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Chapter 1 - Chapter 1 Demand for Audit and other Assurance...

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Chapter 1 Demand for Audit and other Assurance Services Sarbanes Oxley act – the most signification securities legislation since 1933 and 1934. Only applies to public held companies and their audit firms. Accounting – the recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making. Auditing - accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. In addition to understanding accounting, an auditor must posses expertise in the accumulation and interpretation of audit evidence. To do an audit, information must be on a verifiable form, and some standards by which the auditor can evaluate the information Evidence – any information used by the auditor to determine whether the information being audited is stated in accordance with the established criteria. Final stage in auditing process is preparing the auditing report. Auditing has no effect on Risk free interest rate or business rate, but directly affects Information risk rate.
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