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    Auditing Chapter (1) - Four Part 2023

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    Saleh Raouf
    This document discusses the principles of auditing and provides information on four types of auditors: [1] Certified Public Accounting (CPA) firms, [2] Government Accountability Office (GAO) auditors, [3] Internal Revenue agents, and [4] Internal auditors. It also provides details on the requirements to become a Certified Public Accountant, including educational requirements, passing the Uniform CPA Examination, and experience requirements.

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    Auditing Chapter (1) - Four Part 2023

    Uploaded by

    Saleh Raouf
    18 views12 pages
    This document discusses the principles of auditing and provides information on four types of auditors: [1] Certified Public Accounting (CPA) firms, [2] Government Accountability Office (GAO) auditors, [3] Internal Revenue agents, and [4] Internal auditors. It also provides details on the requirements to become a Certified Public Accountant, including educational requirements, passing the Uniform CPA Examination, and experience requirements.

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    Auditing chapter (1) - four part 2023 (1)

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    This document discusses the principles of auditing and provides information on four types of auditors: [1] Certified Public Accounting (CPA) firms, [2] Government Accountability Office (GAO) auditors, [3] Internal Revenue agents, and [4] Internal auditors. It also provides details on the requirements to become a Certified Public Accountant, including educational requirements, passing the Uniform CPA Examination, and experience requirements.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    18 views12 pages

    Auditing Chapter (1) - Four Part 2023

    Uploaded by

    Saleh Raouf
    This document discusses the principles of auditing and provides information on four types of auditors: [1] Certified Public Accounting (CPA) firms, [2] Government Accountability Office (GAO) auditors, [3] Internal Revenue agents, and [4] Internal auditors. It also provides details on the requirements to become a Certified Public Accountant, including educational requirements, passing the Uniform CPA Examination, and experience requirements.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 12

    Principles of Audit

    3 year
    rd

    Lecture 1
    Chapter (1)
    Nature and Demand for Auditing
    Types of Auditors

    1. Certified Public Accounting Firms


    2. Government Accountability Office Auditors
    3. Internal Revenue Agents
    4. Internal auditors
    1. Certified Public Accounting Firms (CPA)
     Certified public accounting firms are responsible for
    auditing the published historical financial statements of
    all publicly traded companies, most other reasonably
    large companies, and many smaller companies and
    noncommercial organizations.
     Because of the widespread use of audited financial
    statements in the global economy, as well as
    businesspersons’ and other users’ familiarity with these
    statements.
     it is common to use the terms auditor and CPA firm
    synonymously, even though several different types of
    auditors exist
     The title certified public accounting firm
    reflects the fact that auditors who express
    audit opinions on financial statements must
    be licensed as CPAs.
     CPA firms are often called external auditors
    or independent auditors to distinguish them
    from internal auditors.
    2. Government Accountability Office Auditors (GAO)

     Government Accountability Office (GAO), a nonpartisan


    agency in the legislative branch of the government.

     Headed by the Comptroller General, the GAO reports to and is


    responsible solely to Congress.

     The GAO’s primary responsibility is to perform the audit


    function for Congress, and it has many of the same audit
    responsibilities as a CPA firm.

     The GAO audits much of the financial information prepared by


    various government agencies before it is submitted to
    Congress.
    3. Internal Revenue Agents

     The IRS, is responsible for enforcing the tax laws as


    they have been defined by Congress and interpreted by
    the courts.

     A major responsibility of the IRS is to audit taxpayers’


    returns to determine whether they have complied with
    the tax laws.

     These audits are solely compliance audits. The auditors


    who perform these examinations are called internal
    revenue agents.
    4.Internal auditors
     Internal auditors are employed by all types of
    organizations to audit for management, much as the
    GAO does for Congress.
     Internal auditors’ responsibilities vary considerably,
    depending on the employer.
     Some internal audit staffs consist of only one or two
    employees doing routine compliance auditing.
     Many internal auditors are involved in operational
    auditing or have expertise in evaluating computer
    systems.
    Certified Public Accountant

     Use of the title certified public accountant (CPA) is


    regulated by state law through the licensing
    departments of each state.

     To become a CPA, three requirements must be met.

    1. Educational Requirement
    2. Uniform CPA Examination Requirement
    3. Experience Requirement
    1. Educational Requirement
    • Normally, an undergraduate or graduate degree
    with a major in accounting, including a minimum
    number of accounting credits.

    • Most states now require 150 semester credit hours


    (225 quarter credits) for licensure as a CPA.
    • Some states require fewer credits before taking the
    examination but require 150 semester credits
    before receiving the CPA certificate
    2. Uniform CPA Examination Requirement

     Computer-based examination offered at


    various testing centers. Examination sections
    are as follows:
    •Auditing and Attestation 4 hours
    • Financial Accounting and Reporting 4 hours
    • Regulation 3 hours
    •Business Environment and Concepts3 hours

     Some states also require a separate ethics


    examination.
    3. Experience Requirement
     Varies widely from no experience to 2
    years, including auditing.

     Some states include experience working


    for governmental units or in internal
    auditing.

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