Intro Guide Notes.docx

Intro Guide Notes.docx - Intro Guide Notes PCOB Public(I...

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Intro Guide Notes PCOB – Public (I think) AICPA – Private (I think) Whether to audit an account: o Because of materiality o Because of risk You audit an account for: o Fraud o Mistakes (accidental) You audit not only accounts but also internal control involving those accounts o i.e. segregation of duty; accessibility to information; level of authority Auditors only check accounts and give their opinion to management to change errors. Managers must make the decision to change The audit committee hires the auditor, not management, and the auditor reports to the audit committee CPA firms have many quality controls to maintain a good reputation and do a good job The first stage of the audit was acceptance, not planning The Auditor Plan consists of: o Plan the materiality o Consult experts about the industry about the risks o The engagement letter What the auditor will do and be clear with the client on what the auditor will do
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  • Spring '13
  • woodward
  • audit committee, auditor plan

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