Ch _1 Introduction - ACCY 360/560 Ch#1 An Introduction to...

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ACCY 360/560 Ch #1 “An Introduction to Assurance Services” I. Important definitions – as discussed in the Elliott videotape and in class… A. Auditing – has different meanings, depending upon the context used 1. Financial statement auditing – focuses on the reliability of an entity’s F/S relative to the requirements of GAAP; this will be our focus unless otherwise indicated [note that SEC registrants are required by the SEC to have their F/S audited; so why would a private company voluntarily choose to have its F/S audited?] 2. Compliance auditing – evaluates an entity’s adherence to certain specific laws or regulations (e.g., an IRS or EPA “audit”) 3. Operational auditing – focuses on the effectiveness and efficiency of a business unit’s operating activities, emphasis on process improvement 4. “Forensic” (fraud) auditing – involves an intensive investigation to determine whether fraud has occurred and the magnitude of it B. Attestation – focus is still on the “reliability” of someone’s representation, although that representation is not limited to financial statement subject matter C.
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