2011 Auditing 1 Update - b. GAAP sources are further...

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2011 Auditing 1 Update Auditing 1 Update for the 2011 Edition Last Updated December 7, 2010 SECTION A: TEXT AND LECTURE ERRATA Item A.1 Pg. A1-4, Item E. The Auditor Must Then Report His or Her Findings Based Upon the Evidence Examined The following item should be deleted from the text (change highlighted): 1. The primary assertion is whether the statements are "presented fairly" in accordance with GAAP (Generally Accepted Accounting Principles). 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.
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Unformatted text preview: b. GAAP sources are further discussed in Appendix 1. SECTION B: PASSMASTER, SIMULATIONS, & QUIZZES ERRATA None SECTION C: TEXT AND LECTURE ADDITIONAL OR ENHANCED INFORMATION None SECTION D: PASSMASTER, SIMULATIONS, & QUIZZES ADDITIONAL OR ENHANCED INFORMATION None EDITORS COMMENTS Some of the Items above have come from our internal review process, some have come from questions and comments from Becker instructors around the world, and some have come from questions asked by various candidates, either from Becker Profhelp or in online or live classes. We wish to thank all of these individuals as a group for their efforts to improve our materials. 1 2010 DeVry/Becker Educational Development Corp. All rights reserved....
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This note was uploaded on 09/25/2011 for the course ACCOUNTING AC591 taught by Professor W during the Spring '11 term at Keller Graduate School of Management.

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