Who created the International Auditing Standards?

Q: What are the Generally Accepted Auditing Standards? List and briefly explain them.

A: GAAS (Generally Accepted Auditing Standards) is indeed a set of standardized rules used among…

Q: What is the importance of considering both past results and industry trends in comparing values,…

A: An integrated audit is defined as an auditing, which used to involve an audit through an outside…

Q: What purpose do audits and GAAPs serve in today’s business world?

A: GAAP are the generally accepted accounting principles which are followed by the companies in the…

Q: Should U.S. public accounting firms try to audit internationally in cultures they may not…

A:

Q: According to IAASB what are the functions of an external audit?

A: IAASB is an independent body that sets the standards for auditing practices, quality control,…

Q: International Standards on Auditing (ISAs) are issued by the International Auditingand Assurance…

A: International Accounting Standards Board (IASB):   International Auditing and Assurance Standards…

Q: How do IAASB audit standards compare to US audit standards?

A: The International Auditing and Assurance Standards Board (IAASB) is an entity which sets standards…

Q: What makes certain industries special in terms of audit? *Please do explain elaborately*

A: Specialized industries are more likely to have its own set of financial reporting standards, or to…

Q: Which of the following is an authoritative body that the AICPA Code of Professional Conduct…

A: PCAOB ( PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD ):  PCAOB OVERSEE AUDIT OF PUBLIC COMPANIES IN…

Q: Are the SMEs who follow IFRS for SMEs require external auditors for their financial statements ?

A: External auditors are certified public accountants who checks the company’s accounts and file their…

Q: Why should multinational companies be concerned about auditing issues? Think about this in the…

A: Audit refers to independent examination of financial or non financial information of any entity…

Q: describe roles and desirable attributes of fi nancial reporting standard-setting bodies and…

A: The standard setting bodies & regulatory authorities play an important role in developing &…

Q: When developing requirements for IFRS Standards, can the International Accounting Standards Board…

A: SOLUTION- INTERNATIONAL ACCOUNTING STANDARD BOARD-  IT IS AN INDEPENDENT , PRIVATE SECTOR BODY THAT…

Q: The general objectives of international auditing standards a. Defining the responsibilities B. audit…

A: Financial statements are those statements which are prepared at the end of accounting period.…

Q: Standardize auditing procedures by identifying industry consensus (GAAS). What's the point of GAAS,…

A: The Question deals with standardize auditing procedures by identifying industry consensus (GAAS):

Q: How does AASB come up with Canadian Auditing Standards?

A: The Auditing and Assurance Standards Board (AASB) is an independent body with the authority and…

Q: What are key audit matters? How do these affect the format of the audit report?

A: Key audit matters (KAM) refers to matters that are of significance and include complex or difficult…

Q: Provide the objectives for a successful audit program according to ISO9001:2015

A: An audit program according to ISO 9001:2015 is the one which involves commitments, responsibility…

Q: Why should multinational companies be concerned about auditing issues? Think about this in the…

A: Auditor- An auditor is a specialist who examines and verifies the accuracy of financial papers in…

Q: For whom were IAASB International Auditing Standards created?

A: IAASB International Auditing standards (ISA) were introduced for the setting an international…

Q: What are the objectives of auditors in auditing data management?

A:

Q: What are the functions of an external audit, according to the International Auditing and Assurance…

A: The International Auditing and Assurance Standards Board (IAASB) is an independent organization that…

Q: Which of the following groups is responsible for developing auditing standards for public firms in…

A: American Institution of Certified Public Accountant (AICPA) is a professional body in the US that…

Q: What is ethics in auditing?

A: Ethics is the study of what is right or wrong in human conduct. This is a branch of Philosophy which…

Q: Who is responsible for establishing auditing standards foraudits of U.S. public companies? Who is…

A: Public Company Accounting Oversight Board (PCAOB) which oversees the audit of public companies is…

Q: Discuss why we have a dual system of auditing standards in the U.S. (AICPA Auditing Standards…

A: Introduction:  AICPA is a association for the certified public accountants (a professional members…

Q: What is operational auditing? How does the AICPA (American Institute of Certified Public…

A: Operational Auditing:  The process by which effectiveness and efficiency of business operations are…

Q: What are the audit considerations for specialized industries?   *Please do explain elaborately*

A: The management of the company is the main responsible for preparing the financial statements which…

Q: What are the similarities and differences between internal auditing and external auditing?

A: Audits are performed to ensure that something is correct, such as whether a person is paying their…

Q: What should be included in an audit engagement agreement?

A: Engagement agreement: Engagement agreement is a type of a contract that is prepared when a new…

Q: What is the ULRD? What information does the ULRD provide to the audit team?

A:

Q: What are some advantages of international harmonization of audit standards? List and briefly discuss…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: What

A: Assessing risk at the planning stage of the audit Auditors are required by ISA 315, Identifying and…

Q: A uniform set of auditing practices should be established (GAAS). What is the purpose of GAAS?

A: This question deals with a uniform set of auditing practices to establish(GAAS).

Q: Discuss how the setting up of the AOB can enhance the audit quality in Malaysia.

A: AOB is the Audit Oversight board which was established in year 1993 by Securities Commission Act,…

Q: distinguish between audit, attest, and assurance services. What is GAAS? Which agency is responsible…

A: The shareholders or investors or management have a keen interest in the organization mainly the…

Q: Define generally accepted auditing standards (GAAS). What is the purpose of GAAS?

A: The explanation is provided as follows: