AUD Prep: To Know: One of the major differences between the PCAOB risk-assessment standards and those of the AICPA is that the PCAOB standards identify 5 financial statement assertions, whereas the AICPA standards focus on a total of 12 assertions in 2 broad categories.

Question

To Know:

One of the major differences between the PCAOB risk-assessment standards and those of the AICPA is that the PCAOB standards identify 5 financial statement assertions, whereas the AICPA standards focus on a total of 12 assertions in 2 broad categories.  <transactions ending balances & transactions during the period>

Monique Tyler · Accepted Answer

To Know:

One of the major differences between the PCAOB risk-assessment standards and those of the AICPA is that the PCAOB standards identify 5 financial statement assertions, whereas the AICPA standards focus on a total of 12 assertions in 2 broad categories.  <transactions ending balances & transactions during the period>

AUD Prep

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