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Auditing Test1

Auditing Test 1 Questions

QuestionAnswer
What is auditing? Verifying assertions.
What are the kinds of auditors? *tax auditors/gov't auditors *regulatory auditors *external/independent auditors *internal auditors
What is the basic audit process? *Gather evidence. *Compare to benchmark (GAAP) *Report (Opinion)
What is the SEC? The Securities and Exchange Commission.
What is the SEC's main job? To oversee companies that trade in the stock market. They have the legislative ability to write GAAP. They delegated this ability to FASB.
What is FASB? The Financial Accounting Standards Board.
What is the IASC? The International Accounting Standards Committee.
Should companies in the US stock markets follow FASB rules or IASC rules? The SEC says that companies can follow either FASB rules or IASC rules.
Created by: olinchristy