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Limited liability company
Limited liability partnership
Proper planning and supervision.
Independence of mental attitude.
Adequate training and proficiency.
Due professional care.
Adequate planning and supervision.
Due professional care.
Understand the entity and its environment including internal control.
Sufficient appropriate audit evidence.
Personal qualities the auditor should possess.
Communicating the auditor’s findings to the reader.
General supervision of the audit.
Formal education in auditing and accounting.
Worked for an entity similar to the entity being audited.
Independence in mental attitude
A graduate degree in a business field.
The U.S. Congress.
The American Institute of Certified Public Accountants.
The Auditing Standards Board.
The Securities and Exchange Commission.
Specific and detailed
Field work standards are primarily concerned with personal attributes necessary during the conduct of the audit
Field work standards provide extensive guidance regarding the conduct of an audit.
Field work standards are primarily directed at the auditor’s planning, understanding of internal control, and evidence accumulation.
Field work standards are primarily concerned with the conduct of substantive testing as opposed to testing of internal controls.
Securities and Exchange Commission
Public Company Accounting Oversight Board
Auditing Standards Board
National Association of Accounting
Both private and public companies.
Public companies only.
Private companies, public companies, and nonprofit entities.
Private companies only.
Are interpretations of generally accepted auditing standards.
Are the equivalent of laws for audit practitioners.
Must be followed in all situations.
Are optional guidelines which an auditor may choose to follow or not follow when conducting an audit.
The issue in question is immaterial in amount.
More expertise is needed to fulfill the requirement.
The requirement of the standard has not been addressed by the PCAOB.
Any of the above three are correct.
Perform inspections of the quality controls at audit firms that audit public companies.
Establish auditing standards that must be followed by CPAs on all audits.
Oversee auditors of public companies.
Perform any of the above functions.
Objective review of the adequacy of the technical training of firm personnel.
Thorough review of the existing internal control structure.
Critical review of work done at every level of supervision.
Periodic review of a CPA firm’s quality control procedures.
The PCAOB may not enforce some disciplinary action against the accounting firm.
The PCAOB may not report the matter to the Securities and Exchange Commission
The PCAOB may not report the matter to the appropriate state accountancy board
The PCAOB may not suspend the license to practice of the CPA guilty of the violation.
Generally accepted auditing standards which include the concept of materiality.
The auditor’s evaluation of the audited company’s internal control.
Generally accepted accounting principles.
Investors in Hansen Corporation’s stock.
Securities and Exchange Commission.
Management of Hansen Corporation.
Only senior partners are liable for the partnership’s debts.
Partners have no liability in a limited liability partnership arrangement.
Partners are personally liable for the acts of those under their supervision.
All partners must be AICPA members.
Statements on Auditing Standards.
Statements on Standards for Accounting and Review Services.
Regulations issued by the Securities and Exchange Commission.
The AICPA Code of Professional Conduct.
Regulation S-X and Accounting Series Releases.
S-1 through S-16 forms.
Forms 8-K, 10-K, and 10-Q.
Ideals to work towards, but which are not achievable.
Maximum standards that denote excellent work.
Minimum standards of performance that must be achieved on each audit engagement.
Benchmarks to be used on all audits, reviews, and compilations.