Presentation1.ppt - Chapter 2:Question(1 Contrast Accounting and auditing as to objectives methodology?applicable standards and responsible parties

Presentation1.ppt - Chapter 2:Question(1 Contrast...

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Chapter 2
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Contrast Accounting and auditing as to objectives , methodology, applicable standards , and responsible parties ? AUDITTING Guided by GAAS ACCONTING Guided by GAAP Obtain and evaluated evidence concerning the financial Analyze events and transaction Verify statements are presented fairly in conformity with GAAP Measure and record transaction data Express opinion in audit report Classify and summarize recorded data Deliver audit report to client Prepare financial statement per GAAP Distribute financial statement and auditor’s report to stockholders in annual Question (1 (:
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Describe the limitations of a financial statement audit ? * Reasonable cost : A limitation on the cost of an audit results in selective testing , or sampling of the accounting records and supporting data . * Reasonable length of time : The auditors report on many public companies is usually issued three to five week after the balance sheet data .
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