Reference no: EM1354968
Details: The following situations have caused you to become concerned about the quality of the upcoming external audit:
The CPA firm that has been contracted by CSSC management has only been in business 2 years and is a small firm with mostly young inexperienced auditors.
You have just been advised that the preaudit planning and review meeting with this CPA firm has been changed from a 2-day meeting to a one half day meeting due to its existing workload.
The managing partner of this CPA firm is the nephew of a CSSC board member.
The lead auditor worked for CSSC while attending college.
The auditing team will consist of college students who are working on their accounting degrees.
To control costs, upper management has advised the audit will be focused on reviewing the financial results and that some areas of control that have been of concern to the auditing department will not be audited.
GAAS provides three categories of standards and 10 standards by which an audit should be performed. You are concerned that some of the listed situations may be in violation of the GAAS standards and have decided to review the GAAS standards to detect any possible violations.
List each of these standards in the correct category.
Identify those standards that you believe may be compromised by the listed situations.
Describe specific actions that you believe should be taken to comply with the GAAS standards.
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