Chapter 2 - Chapter 2 The client must follow FASB and the...

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Chapter 2 The client must follow FASB and the auditors must follow 10 auditing standards. 1.) Due professional care: staying professional within the field and being honest with the information. 2.) Independence: Independent from client being audited. Cannot have a relationship or be employed by the client. Must avoid conflict of interest. Not independent contingent bonus if loan is granted. Not a bonus even if we finish early because it’s a fixed fee. 3.) Adequate training and proficiency: interns are assigned to tasks that you are not properly trained but you learn on the jobs. We assume that with a CPA he is adequate and proficient in his training. 3 Standards of fieldwork: 1.) Each engagement should be planned and adequately supervised. 2.) The review of policies and procedures for producing financial statements. 3.) Sufficient evidence that will allow for a reasonable opinion regarding the financial standards. 4 Standards of Reporting
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Chapter 2 - Chapter 2 The client must follow FASB and the...

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