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 cloistered companies? Explain. The exoteric Company Accounting Oversight Board (PCAOB), is reposible for establishing auditing standards for audits of public companies. The PCAOB was model up by the Sarbanes-Oxley Act and appointed and everyplaceseen by the Securities and re-sentencing 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 real standards established by the ASB as interim audit standards. The PCAOB is without delay issuing its own auditing standards, including establishing standards for audits of the effectiveness of internal control over financial repprting. 2-10. br oadly accepted auditing standards have been criticized by different sources for failing to return useful guide limits for asking an audit. The critics reckon the standards should be more particularised to enable practitioners to improve the character of their performance.

As the standards are now stated, around critics believe that they take into account little more than an excuse to conduct undermanned audits. tax 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 macrocosm more specific, then they would thereby spend some gruelling audit decisiona dn provide a lin e of defense for a CPA firm charged with con! ducting 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 plausibly greater harm in delimitate athoritative guidelines too specifically than too broadly. 2-16. a....If you want to get a full essay, aver it on our website: OrderEssay.net

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