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Generally
Accepted Auditing Standards Paper
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Prepare a 700-1,050-word paper in which you
explain the nature and functions of auditing. Relate your explanation to the
audit functions in your organization, or an organization with which you are familiar.
In your paper, be sure to address the following:
a. Describe the elements
of the Generally Accepted Auditing
Standards (GAAS).
b. Describe how these
standards apply to financial, operational, and compliance audits.
c. Explain the effect
that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting
Oversight Board (PCAOB) will have on audits of publicly traded companies.
d. Discuss the
additional requirements that are placed on auditors from this Act, and the
actions of the PCAOB
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eek 1 – DQ 1
Why is public accounting often viewed as
a guarantor of results, or even as a provider of assurance that one’s
investment is of high quality? To what extent is it reasonable to view the
auditor as a guarantor? Explain. To what extent do you believe that user
expectations of the public accounting profession appear to be unwarranted?
Explain.
Week 1 – DQ 2
The
Sarbanes-Oxley Act of 2002 has been described as the most far-reaching
legislation affecting business since the
Week 1 – DQ 2
The Sarbanes-Oxley Act of 2002 has been
described as the most far-reaching legislation affecting business since the
passage of the 1933 Securities Act. What are the specific portions of the
legislation that affect the external audit profession, and how do they affect
the profession? How does the legislation affect the internal audit profession?
What are some activities that are implied in the legislation, as well as
activities that will likely emerge as companies implement various provisions of
the act? Do you believe the legislation enhances the power and prestige of the
audit profession, or alternatively, does it decrease both the power and
prestige of the profession? Explain.
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