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MSB AC 320 Audit 1

MSB AC 320 Unit 1 (Chapter 1 and 2)

QuestionAnswer
Sarbanes-Oxley Act Legislative act the enhanced the reporting requirements for publicly traded companies
Sarbanes-Oxley Act US Government's response to the series of fruadulent financial reporting cases among publicly traded companies
Accounting The recording and summarization of a company's transactions.
Assurance Services The objective is to improve quality of information provided to decision makers; these services do not have to provided by Certified Public Accountant
Attestation Services A type of assurance service in which a report is issued about the realiability of the information; performed by Certified Public Accountant.
Audit Services A type of attestation service in which an opinion is expressed about management's assertion.
Auditing The accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and an established criteria
Type of Audit Services 1. Financial statement audit2. Operational audit3. Compliance audit
Reasons for independent audits 1. Remoteness of information2. Motives of the information provider3. Amount of data available4. Complexity of transactions
Business risk The risk the a company will fail
Information risk The risk that the information used to make a decision is inaccurate.
Generally accepted auditing standards Guidelines for conducting an audit; developed by the AICPA
Public Company Accounting Oversight Board (PCAOB) Established by Sarbanes-Oxley Act to provide oversight to auditors of publicly traded companies.
Securities and Exchange Commission (SEC) Federal agency that regulate and ensure investors are provided reliable information.
American Institute of Certified Public Accountants (AICPA) Professional organization that sets the professional standards and rules for CPAs.
Created by: wachilles
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