1State the four major types of services CPAs perform.
2Identify the six organizational structures available to CPA firms.
3Why are most CPA firms not organized as general partnerships?
4Public Company Accounting Oversight Board (PCAOB)
Board created by the Sarbanes-Oxley Act; oversees auditors of public companies and broker-dealers, including establishing auditing, attestation, and wuality control standards and performing inspections of registered accounting firms.
5Securities and Exchange Commission (SEC)
A federal agency that oversees the orderly conduct of the securities markets; they assist in providing investors in public corporations with reliable information upon which to make investment decisions.
6American Institute of Certified Public Accountants (AICPA)
A voluntary organization of CPAs that sets professional requirements, conducts research, and publishes materials relevant to accounting, auditing, advisory services, and taxes.
7Chartered Institute of Management Accountants (CIMA)
The leading and largest professional body of management accountants; they joined with AICPA to create the Association of International Certified Professional Accountants
8Association of International Certified Professional Accountants (AICPA)
Association that combines the AICPA and the CIMA.
9Chartered Global Management Accountants (CGMA)
Management accounting designation established by the AICPA and CIMA.
10Statements on Auditing Standards (SASs)
Pronouncements issued by the Auditing Standards Board of the AICPA applicable to audits of entities other than public issuers.
11International Standards on Auditing (ISAs)
Statements issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants to promote international acceptance of auditing standards.
12Generally Accepted Auditing Standards (GAAS)
Refers to AICPA auditing standards developed and issued in the form of Statements on Auditing Standards (SASs) and codified in AU-C sections in the Codification of Auditing Standards
13Principles Underlying an Audit
Framework helpful in understanding and explaining an audit; provides a structure for the Cofidication of Statements on Auditing Standards.
14What is the role of the Public Comapny Accounting Oversight Board?
15What roles are played by the American Institute of Certified Public Accountants for its members?
16Describe the relations among international auditing standards, AICPA auditing standards, and PCAOB auditing standards.
17Quality Control
Methods used by a CPA firm to ensure that the firm meets its professional responsibilities to clients and others.
18Peer Review
The review by CPAs of a CPA firm's compliance with its quality control system.
19Center for Audit Quality (CAQ)
A public policy organization with a mission to foster confidence in the audit process and to make public company audits even more reliable and relevant for investors.