ugaud.ch1 - Chapter 1 What is Auditing? A process of...

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11 What is Auditing? A process of obtaining and evaluating EVIDENCE regarding ASSERTIONS about economic events for the purpose of COMMUNICATING the correspondence between the ASSERTIONS and ESTABLISHED CRITERIA Chapter 1
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22 Attestation is broader than auditing because it is not limited to economic events . The assertion could be about anything for which there is an established criterion. How does it differ from attestation? Auditing is a specialized type of attestation services.
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33 The Relationship Between Assurance Services, Attest, and Auditing (Figure 1-2)
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44 Fundamental Concepts in Conducting a Financial Statement Audit (Fig. 1-3)
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55 3 Major Concepts Used in Auditing: Audit Risk Materiality Evidence Regarding management’s assertions
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66 Audit Risk: Audit risk is the risk that the auditor inadvertently issues an unqualified (clean) opinion on financial statements that contain a material misstatement .
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77 Materiality: Materiality is the amount of misstatement that would probably have made a difference in the judgment of a reasonable user who is relying on that information.
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This note was uploaded on 05/13/2011 for the course BUSACC 1238 taught by Professor Hoffman during the Spring '11 term at Pittsburgh.

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ugaud.ch1 - Chapter 1 What is Auditing? A process of...

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