Question
The following questions deal with auditing standards. Choose the best response. a. Which of the following best describes what is meant by U.S. auditing standards?
The following questions deal with auditing standards. Choose the best response. a. Which of the following best describes what is meant by U.S. auditing standards? (1) Acts to be performed by the auditor (2) Measures of the quality of the auditors performance (3) Procedures to be used to gather evidence to support financial statements (4) Audit objectives generally determined on audit engagements b. The Responsibilities principle underlying AICPA auditing standards includes a requirement that (1) the audit be adequately planned and supervised. (2) the auditors report state whether or not the financial statements conform to generally accepted accounting principles. (3) professional judgment be exercised by the auditor. (4) informative disclosures in the financial statements be reasonably adequate. c. What is the general character of the responsibilities characterized by the Performance principles? (1) The competence, independence, and professional care of persons performing the audit (2) Criteria for the content of the auditors report on financial statements and related footnote disclosures (3) The criteria of audit planning and evidence gathering (4) The need to maintain an independence in mental attitude in all matters pertaining to the audit
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