Issuers are under PCAOB standards. PCAOB 5 is the standard that integrates the financial statements with audit of internal controls. This is required for issuers
AICPA standards are for nonissuers only. There is an attestation standard for internal controls for nonissuers.
An audit of nonsissuers requires an understanding of internal controls and it tests internal controls for their effectiveness for the purpose of financial reporting but no opinion is expressed on them.
Govt audits have some requirements for internal controls that I don't recall at the moment but your review materials will tell you.
I reviewed PCAOB 5 and all the AICPA standards as prep for my exam. If you look through the list of AICPA standards and read at least one to know how the info is presented and the format it will help a lot for the sims. Knowing what standards exist and which ones have the opinions language may speed things up during the exam.
AUD - 93
BEC - 82
FAR - 76
REG - 88
How have you been?
Ninja book and MCQs and the forum, all first try! 2016
Licensed State of Montana April Fool’s Day 2020
State of Colorado June 2020 - AICPA Ethics 93
Experience was the worst part of the journey for me. You?
If you want things to change you have to do something different.
FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different
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