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Chap001 Student - Chapter 1 An Introduction to Financial...

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Chapter 1 An Introduction to Financial Statement Auditing
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1-2 The Study of Auditing Technical, analytical and logical skills Gather and assess the evidence against assertions More conceptual in nature Improving the reliability of information for decision makers The study of auditing is different from other accounting courses that you have taken in college because … LO# 1
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1-3 The Demand for Auditing and Assurance The development of the corporate form of business and the expanding world economy over the last 200 years have given rise to an explosion in the demand for assurance provided by auditors. LO# 2
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Principals and Agents Managers Stockholders Agents Principals A public company is a company that sells its stocks or bonds to the public, giving the public a valid interest in the proper use, or stewardship, over the company’s resources. LO# 2
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1-5 The Role of Auditing LO# 2
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1-6 Auditing, Attest, and Assurance Services Defined Auditing Assurance Services A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.
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This note was uploaded on 11/29/2009 for the course AMIS 627 taught by Professor Johnson during the Fall '08 term at Ohio State.

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Chap001 Student - Chapter 1 An Introduction to Financial...

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