Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

CFA-Accounting

QuestionAnswer
An auditor is (independent certified public account) checks that the financial statements comply with generally accepted accounting principals (GAAP).
An auditor is hired by the management (but supposed to be independent and serve the stockholders and other users of the statements).
An auditor's job is to examine company’s accounting n internal control systems, confirm assets n liabilities, and ensure there are no errors in the financial statements. 2. Must agree that the management’s choice of accounting principles n estimates are appropriate/reasonable.
PCAOB Public Company Accounting Oversight Board
COSO Opinion The PCAOB Auditing Standards No. 2
Public Company Accounting Oversight Board (PCAOB) established in 2002 following the Sarbanes-Oxley Act in order to monitor, regulate, inspect, and discipline audit and public accounting firms of public companies.
The PCAOB Auditing Standards No. 2 (COSO Opinion) makes it so that auditors have to include additional info in their opinion report regarding the auditee’s internal controls, and discuss about the company’s internal controls over financial reporting.
auditor’s report/auditor’s opinion issued as a part of a company’s audited financial report, 1. Says if the statement complies with accounting principals 2.says which principals are inconsistent between reports 3.says the statement is adequate unless otherwise stated in the report
4 types of auditor’s reports unqualified opinion report, qualified opinion report, adverse opinion, disclaimer of opinion
Unqualified opinion report issued when everything is fairly presented in the statements
qualified opinion report when there are one or two situations that do not comply with accepted accounting principles, but the rest of the financial statements are fairly presented.
Interim reports (10-Q) i.Publically held companies must file them quarterly 1.less detailed than annual financial statements ii.Typically not audited iii.Contains basic financial statements, unedited footnotes to financial statements, and md
Disclaimer of opinion: Issued when an auditor could not form an opinion and therefore refuses to present on. Could happen when an auditor was not able to complete the auditing work.
Interim reports (10-Q)
adverse opinion when financial statements are materially misstated
Created by: ag2688
Popular Finance sets

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards