Accounting and Auditing Terms and Concepts, Quizzes of Auditing

Download Accounting and Auditing Terms and Concepts and more Quizzes Auditing in PDF only on Docsity! TERM 1 AICPA DEFINITION 1 American Institute of Certified Public Accountants*sets professional requirements, conducts research, and publishes materials relevant to accounting TERM 2 CAQ DEFINITION 2 Center for Audit Quality*A public policy organizations that fosters confidence in the audit process and to make public company audits even more reliable/relevant for investors TERM 3 GAAS DEFINITION 3 Generally Accepted Auditing Standards*developed and issued in the form of "Statements on Auditing Standards" (SAS)*codified in AU-C sections TERM 4 ISAs DEFINITION 4 International Standards on Auditing*Issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants*Promotes international convergence/acceptance of auditing standards TERM 5 Peer Review DEFINITION 5 The review by a CPAs of a CPA firm's compliance with its quality control system TERM 6 Principles DEFINITION 6 Framework helpful in understanding and explaining an audit; provides a structure for the Codification of Statements of Accounting Standards (AU-C)4 principles1. Purpose-purpose of an audit2. Responsibilities-personal responsibilities of an auditor3. Performance-auditor actions in performing an audit4. Reporting TERM 7 PCAOB DEFINITION 7 *Public Company Accounting Oversight Board*Created by the Sarbanes Oxley Act to oversee auditors f public companies, including establishing auditing and quality control standards*Performs inspections of registered accounting firms TERM 8 Quality Control DEFINITION 8 Methods used by the CPA firm to ensure that a firm meets its professional responsibilities to clients TERM 9 SEC DEFINITION 9 Securities and Exchange Commission*A federal agency that oversees the orderly conduct of the securities markets*Provides investors in PUBLIC companies with reliable information to make decisions with TERM 10 SASs DEFINITION 10 Statements on Auditing Standards*Issued by the AICPA to interpret the principles underlying GAAP