The Auditing Process INTRODUCTION Auditing is defined by the American Accounting Association or AAA as “a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users” (cited in Turney et al p. 108). From that definition‚ it is evident that the auditing process consists of three elements: evidence
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Nature and Purpose of Auditing Content : • Definition and objectives of auditing • Types of audits • Development of auditing • Qualities of an auditor • Auditing process Objectives : Students should be able to : • Describe the definition and the objectives of auditing. • Distinguish between different types of audits. • Briefly describe the development of auditing. • List and explain
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Board of Directors‚ President and CEO Apollo Shoes Inc. 100 Shoe Plaza Shoetown‚ ME 00001 Dear Mr. Lancaster‚ Please let me introduce ourselves as a reliable auditing and assurance firm – Anderson‚ Old‚ and Watershed (AOW). With our reliable partners and associates‚ we offer dependable auditing services. We have the latest auditing tools‚ resources‚ and personnel to give your company a high-quality and reliable audit. Our services are reputably known for procedural excellence‚ professional independence
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may not be representative of questions you may see on any upcoming exams. 2007 AICPA Newly Released Questions – Auditing 1. CPA-05465 Which of the following categories is included in generally accepted auditing standards? a. b. c. d. Standards of review. Standards of planning. Standards of fieldwork. Standards of evidence. ANSWER: Choice "c" is correct. Generally accepted auditing standards include three categories: general standards‚ standards of fieldwork‚ and standards of reporting. Choices
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Chief Auditor It is a distinct pleasure to speak to this group that uniquely blends a passionate interest in auditing standards‚ practice‚ and education. I have the honor of being the first Chief Auditor of the Public Company Accounting Oversight Board – the primary advisor to the Board on policy and technical issues related to the auditing of public companies‚ including auditing standards‚ and the head of the PCAOB’s professional standard-setting division. However‚ the views I express today
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CHAPTER ONE: INTRODUCTION 1.1. BACKGROUND OF THE STUDY Auditing refers to the process of checking and analyzing of financial statements to prove that they give true and fair view of the company and to ensure that they were prepared according to the accounting standards and finally producing a report after their opinion. Internal audit is professional activity involved in helping organizations to achieve their objectives. And the goals using systematic methodology for analyzing business processes
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Auditing and Assurance: Week 1: Chapter 1: Question 1-44: In examining the audit opinion formulation process‚ identify the areas in which auditor judgment must be made. To what extent does that judgment extend beyond accounting issues? Answer: Well in this process there are four different phases the auditors must follow in order to reach phase 5. Whereas‚ this determines whether or not there is any fairness of an organization’s financial statements and‚ for integrated audits‚ the effectiveness
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Name Chapter 1: Auditing: Integral to the Economy Description Instructions Modify Add Question Here Question 1 True/False 0 points Modify Remove Question The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. Answer True False Add Question Here Question 2 True/False 0 points Modify Remove Question An audit of financial statements is a form of attestation service
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AC 4342 Auditing Introduction to assurance and financial statement auditing Discussion Question: Messier Q1-13‚ 14 1 References HKICPA Members’ Handbook Amended Preface to the Hong Kong Quality Control‚ Auditing‚ Review‚ Other Assurance‚ and Related Services Pronouncements Hong Kong Framework for Assurance Engagements Reference Messier: Ch 1 2 CILOs and TLAs CILOs 1 Describe the auditing profession‚ the regulatory‚ legal and reporting framework of auditing. Recognize the basic
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Chapter 1: Auditing: Integral to the Economy TRUE/FALSE 1. The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information. ANS: T PTS: 1 OBJ: Demand for Assurances NAT: AACSB-Analytical skills | AICPA BB-Critical thinking 2. An audit of financial statements is a form of attestation service. ANS: T PTS: 1 OBJ: Auditing Defined NAT: AACSB-Analytical skills | AICPA BB-Critical
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