Distinguish between auditing standards and generally accepted accounting principles, and give two examples of each.
Answer to relevant QuestionsThe responsibilities principle requires that auditors be responsible for having appropriate competence and capabilities to perform the audit. What are the various ways in which auditors can fulfill this principle?List the eight parts of a standard unqualified audit report for a non-public entity and explain the meaning of each part. How do the parts compare with those found in a qualified report?The following relate to auditors’ independence:a. Why is independence so essential for auditors?b. Compare the importance of independence of CPAs with that of other professionals, such as attorneys.c. Explain the ...Analytical procedures consist of evaluations of financial information made by a study of plausible relationships among both financial and nonfinancial data. They range from simple comparisons to the use of complex models ...Explain how audit risk and materiality are related and why they need to be considered together in planning an audit.
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