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Auditing Test 1 Questions
|What is auditing?
|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.