Researching Professional Standards

Independence is required for…

Attestation services (audits and reviews)

PCAOB auditing standards are for

Audit issuers

Broker dealers

Auditing standard terms

Unconditional responsibility: must, required

Presumptive Mandatory Responsibility: should, very few examples when it acceptable to not

Responsibility to Consider: may/might/could, think about it but not doing it isn’t out of compliance

Professional Service Documentation

Must document work you do

PCAOB will inspect documentations (work papers that demonstrate what was done, when it was done, etc)