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Homework Week 01

Instructions

Week 1

1.Select 3 websites that discuss auditing.Cite those sources in your answer to the homework question. Explain or summarize discuss the following.Your explanation or summarization and then cite your source.Do not use quotations.

a. Define auditing and explain why auditing is important to world business, the capital markets and economics.

b. Discuss the types of audits and explain the purpose for each type of audit.

2.To the AICPA website.Explain the Code of Conduct that members of the AICPA are expected to abide by.Discuss under what conditions the AICPA can sanction members for violating the Code and the sanction powers of the AICPA.

3.Explain the purposes for the Auditing Standards Board (ASB) and the PCAOB.Summarize and explain the PCAOB standards:AS1001, AS 1005, AS1010, and AS1015.

4.Go to the PCAOB website athttp://www.pcaob.org.Explain what the PCAOB (Public Company Accounting Oversight Board) is.Discuss the PCAOB mission and the PCAOB standard setting process.

5.You can go to any websites you like.Discuss five examples of auditing issues that are unique to multinational corporations.

6.Go to the SEC website athttp://www.sec.gov.Explain the SEC's legal authority to set financial reporting standards for publicly traded companies.Explain the SEC's mission and summarize the laws that govern the securities industry.