Types of change can be classified as either incremental or drastic

Most of the auditor's work in forming an opinion on financial statements consists of

a. Understanding internal control b. Obtaining and evaluating audit evidence c. Examining cash transactions d. Comparing recorded accountability with assets

Which of the following best describes the roles of the American Institute of Certified Public Accountants [AICPA] and the Public Company Accounting Oversight Board [PCAOB] in establishing auditing standards?

A) Auditing standards issued by the AICPA and the PCAOB are considered minimum standards of performance for auditors. B) The AICPA sets auditing standards for use in audits of nonpublic entities. C) The PCAOB sets auditing standards for use in audits of publicly held companies. D) All of the above.