AICPA auditing standards Archives

How might the auditor’s consideration of materiality and internal control differ from the audit of a commercial enterprise?

Posted on February 22, 2023 by Assessments

The audit firm of Waggoner and Allen, LLP, recently received a request to submit a proposal to audit the financial statements of the Williamson County Public School System. The system is funded mostly through property tax assessments of county residents, but it also receives over $15 million in federal financial funding in addition to private […]

Describe the parts of the standard unmodified opinion audit report for nonpublic entities under AICPA auditing standards.

Posted on February 9, 2023 by Assessments

STANDARD UNMODIFIED OPINION AUDIT REPORT FOR NONPUBLIC ENTITIES Describe the parts of the standard unmodified opinion audit report for nonpublicentities under AICPA auditing standards.

Briefly describe each of the principles underlying AICPA auditing standards and indi- cate how the action(s) of Holmes resulted in a failure to comply with each principle.

Posted on February 9, 2023 by Assessments

Ray, the owner of a small company, asked Holmes, a CPA, to conduct an audit of the company’s records. Ray told Holmes that an audit was to be completed in time to submit audited financial statements to a bank as part of a loan application. Holmes immediately accepted the engagement and agreed to provide an […]

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How might the auditor’s consideration of materiality and internal control differ from the audit of a commercial enterprise?

Describe the parts of the standard unmodified opinion audit report for nonpublic entities under AICPA auditing standards.

Briefly describe each of the principles underlying AICPA auditing standards and indi- cate how the action(s) of Holmes resulted in a failure to comply with each principle.