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The American Institute of Certified Public Accountants has issued guidance to accountants and auditors since 1917, when, at the behest of the U.S. Federal Trade Commission and auspices of the Federal Reserve Board, it issued a series of pamphlets to the accounting community in regard to preparing financial statements and auditing (then referred to as "verification" and later "examination"). [4]
The role and the responsibilities of the audit committee, in general terms, are to: (a) Discuss with management, internal and external auditors and major stakeholders the quality and adequacy of the organization's internal controls system and risk management process, and their effectiveness and outcomes, and meet regularly and privately with ...
Specification of the responsibilities of the auditor of the company: This section refers to the specific professional standards and responsibilities of the auditor. Constraints on the accounting firm: For example, timing of access to client facilities and accounting records may delay the engagement.
1: Codification of Auditing Standards and Procedures full-text: November 1972 2: Reports on Audited Financial Statements full-text: October 1974 3: The Effects of EDP on the Auditor's Study and Evaluation of Internal Control full-text: December 1974 4: Quality Control Considerations for a Firm of Independent Auditors full-text: December 1974 5
When the auditor cannot express an overall opinion, the auditor should state the reasons therefore in the auditor's report. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the ...
SAS 99 defines fraud as an intentional act that results in a material misstatement in financial statements. There are two types of fraud considered: misstatements arising from fraudulent financial reporting (e.g. falsification of accounting records) and misstatements arising from misappropriation of assets (e.g. theft of assets or fraudulent expenditures).
It prescribes three levels of service: examination, [1] review, [2] and agreed-upon procedures. [3] It also prescribes two types of reports: Type 1, which includes an assessment of internal control design, and Type 2, which additionally includes an assessment of the operating effectiveness of controls. [4]
The code establishes standards for auditor independence, integrity and objectivity, responsibilities to clients and colleagues and acts discreditable to the accounting profession. The AICPA is responsible for drafting, revising and reissuing the code annually, on June 1.