Non-issuers audit standards - ANSWER-AICPA: generally accepted auditing standards
*Statements on Auditing Standards (SAS)
Issuers generally accepted auditing standards - ANSWER-PCAOB Auditing Standards (AS)
Guidance for audits of government organizations, programs, activities, and entities that ...
Issuers generally accepted auditing standards - ANSWER-PCAOB Auditing Standards (AS)
Guidance for audits of government organizations, programs, activities, and entities that receive
government funds - ANSWER-Governmental Accountability Office: Generally Accepted Government
Auditing Standards (GAGAS)
Financial or performance audits of government organizations, programs, activities, and entities that
receive government funds
Guidance for attestation Engagements - ANSWER-AICPA: Statements on Standards for Attestation
Engagements (SSAE)
-Examination, review, or agreed upon procedures report on a subject matter, or an assertion about a
subject matter, that is the responsibility of another party
Guidance for unaudited FS or unaudited financial statements of nonissuers - ANSWER-AICPA:
Statements on Standards for Accounting and Review Services (SSARS)
-Preparation, compilation, and reviews of historical FS: nonissuers
-Preparation or compilation of pro forma financial information: nonissuers
3 levels of audit guidance - ANSWER-1. SAS (non issuers), PCAOB AS (issuers)
2. Interpretive publications
,3. Other auditing publications
^Most to least authoritative
Auditor's report: Nonissuer
Which paragraphs change when the scope limitation is material and pervasive/what do they say? -
ANSWER-1. Intro: Engaged to audit
2. Auditor responsibility paragraph: Not able to obtain
3. Basis for disclaimer of opinion paragraph
4. Disclaimer of opinion paragraph
Auditor's report summary: Issuer
Which paragraphs change when the scope limitation is material and pervasive/what do they say? -
ANSWER-1. Opinion section: Engaged to audit and disclaimer
2. Additional paragraph after opinion
3. Basis for opinion section: Omit certain sentences
Unmodified Report: Nonissuer: Standard Format - ANSWER-1. Title
2. Addressee
3. Intro paragraph
4. Management responsibility
5. Auditor's responsibility
6. Auditor's opinion
7. Possible emphasis of matter or other matter paragraph
,8. Other reporting responsibility
9. Signature
10. Address
11. Date
Standard Unqualified Report: Issuer - ANSWER-1. Title (Must include word registered)
2. Addressee
3. Opinion section
(IF QUALIFIED OR ADVERSE OPINION: REASONS STATED IN PARAGRAPH FOLLOWING OPINION: NO
HEADING).
4. Basis for opinion: AR, MR
5. Signature, tenure, location
6. Report date
Issuer
1. Opinion on FS paragraph references:
2. Basis for opinion paragraph references: - ANSWER-1. GAAP
2. PCAOB auditing standards
Form AP filed when? - ANSWER-35th day after audit report is first filed or within 10 days if the audit
report is included in the registration statement
Nonissuer: Qualified or Adverse opinion format - ANSWER-1. Intro
2. MR
3. AR
4. Basis for qualified or adverse opinion
5. Qualified or adverse opinion
, Not independent - ANSWER-Disclaim opinion
Emphasis of matter/Explanatory
1. Meaning/where does it go?
2. Situations requiring emphasis of matter - ANSWER-1. FS are fairly stated, auditor just wants to draw
attention. Immediately following opinion paragraphs
2.
-Going concern
-Material justified change in accounting principle
-Material misstatement in prior FS corrected
-FS prepared under a special purpose framework
-Change in audit opinion: FOR NONISSUER: THIS COULD BE IN OTHER MATTER PARAGRAPH
Other matters: Nonissuer (Explanatory for issuer) - ANSWER-1. Restrict use of report
2. Prior FS audited by prior auditor and prior auditor's report not presented
3. Comparative FS where current year is audited and prior year is not audited
4. Material inconsistency in other information
5. Report on supplementary information within auditor's report
6. Refer to required supplementary information
7. Report on compliance included in auditor's report
Group engagement partner assumes responsibility for component auditor: - ANSWER-Make no
reference to component auditor
Group engagement partner references component auditor in audit report - ANSWER-Division of
responsibility
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