Question 1

What type of professional requirement is indicated by the word “must” in AICPA professional standards?

Answer 1

Unconditional requirement

Question 2

What type of professional requirement is indicated by the word “should” in AICPA professional standards?

Answer 2

Presumptively mandatory requirement

Question 3

What is meant by the term “interpretive publications”?

Answer 3

These consist of the appendices to the Statements on Auditing Standards, auditing interpretations of the Statements on Auditing Standards, the AICPA Audit and Accounting Guides, and AICPA auditing Statements of Position.