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Cha!ter 2
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3rgani0ational +tructure
Pro!rietorshi! Pro essional cor!oration 4eneral !artnershi! 5i#ited liability co#!any 4eneral cor!oration 5i#ited liability !artnershi!
2010 Prentice Hall Business Publishing, Auditing 13/e, Arens/Elder/Beasley
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Partner
5earning 3b:ecti%e 2
;nderstand the role o the Public Co#!any Accounting 3%ersight Board and the e ects o the +arbanes-3&ley Act on the CPA !ro ession$
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+arbanes-3&ley Act
This Act is considered by #any obser%ers to be the #ost i#!ortant legislation a ecting the auditing !ro ession since the 19(0s$ The !ro%isions o the Act a!!ly to !ublicly held co#!anies and their audit ir#s$
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+arbanes-3&ley Act
+EC
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+arbanes-3&ley Act
The PCA3B conducts ins!ections o registered accounting ir#s and assess their co#!liance 'ith the rules o the PCA3B and the +EC$
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5earning 3b:ecti%e (
+u##ari0e the role o the +ecurities and E&change Co##ission in accounting and auditing$
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5earning 3b:ecti%e ,
>escribe the .ey unctions !er or#ed by the A?CPA$
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A?CPA
The A?CPA sets !ro essional re@uire#ents or CPAs, conducts research, and !ublishes #aterials on #any di erent sub:ects related to accounting, auditing, attestation and assurance ser%ices, #anage#ent consulting ser%ices, and ta&es$
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5earning 3b:ecti%e /
>iscuss the nature o ;nited +tates and international auditing standards
Generally Accepted Auditing Standards Field Work !er or#ance o the audit
Pro!er !lanning and su!er%ision +u icient understanding o the entity, its en%iron#ent, and its internal control +u icient a!!ro!riate e%idence
Reporting results
Ahether state#ents 'ere !re!ared in accordance 'ith 4AAP Circu#stances 'hen 4AAP not consistently ollo'ed Ade@uacy o in or#ati%e disclosures E&!ression o o!inion on inancial state#ents
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The ?"AC 'or.s to i#!ro%e the uni or#ity o auditing !ractices and related ser%ices throughout the 'orld$
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5earning 3b:ecti%e 2
;se generally acce!ted auditing standards as a basis or urther study
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+tandards o *e!orting
1$ The re!ort shall state 'hether the inancial state#ents are !resented in accordance 'ith generally acce!ted accounting !rinci!les$
2$ The re!ort shall identi y those circu#stances in 'hich such !rinci!les ha%e not been consistently obser%ed in the current !eriod in relation to the !receding !eriod$
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+tandards o *e!orting
<ContCd=
($ ?n or#ati%e disclosures in the inancial state#ents are to be regarded as reasonably ade@uate unless other'ise stated in the re!ort$
,$ The re!ort shall contain an e&!ression o o!inion regarding the inancial state#ents, ta.en as a 'hole$
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5earning 3b:ecti%e 6
?denti y @uality control standards and !ractices 'ithin the accounting !ro ession$
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*elationshi!s
Duality control standards 4enerally acce!ted auditing standards
Peer re%ie'
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Quality control
Legal liability
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End o Cha!ter 2
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