L2 Notes_Part_4 - Four Phases of an Audit PHASE 1 Plan and...

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Four Phases of an Audit Plan and design audit approach Perform tests of controls and substantive tests of transactions Perform analytical procedures and tests of details of balances Complete the audit and issue an audit report PHASE 1 PHASE 2 PHASE 3 PHASE 4 Arens, Elder Beasley
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© W.R. Knechel Independent Auditor’s Report To the Board of Directors: We have audited the accompanying balance sheet of ABC Company as of December 31, 2006, and the related statements of income, retained earnings and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting
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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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L2 Notes_Part_4 - Four Phases of an Audit PHASE 1 Plan and...

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