Question

Auditors who audit public and nonpublic companies must be familiar with professional standards developed by a variety of sources. For each of the types of services below, indicate the proper source of professional requirements. Each source may be used once, more than once, or not at all.
Service
a. An annual review of the financial statements of a nonpublic company.
b. A quarterly review of the financial statements of a nonpublic company that has an annual audit.
c. A quarterly review of the financial statements of a public company that has an annual audit.
d. An audit of the financial statements of a nonpublic company.
e. A compilation of the financial statements of a nonpublic company.
f. A quarterly review of the financial statements of a nonpublic company that annually has a review of its financial statements.
g. A letter to an underwriter of a public company.
h. A report on summary financial statements of a nonpublic company.
i. An audit of a public company.

Source of Standards
1. Accounting and Review Services Committee Statements on Standards for Accounting and Review Services
2. Auditing Standards Board Statements on Auditing Standards
3. PCAOB Auditing Standards



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  • CreatedOctober 27, 2014
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