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Chapter 1 - WelcometoACCT407 Chapter 1 The Demand for Audit...

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Welcome to ACCT 407!  Chapter 1 The Demand for Audit and Other Assurance Services
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Auditing Word association: what do you think of when you hear the word, “auditing?”
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Chapter Objectives Understand the nature of auditing Understand the distinction between auditing and accounting Understand the economic factors that create a demand for auditing and the role it plays in the economy To be familiar with types of audits and how they relate to the definition of auditing. To be familiar with other types of assurance services
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Auditing Defined Auditing Auditing is the accumulation and evaluation is the accumulation and evaluation of evidence about information to determine of evidence about information to determine and report on the degree of correspondence and report on the degree of correspondence between the information and established between the information and established criteria.
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