What should the auditor consider when engaging a specialist to perform substantive tests related to fair value assertions?

The amount of subjectivity involved in establishing fair value estimates can be complex for management responsible for making the fair value measurements and disclosures contained in financial statements. This is particularly true for fair value measurements for which observable market prices are not available. Auditing standards require auditors to obtain sufficient appropriate audit evidence to […]

What do PCAOB auditing standards say about how the auditor should assess risk re- lated to revenue recognition?

This problem requires you to access PCAOB Auditing Standards to answer each of the following questions. You can access those standards by viewing content found under the link “Standards.” Review PCAOB auditing standards related to the auditor’s consideration of fraud in a financial statement audit (AS 2401) and related to the auditor’s responses to the […]

Describe the five circumstances when an emphasis-of-matter explanatory paragraph or nonstandard wording is appropriate to include in an unmodified opinion audit report.

The Rolls-Royce of Audit Reports Describe the parts of the standard unmodified opinion audit report for nonpublicentities under AICPA auditing standards.3-2 Specify the conditions required to issue the standard unmodified opinion audit report.3-3 Understand reporting on financial statements and internal control underPCAOB auditing standards.3-4 Describe the five circumstances when an emphasis-of-matter explanatory paragraph or nonstandard […]

What organizations are responsible for establishing U.S. auditing standards used by CPA firms when auditing financial statements prepared by organizations based in the U.S.?

You have been asked to make a presentation in your Internationa Business class about how globalization is impacting the auditing profession. In preparation, you met with your auditing professor and discussed these questions: a. What organization is responsible for establishing auditing standards internationally? b. What organizations are responsible for establishing U.S. auditing standards used by […]

Describe the relations among international auditing standards, AICPA auditing standards, and PCAOB auditing standards.

1. What is the role of the Public Company Accounting Oversight Board? 2. What roles are played by the American Institute of Certified Public Accountants for its members? 3. Describe the relations among international auditing standards, AICPA auditing standards, and PCAOB auditing standards.

What roles are played by the American Institute of Certified Public Accountants for its members?

1. What is the role of the Public Company Accounting Oversight Board? 2. What roles are played by the American Institute of Certified Public Accountants for its members? 3. Describe the relations among international auditing standards, AICPA auditing standards, and PCAOB auditing standards.

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