Statements on Auditing Standards (SASs) are issued by the Auditing Standards Boa

Question

Statements on Auditing Standards (SASs) are issued by the Auditing Standards Board of the AICPA.

True

False

In a limited liability partnership (LLP), partners are personally liable for liabilities arising from negligent acts of other partners, but not for liabilities arising from negligent acts of non-partner employees.

True

False

The first standard of field work states that due professional care is to be exercised in the performance of the audit and the preparation of the report.

True

False

The standards of reporting require that the reports states whether the financial statements are presented in accordance with generally accepted auditing standards

True

False

Statements on Auditing Standards (SASs) are considered to be interpretations of the 10 generally accepted auditing standards.

True

False

Quality controls ate procedures used by a CPA firm to help ensure that generally accepted auditing standards are followed consistently on every audit engagement.

True

False

Explanation / Answer

True, they are prepared by ASB of AICPA False, Partner of LLP cannot be held personally liable for the wrongful commission or omission of any other partners True True, The standards of reporting require that the reports states whether the financial statements are presented in accordance with generally accepted auditing standards True True

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