The following questions deal with auditing standards. Choose the best response. 

a. Which of the following best describes what is meant by U.S. auditing standards? 

(1) Acts to be performed by the auditor 

(2) Measures of the quality of the auditor’s performance 

(3) Procedures to be used to gather evidence to support financial statements 

(4) Audit objectives generally determined on audit engagements 

b. The Responsibilities principle underlying AICPA auditing standards includes a requirement that 

(1) The audit be adequately planned and supervised. 

(2) The auditor’s report state whether or not the financial statements conform to generally accepted accounting principles. 

(3) Professional judgment be exercised by the auditor. 

(4) Informative disclosures in the financial statements be reasonably adequate. 

c. Who establishes auditing standards applicable to private companies and other nonpublic entities in the U.S.? 

(1) The Private Company Audit Standards Board 

(2) The Financial Accounting Standards Board 

(3) The Auditing Standards Board of the AICPA 

(4) The Public Company Accounting Oversight Board