I am trying to get a list going about the top ten differences between Issuer and Non-issuer auditing standards that might come up in the exam and the top ten international vs. US GAAP/GAAS auditing standards difference. So far for issuers vs non-issuers I have reports on supplementary info are different (issuers can put additional par. non-issuers put OM paragraph both can do separate report), Internal control for issuers specifically reference COSO-Treadway while non-issuers don't, PCAOB issuer review on interims require understanding of internal control and communication with predecessor auditor while non-issuer review is SSARS and has no need for IC understanding or communication with predecessor as far as a review is involved, there is no cutoff assertion for issuers financial statement issuer assertions but there is one explicitly stated for a cutoff assertion for non-issuers, in risk assessment of an issuer the auditor must obtain an understanding of the client's selection and application of accounting principle vs. non-issuers have no explicit requirement, for non-issuers there is no opinion provided on effectiveness of internal control only over internal control over financial reporting but this is part of the risk assessmet process for both issuers and non-issuers, because of SOX for issuers there is more communication required with the Audit Committee (Or B of D if no AC) on all critical accounting policies, material alternatives to GAAP, the wording of control deficiencies, significant deficiencies, and material weaknesses for issuers only included the words prevent and detect but for non-issuers the wording is prevent, detect and correct but for non-issuers there is no requirement to search and report on anything below a material weakness in internal control, and finally issuers must communicate material weaknesses in internal control to management and those charged with governance before audit report release date whereas non-issuers have 60 days after audit report.
As far as international all I have is that they don't allow any reference to a component auditor's work by the group auditor whereas US allows this with permission and also that international tends to use guidelines for ethics because of the diversity of the international setting whereas US has specific rules for ethics.
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