Chapter 6 - Chapter 6: Audit Responsibilities and...

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Chapter 6: Audit Responsibilities and Objectives Overall objective Management’s Responsibilities Auditor’s Responsibilities Auditor’s Approach
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Overall Objective To express an opinion as to whether the financial statements are presented in accordance with GAAP For publicly traded companies, auditors also have the responsibility to express an opinion on internal control over financial reporting (as discussed in coverage of SOX 404) Scope paragraph
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Management’s Responsibilities Financial statements are management’s responsibility Internal control over financial reporting is management’s responsibility SOX increased management’s awareness of their responsibility for the financial statements and for maintaining a system of internal control over financial reporting CEO and CFO certifications (SOX 302) Increased criminal penalties SOX 404 internal control reporting requirements
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Auditor Responsibility SAS No. 1 Plan and perform
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This note was uploaded on 02/09/2011 for the course ACCT 407 taught by Professor Smith during the Spring '11 term at University of Louisiana at Lafayette.

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Chapter 6 - Chapter 6: Audit Responsibilities and...

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