What is Auditing Standard No 2?

What is Auditing Standard No 2?

This standard establishes requirements and provides directions that apply when an auditor is engaged to audit both a company’s financial statements and management’s assessment of the effectiveness of internal control over financial reporting.

What are the types of audits * 1 point?

Different types of audits

• Internal Audits. Internal audits assess internal controls, processes, legal compliance, and the protection of assets.
• External Audits.
• Financial Statement Audits.
• Performance Audits.
• Operational Audits.
• Employee Benefit Plan Audits.
• Single Audits.
• Compliance Audits.

Which standard replaced Auditing Standard No 2?

Auditing Standard No. 5
Auditing Standard No. 5 will replace PCAOB Auditing Standard No. 2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements (Auditing Standard No. 2).

What is Pcaob No 5?

5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements, as well as an independence rule and conforming amendments to the Board’s auditing standards. See PCAOB Release No.

How many Pcaob attestation standards exist?

The Board is adopting two attestation standards, Examination Engagements Regarding Compliance Reports of Brokers and Dealers (the “examination standard”) and Review Engagements Regarding Exemption Reports of Brokers and Dealers (the “review standard”) (collectively, the “attestation standards”).

What standards does the PCAOB issue?

The PCAOB is required to establish or adopt, or both, auditing, quality control, ethics, independence, and other standards relating to the preparation of audit reports for public companies, in accordance with Section 103 of the Sarbanes-Oxley Act of 2002.

Does PCAOB use GAAS?

When the auditor refers to the standards of the PCAOB in addition to GAAS in the auditor’s report, the auditor should use the form of report required by the standards of the PCAOB, amended to state that the audit was also conducted in accordance with GAAS.

Is PCAOB a GAAS?

Basically, the PCAOB standards and SAS are refinements of GAAS.