ACCT417 Chapter 2: ACCT417 Ch 2
25 Sep 2017
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The audit of fs is done exclusively by cpa firms. Structure of cpa firms: proprietorship, general partnership, general corporation, professional corporation, limited liability company (taxed like a general partnership, limited liability partnership (taxed like a general partnership, partners are not personally liable) Sox and the pcaob: overseen by the sec, provides oversight for auditors of public companies, establishing auditing and quality control standards for public audits, >100 = every year inspection, <100 = every 3 years. S forms - shares of stock being issued. Form 10-k - filed annually within 60-90 days after the close of each fiscal year. Aicpa: aicpa sets professional requirements for cpas. International and us standards on auditing: isa - international auditing and assurance standards board, u. s. gaas (followed by auditors of non-public companies) and applied to each individual engagement. Auditing standards for private entities in the us.
