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Chapter 2
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Learning Objective 1
Describe the nature of CPA firms,
what they do, and their structure.
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Organizational Structure
Proprietorship
Professional corporation
General partnership
Limited liability company
General corporation
Limited liability partnership
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Hierarchy of a Typical
CPA Firm
Breadth of
Experience
Partners
Managers
Seniors and
In-charge Auditors
Staff Assistants
2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley
10+ years
5-10
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0-2
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Learning Objective 2
Understand the impact of the PCAOB
and
Sarbanes-Oxley on the CPA profession.
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Sarbanes-Oxley Act
This Act is considered by many observers to
be the most important legislation affecting
the auditing profession since the 1930s.
The provisions of the Act apply to publicly
held companies and their audit firms.
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Sarbanes-Oxley Act
SEC
PCAOB
(Public Company
Accounting
Oversight Board)
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Learning Objective 3
Summarize the role of the Securities
and
Exchange Commission in accounting
and
auditing.
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Learning Objective 4
Describe the key functions performed
by the AICPA.
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AICPA
Performs the following services for CPAs:
Sets professional requirements
Conducts research
Publishes materials related to services
performed
Empowered to set standards (guidelines)
and rules
2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley
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Establishing Standards
and Rules
1. Auditing standards
2. Compilation and review standards
3. Other attestation standards
4. Code of Professional Conduct
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Learning Objective 5
Understand the role of international
auditing standards and their relation
to U.S. auditing standards
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Statements on Auditing
Standards
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International Standards
on Auditing
IFAC is the worldwide organization
for the accountancy profession.
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International Standards
on Auditing
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Learning Objective 6
Use U.S. auditing standards as a basis
for further study
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GAAS
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Public
company
audits
2012 Prentice Hall Business Publishing, Auditing 14/e, Arens/Elder/Beasley
GAAS
Private
company
audits
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Statements on Auditing
Standards
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Learning Objective 7
Identify quality control standards and
practices within the accounting
profession.
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Relationships
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CPAs Encouraged to
Conduct
Themselves at a High Level
CPA
examination
Quality
control
GAAS and
interpretations
Continuing
education
requirements
Conduct of
CPA firm
personnel
Peer
review
Legal
liability
AICPA practice
sections
PCAOB
and SEC
Code of
Professional
Conduct
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End of Chapter 2
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