Write a brief response, 30-90-words


Write a brief response, 30-90-words, for each question below.

  • In your own words, define “Auditing.”
  • Discuss the importance of “Evidence” in auditing.
  • Define “Independence” and “Objectivity” as they relate to auditing.
  • Audits typically consist of three phases: Planning; Fieldwork; Reporting. Describe activities that accompany each phase.
  • Distinguish between Assurance and Attestation Services.
  • Describe the following types of Audits:
    • Operational Audits
    • Compliance Audits
    • Financial Statement Audits
    • Informational Technology Audits (may need to go outside the text to address this)
  • Discuss the following types of Auditors:
    • Auditors Working for CPA Firms
    • Governmental Auditors (e.g. GAO, IRS, health inspectors)
    • Internal Auditors
  • Identify the roles CPA firms play in society.
  • Briefly explain Sarbanes-Oxley (SOX) and the role the Securities and Exchange Commission (SEC) plays in regulating audits.
  • What is the role of the AICPA? The PCAOB? The Institute of Internal Auditors (IIA)?
  • Summarize the 10 components of Generally Accepted Auditing Standards (GAAS)
  • What are SAS, and for what are they used?
  • True or False – CPA firms are required to engage in quality control efforts of its audits? Why or Why not?
  • What is a Peer Review and how and when are they performed?
  • Why does government often have different auditing and accounting standards?
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