Studied by 3 people
approves all standards for issuers
SEC
provides guidance for assurance and advisory engagements
ASEC
responsible for setting standards for the audits of issuers
PCAOB
audit engagements are subject peer review evaluations
AICPA
issue pronouncements in connection with the unaudited financial statements or other financial information of nonpublic entities
ARSC
responsible for setting audit standards for non-issuers
ASB
responsible for setting ethical standards for registered public accounting firms
PCAOB
oversees the work of the ASEC, ARSC, and ASB
AICPA
audit engagement subject to quality reviews referred to as inspections
PCAOB
issue the statements on quality control standards (SQCSs)
ASB
quantity and price totals for POs have been recorded at amounts identical to source documents
management assertion - valuation and allocation
transaction cycle - acquisition and disbursement
audit objective - transaction
all long-term debt that should have been recorded, has been recorded
management assertion - completeness
transaction cycle - finance and investment
audit objective - account balance
statement that inventoried costs include appropriate amounts that are attributable and directly traceable to the inventory
management assertion - presentation and disclosure
transaction cycle - production
audit objective - presentation and disclosure
each web, retail, and catalog sale is separately compiled and accounted for in the accounting system
management assertion - presentation and disclosure
transaction cycle - revenue and cash collection
audit objective - transaction
amounts recorded as ending inventory represent actual tangible items
management assertion - existence or occurence
transaction cycle - production
audit objective - account balance
calculations included statements regarding executive officer stock compensation plans are precise
management assertion - valuation and allocation
transaction cycle - payroll and personnel
audit objective - presentation and disclosure
intangible assets purchased during the year are recorded in the firm’s name
management assertion - rights and obligations
transaction cycle - acquisition and disbursement
audit objective - account balance
declaration that all amounts representing operating leases are properly reported
management assertion - completeness
transaction cycle - finance and investment
audit objective - presentation and disclosure
amounts recorded as sales represent valid economic exchanges with customers
management assertion - existence or occurrence
transaction cycle - revenue and cash collection
audit objective - transaction
disclosures related to derivative transactions are at the correct amount
management assertion - valuation and allocation
transaction cycle - finance and investment
audit objective - presentation and disclosure
investments are classified by portfolio and appropriately recorded and displayed in the financial statements
management assertion - presentation and disclosure
transaction cycle - finance and investment
audit objective - presentation and disclosure
all cash sales have been recorded
management assertion - completeness
transaction cycle - revenue and cash collection
audit objective - transaction
there are no liens or other restrictions on inventory
management assertion - rights and obligations
transaction cycle - production
audit objective - account balance
payroll amounts are only recorded for work by existing employees that was actually performed
management assertion - existence or occurrence
transaction cycle - payroll and personnel
audit objective - transaction
accounts receivable represent amounts earned and realizable to the entity
management assertion - rights and obligations
transaction cycle - revenue and cash collection
audit objective - account balance
