Indicate whether you agree or disagree with the following statements concerning a financial statement audit conducted in accordance with generally accepted auditing standards.

A. Public companies are ordinarily audited by a CPA firm, with engagement review by the General Accounting Office.
B. Audits provide absolute assurance of detecting material misstatements and reasonable assurance of detecting immaterial misstatements.
C. For audit purposes, professional skepticism includes a questioning mind and a critical assessment of audit evidence and should be maintained throughout the planning and performance of an audit.
D. The Auditing Standards Board issues accounting principles for nonpublic company audits, while the Public Company Accounting Oversight Board issues accounting principles for public company audits.
E. Auditors have a higher responsibility for detecting noncompliance with laws affecting financial statement amounts and disclosures than they do for other laws.
F. When an auditing standard uses the word "should," this indicates that the auditor must in all cases follow it if the requirement is relevant to the company being audited.
G. At one point, the Public Company Oversight Board adopted the AICPA auditing standards in existence as its interim auditing standards.
H. International auditing standards are developed by the International Auditing and Assurance Standards Board.

B. Audits provide absolute assurance of detecting material misstatements and reasonable assurance of detecting immaterial misstatements. - Disagree

C. For audit purposes, professional skepticism includes a questioning mind and a critical assessment of audit evidence and should be maintained throughout the planning and performance of an audit. -Agree

D. The Auditing Standards Board issues accounting principles for nonpublic company audits, while the Public Company Accounting Oversight Board issues accounting principles for public company audits. - Disagree ( they only auditing standards)

E. Auditors have a higher responsibility for detecting noncompliance with laws affecting financial statement amounts and disclosures than they do for other laws. - Agree

F. When an auditing standard uses the word "should," this indicates that the auditor must in all cases follow it if the requirement is relevant to the company being audited. -Disagree

G. At one point, the Public Company Oversight Board adopted the AICPA auditing standards in existence as its interim auditing standards. -Agree

H. International auditing standards are developed by the International Auditing and Assurance Standards Board. -Agree

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