L22 Notes_Part_21 - © W.R. Knechel Value of an Audit...

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Generally Accepted Auditing Standards GENERAL Adequate technical training and proficiency (competence) Independence (ethics and integrity) Due professional care (work effort) FIELD WORK Adequate planning and supervision Sufficient understanding of internal control Sufficient competent evidence REPORTING Generally accepted accounting principles Consistency Informative disclosures Opinion regarding the financial statements taken as a whole
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Unformatted text preview: © W.R. Knechel Value of an Audit Enhancing Information Reliability Audit Value = P(Reporting MM|Detected MM) * P(Detecting MM|MM)>0 ethics, independence, integrity competence, work effort © W.R. Knechel Auditor Responsibilities Errors and Unintentional Misstatements Fraudulent Misstatements Fraudulent Financial Reporting Misappropriation of Assets Illegal Acts...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L22 Notes_Part_21 - © W.R. Knechel Value of an Audit...

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