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L20 Notes_Part_1 - are adequate Other auditors involved...

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Audit Reporting 1. Judgment v. decisions 1. Key judgments in life 2. Batters hitting .300 3. Co-tangents and co-secants 4. Communication (internal v. external auditing) 5. Reporting differences of a PCAOB and GAAP audit 6. Distinguish compilations, reviews and audits
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Audit Opinion Judgment Inform W/P support audit requirements Audit firm is independent Client is a going concern Presentation and disclosures
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Unformatted text preview: are adequate Other auditors involved, scope limitations, consistency in F/S free from material misstatement F/S are fairly presented in accordance with GAAP Appropriate opinion to express How Many Cues? How much evidence? = f(information search costs, availability, audit and engagement risk) What kind of evidence? When to collect? What weight to put on each cue? Auditor’s Judgment Reality...
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L20 Notes_Part_1 - are adequate Other auditors involved...

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