ACC 491 Contemporary Auditing 1Week 2Week 2 DQ 1What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit? Week 2 DQ 2What are the components of the audit risk model? How does the audit risk model affect an audit plan?Week 2 DQ 3The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination. In considering what constitutes sufficient, competent audit evidence, a distinction should be made between underlying accounting data and all corroborating information available to the auditor. What presumptions can be made about the following?Week 2 Assignments:Contemporary AuditingPresentation(16 Slides)Auditing, Attestation, and Assurance Services(700+ Words)Comprehensive Question: 1-23(Organizations associated with the public accounting profession) Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations.· License individuals to practice as CPAs.· Promulgate GAAP.· Issue Statements on Auditing Standards.· Regulate the distribution and trading of securities offered for public sale.· Establish its own code of professional ethics.· Issue Statements of Financial Accounting Standards.· Impose mandatory continuing education as a requirement for renewal of license to practice as a CPA.· Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP.· Issue auditing interpretations.· Cooperate with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement.· Take punitive action against an independent auditor.· Establish accounting principles for state and local governmental entities.· Establish GAAS.· Suspend or revoke a CPA’s license to practice.· Establish quality control standards.· Operate as proprietorships, partnerships, or professional corporations.· Issue government auditing standards.· Administer federal tax laws.
