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10 pts. Describe a) what you believe to be the most important COSO component; and b) why . (If for some reason your mind has
- 10 pts. Describe a) what you believe to be the most important COSO component; and b) why. (If for some reason your mind has taken a nap, see question #2 which identifies all 5).
- 5 pts. Accountants utilize the body of knowledge called GAAP in the performance of their duties partly to ensure comparability and consistency in the preparation of accounting records / financial statements. Auditors on the other hand perform their responsibilities following GAAS as defined within the AICPA SASs or PCAOB Auditing Standards. What does this use ensure?
- 10 pts. Compare (similarities) OR contrast (differences) between the AICPA SASs & the PCAOB Auditing Standards.
- 5 pts. In performing & conducting audit tests, what is the difference between tests of compliance versus substantive testing?
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