Exam (elaborations)
Solutions for Audit: Chapter 2 (15th Canadian Edition Arens)
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Solutions for Audit: Chapter 2 (15th Canadian Edition Arens)
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Solutions for Audit: Chapter 2 (15thCanadian Edition Arens)
How are PA firms organized? - ANS- partners highest level
below is senior managers, managers, then staff accountants
What external factors ensure audit and assurance engagements are completed at high
standards of quality? - ANS- high quality stnadards (national and international)
- the national and provincial accounting associates
- CPAB (oversight of public company audits)
- legal liability
What is the CPAB - Canadian Public Accountability Board - ANSindependent oversight body
whose mandate is to promote high quality external audits of publicly listed companies. Core
responsibility = regular inspections of participating audit firms
Which organizations develop and maintain standards that Public accountants use? - ANSCPA
Canada,
AASB (Auditing and Assurance Standards Board)
- sets GAAS and standards
IFAC
PCAOB - ANSSOX established first PCAOB board
What principles underlie the Canadian Auditing Standards? - ANS- professoinal competence
and due care
- compliance with ethical and independence requirements
- professional skepticism
- professional judgment
- comprehensive performance
To ensure auditors carry out audits in compliance with GAAS and protect public interest
According to CPAB, what DRIVERS of audit quality: - ANS- having the right teams
- providing right support
- conduct in-process reviews
- assign accountability to someone for the audit quality
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