Bahan Kuliah | Berbagi Hobiku

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Learning Objective 1

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Certified Public

Accounting Firms

The legal right to perform audits is granted to CPA firms by regulation of each state.

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Certified Public

Accounting Firms

The five largest CPA firms in the United States are called the “Big Five” international CPA firms.

Three CPA firms in the United States are called national firms because they have offices in most

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Certified Public

Accounting Firms

There are only approximately 100 regional and large local CPA firms with professional

staffs of more than 50 people.

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Management Consulting

Services Tax

Services Accounting

and

Bookkeeping Services

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Structure of CPA Firms

Three main factors influence the organizational structure of all firms: 1. The need for independence from clients

2. The importance of a structure to encourage competence

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Organizational Structure

Proprietorship

General Partnership

General Corporation

Professional Corporation

Limited Liability Company

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Hierarchy of a Typical

CPA Firm

Experience Typical Responsibilities

0-2 years Performs most of the_{detailed audit work}

2-5 years

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Hierarchy of a Typical

CPA Firm

Staff Level

Manager

Partner

Experience Typical Responsibilities

5-10 years

Helps the plan, manages the audit, reviews work, and works with the client

10+ years

Reviews audit work and makes significant audit

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Learning Objective 2

Discuss how e-commerce

and the Internet affect

CPA firm operations.

Discuss how e-commerce

and the Internet affect

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E-Commerce and

CPA Firm Operations

CPA firms are using the Internet to market their services.

They also use the Internet to connect their global professional staff.

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Learning Objective 3

Describe the key functions

performed by the AICPA.

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The AICPA sets professional requirements for CPAs, conducts research, and publishes

materials on many different subjects related to accounting, auditing,

attestation and assurance services, management consulting

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Vision for the Future

The AICPA has established the CPA Vision Project to provide a core purpose and a vision for the CPA

profession in the year 2011 and beyond.

The core purpose of the CPA Vision Project is “CPAs…making sense of a changing

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Vision for the Future

The future success of the CPA profession relies a great deal on public perceptions

of CPAs’ abilities and roles.

CPAs must become market driven and not dependent on regulations to keep

them in business.

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Vision for the Future

Specialization is critical for the future of the CPA profession.

The market demands that CPAs be conversant in global business

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The AICPA is empowered to set standards (guidelines) and rules that all members and

other practicing CPAs must follow. The requirements are set by

committees made up of AICPA members.

Establishing Standards

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Establishing Standards

and Rules

1. Auditing Standards

2. Compilation and Review Standards

3. Other Attestation Standards

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Other AICPA Functions

Supports research by its own staff and provides grants to others

Writes and grades the CPA examination Provides seminars and education in

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Learning Objective 4

Use generally accepted

auditing standards as a

basis for further study.

Use generally accepted

auditing standards as a

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1. The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor.

2. In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors.

General Standards

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1. The work is to be adequately planned and assistants, if any, are to be properly

supervised.

2. A sufficient understanding of internal

control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed.

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Standards of Field Work

3. Sufficient competent evidential matter is to be obtained through inspection, observation, inquiries, and confirmations to afford a

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1. The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles.

2. The report shall identify those circumstances in which such principles have not been

consistently observed in the current period in relation to the preceding period.

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3. Informative disclosures in the financial

statements are to be regarded as reasonably

adequate unless otherwise stated in the report. 4. The report shall contain an expression of

opinion regarding the financial statements, taken as a whole.

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Summary of

General Standards

Generally Accepted Auditing Standards

General

1. Adequate training and proficiency 2. Independence in mental attitude 3. Due professional care

Field Work

1. Proper planning and supervision 2. Internal control understanding 3. Sufficient

competent evidence

Reporting

1. Statements prepared in accordance with GAAP 2. Circumstances when GAAP not followed

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Learning Objective 5

Discuss the role

of international

auditing standards.

Discuss the role

of international

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International Standards

on Auditing

International Standards on Auditing (ISAs) are issued by the International Auditing Practice Committee of the International

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International Standards

on Auditing

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Learning Objective 6

Identify quality control

standards and practices

within the accounting

profession.

Identify quality control

standards and practices

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Elements of Quality Control

Independence, integrity, and objectivity Personnel management

Acceptance and continuation of clients and engagements

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Relationships

Quality control standards

Generally accepted auditing standards

Division of CPA firms

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Learning Objective 7

Summarize the role of the

Securities and Exchange

Commission in accounting

and auditing.

Summarize the role of the

Securities and Exchange

Commission in accounting

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The overall purpose of the

Securities and Exchange Commission (SEC)

is to assist in providing investors with reliable information upon

which to make investment decisions.

Securities and Exchange

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Forms S-1 to S-16

Securities and Exchange

Commission

Form 8-K

Form 10-K

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CPAs Encouraged to Conduct

Themselves at a High Level

Conduct of CPA firm personnel CPA

examination

GAAS and interpretations

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CPAs Encouraged to Conduct

Themselves at a High Level

Conduct of CPA firm personnel

SEC Peer

review

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CPAs Encouraged to Conduct

Themselves at a High Level

Conduct of CPA firm personnel Legal

liability

Division of CPA firms

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