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Unformatted text preview: SASs (interpretations of GAAS) are codified within the framework of the 10 GAAS. They are the most authoritative references that auditors can utilize to resolve problems encountered during the audit of a nonpublic company. 5) 6) The auditors responsibility is to acquire reasonable assurance about whether financial statements are free of misstatement. Reasonable assurance is achieved when the audit risk, the risk that the auditor may miss the misstatement on the financial statements, is appropriately low. 7)...
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- Spring '08