QUESTION 9 0.1 points Save Answer The Statements on Auditing Standards issued by the Auditing Standards Board are optional guidelines which an auditor may choose to follow or not follow when conducting an audit. mandate the amount of evidence that must be obtained. must be followed in all situations. are regarded as authoritative literature QUESTION 10 0.1 points Save Answer Who is responsible for establishing auditing standards for privately held companies? Auditing Standards Board Securities and Exchange Commission Public Company Accounting Oversight Board National Association of Accounting QUESTION 11 0.1 points Save Answer When assessing the risk of material misstatements in the financial statements, inadequate internal control procedures will mitigate client business risk. GAAS specifies in detail how much and what types of evidence the auditor needs to obtain the auditor must have an understanding of the client's business and industry. company management is responsible for determining materiality levels. QUESTION 12 0.1 points Save Answer International Standards on Auditing are issued by the International Auditing and Assurance Standards Board (IAASB). True False QUESTION 13 0.1 points Save Answer Which of the following is true with regards to the various auditing standards? Statements on Auditing Standards (SASs) are issued by the PCAOB. The ASB Clarity Project was intended to make the U.S. auditing standards easier to read, understand, and apply The ASB redrafted existing AICPA auditing standards to align them with respective ISAs. Both The ASB Clarity Project was intended to make the U.S. auditing standards easier to read, understand, and apply and The ASB redrafted existing AICPA auditing standards to align them with respective ISAs are correct. QUESTION 14 0.1 points Save Answer In which type of service does the CPA assemble the financial statements but provide no assurance to third parties? compilation review audit bookkeeping