(Appendix)The AICPA attestation standards differ from the responsibilities principle,performance principle,and reporting principle in that:
A) The attestation standards contain no requirement to obtain an understanding of the entity and assess the risk of material misstatement.
B) The attestation standards do not require competence and capabilities.
C) The attestation standards do not require planning for attestation engagements or supervision of accountants and consultants who perform the work.
D) The attestation standards do not require a report that states the character of the engagement.

Question

Quizplus · Accepted Answer

The AICPA attestation standards do require obtaining an understanding of the entity and assessing the risk of material misstatement, as stated in the first standard, "General Standards." The responsibilities principle also includes this requirement. Therefore, option A is incorrect.

Answer: B
 The attestation standards do require competence and capabilities in the performance of an attestation engagement, as stated in the second standard, "Fieldwork Standards." The performance principle also includes this requirement. Therefore, option B is incorrect.

Answer: C
 The attestation standards do require planning for attestation engagements and supervision of accountants and consultants who perform the work, as stated in the third standard, "Reporting Standards." The reporting principle also includes this requirement. Therefore, option C is incorrect.

Answer: D
 The attestation standards do require a report that states the character of the engagement, as stated in the fourth standard, "Reporting Standards." The reporting principle also includes this requirement. Therefore, option D is incorrect.

(Appendix)The AICPA Attestation Standards Differ from the Responsibilities Principle,performance Principle,and