AICPA



Assignment #7—Professional Standards (9 points)

AICPA

Professional Standards

Copyright © 2003, American Institute of Certified Public Accountants, Inc.

In the School of Business Applications folder on the computer screen in the labs—open and find--

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When answering the following questions, restate the question, give your answer in your own words, and cite the source (cite section--e.g. AU 200; and paragraph number; copying and pasting only the appropriate section [or part of the section] is also helpful; don’t overdo it).

Tommy is on his first audit. He has lots of questions because he is an N _ _ U graduate (when he should have been doing audit homework, he was tending bar at a chicken wing eatery). Instead of asking his pointy-haired supervisor, he has heard about the professional standards software and has decided to try to find the answers on his own (thus showing some initiative that was not displayed in his audit class).

His questions (and yours):

1. Do accounts receivable confirmations always have to be sent?

2. Does an inventory observation always have to be done?

3. What are the PCAOB requirements for audit documentation?

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