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2011 Audit 1 Text Update - a This decision as to fair...

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This first page gives a listing of the corrected lecture text pages that follow. Print these corrected pages and insert in the lecture text. AUDITING Date Added Lecture Page Number Description 03/14/2011 A-1 4 Deletion of text
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Auditing 1 Becker Professional Education | CPA Exam Review A1- 4 © 2010 DeVry/Becker Educational Development Corp. All rights reserved. E. Auditor Must Then Report His or Her Findings Based Upon the Evidence Examined 1. The primary assertion is whether the statements are "presented fairly" in accordance with GAAP (Generally Accepted Accounting Principles).
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Unformatted text preview: a. This decision as to fair presentation is a judgment call by the auditor. The American Institute of Certified Public Accountants (AICPA) defines fair presentation as follows: the financial statements reflect the underlying transactions of the company in a manner that represents the financial statements within a range of acceptable limits. 2. Most audits are performed not only for the primary benefit of the stockholders, but also for any other interested outside parties....
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