金融学02金融学.pdf

Chapter 02 Professional Standards Learning Objectives Ø Describe the authority of the two types of auditing standards in effect in the United States—American Instiute ofCertiied Public Accountants (AICPA) generally accepted auditing standards and Public Comany Accounting Oversight Board (PCAOB) standards; Ø Identify the nature and underlying principles of generally accepted auditing standards (GAAS); Ø Explain the key elements of the auditors’standard report; Ø Understand the elements of Quality Control Standards. 3-2 Auditing standards ØAICPA Statements on Auditing Standards issued by the Auditing Standard Board (ASB) for audits of nonpublic companies in US--GAAS. Ø PCAOB Auditing Standards for public companies in US Ø International Auditing and Assurance Standards Board (IAASB) International Standards on Auditing (ISAs) with differing authorities in various countries. 3-3 Generally Accepted Auditing Standards (GAAS) ØPurpose of an audit ØPremise of an audit ØPersonal responsibilities of the auditor ØAuditor actions in performing the audit ØReporting results of an audit 3-4 Purpose of an audit Purpose of an audit is to provide financial statement users with an opinion by the audior on whether the financial statements are presentd fairly, in all material respects, in accordance with the applicable financial reporting framework. 3-5 Premise of an audit The Management (and those charged with governance) must implement some responsibility to ensure the implemetation of audi