Professional Auditing Standards and the Audit Opinion Formulation Process
4 important questions on Professional Auditing Standards and the Audit Opinion Formulation Process
The AICPA and IAASB both use the following format for auditing standards:
- Objective
- Definitions
- Requirements
- Application and Other Explanatory Material
How does the PCAOB's standards differ from the format of the AICPA and IAASB standards?
Principles Underlying Auditing Standards
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
What are the five phases of the Audit Opinion Formulation Process?
II - Performing risk assessment
III - Obtaining evidence about internal control operating effectiveness
IV - Obtaining substantive evidence about accounts, disclosures and assertions
V - Completing the audit and making reporting decisions
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding