TAILIEUCHUNG - Lecture Auditing & assurance services (5th edition) - Chapter 2: Professional standards

Chapter 2: Professional standards. In this chapter students will be able to: Understand the development and source of generally accepted auditing standards, describe the fundamental principle of responsibilities and how this principle relates to the characteristics and qualifications of auditors, describe the fundamental principle of performance and identify the major activities performed in an audit. | McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 02 Professional Standards “In today’s regulatory environment, it’s virtually impossible to violate rules.” – Bernard Madoff, money manager, on October 12, 2007, approximately one year prior to being arrested for embezzling $50 billion from investors in a Ponzi scheme. 2- Auditing Standards for Public and Nonpublic Entities Audits of Public Entities Audits of Nonpublic Entities AICPA Statements on Auditing Standards Standards issued by the Auditing Standards Board prior to April 2003 not amended or superseded by PCAOB standards (Interim Standards) All current standards issued by Auditing Standards Board PCAOB Auditing Standards All current standards issued by PCAOB Not applicable 2- Generally Accepted Auditing Standards Identify necessary qualifications and characteristics of auditors and guide the conduct of the audit Purpose of GAAS is to achieve the following objectives of an audit examination Obtain reasonable assurance about whether financial statements are free of material misstatement Report on the financial statements and communicate in accordance with auditor’s findings 2- Comparison of AICPA GAAS to Principles: Responsibilities General Standards Responsibilities Principle Training and proficiency 2. Independence in mental attitude 3. Due professional care Auditors are responsible for: competence and capabilities ethical requirements (independence and due care) professional skepticism and professional judgment 2- Responsibilities Principle Competence and capabilities Experience and expertise Independence Independence in fact vs. independence in appearance Financial and managerial relationships Due care Level of performance by reasonable auditor in similar circumstances Professional skepticism and judgment Skepticism: Appropriate questioning and critical assessment of evidence Judgment: Application of training, knowledge, and .

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• Auditing standards
• Assurance services
• Auditing services
• Financial statement audit
• Contemporary auditing environment
• Professional standards
• Auditing and assurance services
• Auditing environment
• Lecture Fundamentals of Auditing
• Fundamentals of Auditing
• Bài giảng Cơ bản về Kiểm toán
• International Standards on Auditing
• International Auditing Practice Statements
• Making accounting estimates
• Principles of auditing
• Standards of reporting
• GAAP hierarchy
• Public accounting profession
• Key audit matters
• International standards on auditing 701
• International auditing
• Assurance standards board
• Key audit matters section
• Attestation engagements
• Attestation standards
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• Audit plan
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• The audit opinion formulation process
• Professional auditing standards
• Ethical decisions
• Auditing research
• Accounting research
• International research
• Environment of international research
• International accounting environment
• International accounting standards board
• Audit planning
• Understanding the client
• Assessing risks
• Professional ethics
• Finance accounting and Auditing
• Financial information
• International auditing standards
• Audited financial information
• Financial statements audit
• Poor quality audit
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• International accounting standards
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• The risk of fraud
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• Non financial Data and Information
• Risk of Material Misstatement
• International Standard on Auditing
• Statement on Auditing Standards
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