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Auditing Chapter 1


Dan Andrews

on 1 September 2015

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Transcript of Auditing Chapter 1

The Demand for Auditand Assurance Services
An attestation service is a type of assurance
service in which the CPA firm issues a
report about the reliability of an assertion
that is the responsibility of another party.
Must be independent
Use selective testing
Look for material misstatements
Form opinions
Look at F/S’s as a whole
Concerned with financial presentatio
Assurance Services
Economics of Auditing
Information risk reflects the possibility that
the information upon which the business
risk decision was made was inaccurate
Remoteness of Information
Biases and motivations of provider
Voluminous data
Nature of Auditing
Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of
correspondence between the
information and established criteria.
Competent, Independent Person

The competence of the individual performing the audit is of little value if he or she is biased in the accumulation and evaluation of evidence.
The final stage in the auditing process is preparing the Audit Report, which is the communication of the
auditor’s findings to users.
Auditing Vs Accounting
Types of Audits
Financial Statement
Operational Audits
Compliance Audits
Full transcript