Auditing And Attestation - Essay Answers

2-7. Who is responsible for establishing audit ing standards for audits of public companies? Who is responsible for establishing auditing standards for audits of one-on-one companies? Explain. The exoteric Company Accounting Oversight Board (PCAOB), is reposible for establishing auditing standards for audits of public companies. The PCAOB was coiffure up by the Sarbanes-Oxley Act and appointed and everyplaceseen by the Securities and diversify missionary work (SEC). The Auditing Standards Board (ASB) of the AICPA are responsible for establishing auditing standards for the audits of private companies. However, prior to the SOX Act, the ASB open standards for private and public companies. Thus, the PCAOB adopted living standards established by the ASB as interim audit standards. The PCAOB is outright issuing its own auditing standards, including establishing standards for audits of the effectiveness of internal control over financial repprting. 2-10. broadl y accepted auditing standards have been criticized by various sources for failing to return useful guide limits for asking an audit. The critics entrust the standards should be more particular(prenominal) to enable practitioners to improve the pure tone of their performance.

As the standards are now stated, around critics believe that they deliver little more than an excuse to conduct undermanned audits. estimate this criticism of the 10 generally accepted auditing standards. The criticism of the 10 GAAS by some critics, is founded in the impression that by the GAAS universe more specific, then they would thereby spend s ome hard-fought audit decisiona dn provide ! a line of defense for a CPA firm charged with conducting an inadequate audit. However, highly specific requirements could turn auditing into mechanistic eveidence gathering, devoid of victor judgement. Therefore, from differing points of views, there is believably greater harm in delimitate athoritative guidelines too specifically than too broadly. 2-16. a....If you want to get a full essay, rewrite it on our website: BestEssayCheap.com

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