Which of the following could serve as a source of professional guidance in the audit of an issuer? $\begin{array}{cc} & \text { Auditing standards}& \text { Statements on Auditing}\
& \text { Issued by the PCAOB}& \text { Issued by the ASB}\end{array}$
A.$\begin{array}{cc} &&&& \text { Yes } &&&&&&&& \text { No } \\end{array}$
B.$\begin{array}{cc} &&&& \text { Yes } &&&&&&&& \text { Yes } \\end{array}$
C.$\begin{array}{cc} &&&& \text { No } &&&&&&&& \text { Yes } \\end{array}$
D.$\begin{array}{cc}&&&& \text { No } &&&&&&&& \text { No }
\end{array}$
A)Option A
B)Option B
C)Option C
D)Option D

Question

Which of the following could serve as a source of professional guidance in the audit of an issuer? $\begin{array}{cc} & \text { Auditing standards}& \text { Statements on Auditing}\
& \text { Issued by the PCAOB}& \text { Issued by the ASB}\end{array}$ 
A.$\begin{array}{cc} &&&& \text { Yes } &&&&&&&& \text { No } \\end{array}$
B.$\begin{array}{cc} &&&& \text { Yes } &&&&&&&& \text { Yes } \\end{array}$
C.$\begin{array}{cc} &&&& \text { No } &&&&&&&& \text { Yes } \\end{array}$
D.$\begin{array}{cc}&&&& \text { No } &&&&&&&& \text { No }
\end{array}$
A)Option A
B)Option B
C)Option C
D)Option D

Quizplus · Accepted Answer

Both auditing standards issued by the PCAOB and statements on auditing issued by the ASB can serve as sources of professional guidance in the audit of an issuer. The PCAOB standards are directly applicable to audits of public companies in the United States, while ASB standards can also provide valuable guidance, especially for areas not specifically covered by PCAOB standards or for auditors seeking additional insights.

Which of the Following Could Serve as a Source of Professional