Auditing Test 1 Questions
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| What is auditing? | Verifying assertions.
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| What are the kinds of auditors? | *tax auditors/gov't auditors
*regulatory auditors
*external/independent auditors
*internal auditors
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| What is the basic audit process? | *Gather evidence.
*Compare to benchmark (GAAP)
*Report (Opinion)
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| What is the SEC? | The Securities and Exchange Commission.
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| 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.
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| What is FASB? | The Financial Accounting Standards Board.
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| What is the IASC? | The International Accounting Standards Committee.
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| 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.
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