Last Updated on February 1, 2022 by Admin 3
- Financial Accounting Standards Board.
- General Accounting Office.
- Accounting and Review Services Committee.
- Auditing Standards Board.
Explanation:
Choice “C” is correct. The accounting and review services committee is the authoritative body designated to promulgate standards concerning an accountant’s association with unaudited financial statements of a nonissuer (i.e., an entity that is not required to file financial statements with an agency regulating the issuance of the entity’s securities).
Choice “A”
is incorrect. The Financial Accounting Standards Board (FASB) is responsible for GAAP standards.
Choice “B” is incorrect. The General Accounting Office (GAO) is responsible for audit standards under the federal “Single Audit Act.”
Choice “D” is incorrect. The Auditing Standards Board (ASB) is responsible for auditing standards under GAAS.
- AUD CPA : All Parts
B. Governmental Accounting Standards Board.C. Financial Accounting Standards Board.D. General Accounting Office.•Answer (A) iscorrect. Statements on Standards for Attestation Engagements are issued by theAuditing Standards Board, the Accounting and Review Services Committee, and the ManagementConsulting Services Executive Committee. The Council of the AICPA granted these bodies, whichalso promulgate SASs, SSARSs, and SSCSs, respectively, the authority to interpret Conduct Rules201 and 202. The SSAEs are issued pursuant to that authority.
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[6]Which of the following is a conceptual difference between the attestation standards and generallyaccepted auditing standards?
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[7]In performing an attest engagement, a CPA typically
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Notes
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12. Which of the following is the authoritative body designated to promulgate attestationstandards for nonpublic entities?A.AICPA (Auditing Standards Board)B.Governmental Accounting Standards BoardC.Financial Accounting Standards BoardD.General Accounting Office
AACSB: CommunicationsAICPA BB: LegalAICPA FN: Decision MakingBloom's: ComprehensionDifficulty: EasyLearning Objective: 2Learning Objective: 513. In performing an attestation engagement, a CPA typically
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AACSB: CommunicationsAICPA BB: IndustryAICPA FN: ReportingBloom's: ApplicationDifficulty: EasyLearning Objective: 3Learning Objective: 421-30
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Fraud Examination
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Chapter 21 - Assurance, Attestation, and Internal Auditing Services14. Which of the following is a conceptual difference between the attestation standards andgenerally accepted auditing standards?
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AACSB: CommunicationsAICPA BB: LegalAICPA FN: Decision MakingBloom's: ComprehensionDifficulty: EasyLearning Objective: 3Learning Objective: 515. Which of the following conditions is necessary for a practitioner to accept an attestengagement to examine and report on an entity's internal control over financial reporting?
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AACSB: CommunicationsAICPA BB: IndustryAICPA FN: ReportingBloom's: KnowledgeDifficulty: EasyLearning Objective: 621-31
Chapter 21 - Assurance, Attestation, and Internal Auditing Services
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Fraud Examination
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