UNIT 15 study guide - UNIT 15 1 Services provided by public accountants a Consulting b Bookkeeping c Services d Compilations Difference The company

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
UNIT 15 1) Services provided by public accountants a. Consulting b. Bookkeeping c. Services d. Compilations Difference? The company itself keeps its own books but the company doesn’t know enough about putting together financial statements so he hires a public accountant to do a compilation. e. Tax services f. Financial Audits Difference? 2) Steps in a financial audit 1. Learning… About the industry •About the business •About the previous audits, if any 2. Evaluate Internal Control •Is the design of the internal control system adequate? •Is the operation of the internal control system adequate? •Based on the internal controls, how much substantive testing must be done to adequately form an opinion? 3. Substantive Testing •Gather evidence (sampling, etc.) •Evaluate the evidence •If necessary, gather more evidence 4. Evaluate the Evidence 5. Issue an Opinion 4) •Unqualified Opinion –“The financial statements appear to fairly present the financial position of the
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/11/2012 for the course ACTG 241 taught by Professor Staff during the Fall '11 term at James Madison University.

Page1 / 2

UNIT 15 study guide - UNIT 15 1 Services provided by public accountants a Consulting b Bookkeeping c Services d Compilations Difference The company

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online