 In this presentation we will discuss general standards and compliance, accounting principles, and confidential client information. Starting off with general standards and compliance. First a word from our sponsor. Well actually these are just items that we picked from the YouTube shopping affiliate program but that's actually good for you because these aren't things that were just given to us from some large corporation which we don't even use in exchange for us selling them to you. These are things that we actually researched, purchased, and used ourselves. Acer 27 inch monitor. I've been using an Acer monitor as my primary monitor for a few years now. This is the first Acer monitor that I have used after having used a series of different brands of monitors in the past. The Acer monitor has been performing well and I'm trusting the Acer brand more and more as I use the monitor. I have a 27 inch monitor which I think is ideal for what I do which is of course the screen recording and the editing. If you would like a commercial free experience consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com where we have many different courses you can purchase one at time or have a subscription model given you access to all the courses courses which are well organized have other resources like excel files and pdf files to download and no commercials. A member needs to comply with the standards below and with any interpretations thereof by bodies designated by council. That includes professional competence so we've got to make sure that they have professional competence if we're in an audit engagement we want to make sure that there is professional competence with regards to it that may seem obvious but note that there's a lot of different types of engagements not every audit is of course the same we could be auditing different types of industries we can be auditing different levels or different sizes of organizations as we do so we got to make sure of course that we have the professional competence in order to audit those types of industries then we have do professional care want to make sure that we take do professional care within the audit process we apply due diligence within the performance of the audit procedures so we need to have the competence in order to do so and then we need to follow through with it with the do professional care planning and supervision we want to make sure that we have the proper planning and supervision involved within the auditing process meaning we have the process involved in terms of who is doing the work and the proper supervision of the work that is being done so that we can complete the audit process in a sufficient fashion and build the evidence that is needed be able to rely on the evidence that is needed sufficient relevant data we want to make sure that we come compile sufficient relevant data with regards to an audit process that's going to be of course our audit evidence we got to make sure that we do the due diligence do the audit process make sure that we have the evidence to support the opinion that is given now we'll discuss accounting principles and rules a member shall not express an opinion or state affirmatively that the financial statements or other financial data of any entity are presented in conformity with gap generally accepted accounting principles or state that he or she is not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with gap generally accepted accounting principles if such information or data contain any departure from an accounting principle promulgated by bodies designated by counsel to establish such principles that has a material effect on the statements or data taken as a whole so basically what we're saying here is that within the audit engagement the the idea is to give an opinion generally this is me paraphrasing this information the idea is to give an opinion and of course we can't give an opinion on the the financial statements being fairly stated if of course they are not fairly stated in accordance with generally accepted accounting principle next we have confidential client information a member in public practice shall not disclose any confidential information without the specific consent of the client so we have confidential information of course as we go through the audit process we we can't give that information out without specific consent from the client however there are some exceptions some exceptions to the rule and again obviously as we go through the audit process we will be gathering information confidential information information about the client and the accounting process related to it and we were not the general rule of course is that we cannot give out that information without the consent from client to do so however there's going to be some situations where there's going to be exceptions to the rule of course so situations where confidential information can be disclosed situations where we have an exception to the general rule that it cannot be disclosed in other words to meet gap or gas disclosure requirements to comply with a subpoena so if there's a subpoena then we needed to comply with a legitimate subpoena if required by an authorized peer review body so if there's a peer review body because that's within the profession that's my interpretation of the reason for that being an exception in part of an investigative or disciplinary proceeding so if it's an investigative or disciplinary proceeding similar to a subpoena type of situation to allow a review for the purchase sale or merger of the practice