Question: Professional Guidance. A challenge facing auditors is the wide array of professional guidance available to them in the audits of different types of entities.
Required: a. Describe Statements on Auditing Standards, Interim Auditing Standards, and Auditing Standards. In your description, identify which professional body(ies) is(are) responsible for issuing the standards and the types of audits in which the standards are applicable.
b. Briefly describe the process through which auditors would identify the appropriate professional guidance in the audit of a nonpublic entity.
c. Briefly describe the process through which auditors would identify the appropriate professional guidance in the audit of a public entity.