cpa audit ch1 review
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What is control risk?
Control risk is the risk that material misstatements that could occur in an assertion will not be prevented or detected on a timely basis by the entity’s internal control
The authoritative body designated to promulgate standards concerning an accountant’s association with unaudited financial statements of an entity that is not required to file financial statements with an agency regulating the issuance of the entity’s securities is the
Accounting and Review Services Committee.
The AICPA bylaws designate the Accounting and Review Services Committee as the senior technical committee authorized to issue pronouncements in connection with the unaudited financial statements or other unaudited financial information of a nonissuer.
Under the assurance service WebTrust, the broad principles relating to websites are security, availability, confidentiality, processing integrity, and
WebTrust provides assurance about compliance with the principles of online privacy, security, processing integrity, availability, and confidentiality. It is a modular service that allows the practitioner to express an opinion and grant the corresponding seal with respect to individual principles or combinations of principles.
In an agreed-upon procedures engagement, the practitioner is engaged to report on the results of performing specific procedures agreed upon with specified parties. The report lists the procedures performed and provides the results of those procedures but .......
provides no form of positive or negative assurance.
what best describes the primary purpose of Statements on Auditing Standards
They are generally accepted auditing standards.
Generally accepted auditing standards are defined as SASs. Conduct Rule 202 requires members who perform professional services to comply with standards promulgated by bodies designated by the AICPA Council. Thus, an AICPA member who performs an audit of a nonissuer must comply with SASs promulgated by the Auditing Standards Board (ASB).
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