Auditing chapter 2 test bank

Should an auditor abide by a particular Auditing Standard?

An auditor need not abide by a particular auditing standard if the auditor believes that: medium a

,the issue in question is immaterial in amount,a b,more expertise is needed to fulfill the requirement,c,the requirement of the standard has not been addressed by the PCAOB,d,any of the above three are correct

What are auditing standards?

They are considered to be the minimum standards of performance for auditors to follow and are established by the Auditing Standards Board of the American Institute of Certified Public Accountants for private companies and by the Public Company Accounting Oversight Board for public companies

What is the relationship between quality control and auditing standards?

Answer: DTerms: AICPA peer reviewDiff: ChallengingObjective: LO 2- 7AACSB: Reflective thinking skills Discuss the relationship between quality control and generally accepted auditing standards

Answer: For a CPA firm, quality control encompasses the methods used to make sure that the firm meetsits professional responsibilities to clients

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