Auditing I-Lecture 1

Auditing I-Lecture 1 - AC 420 Auditing I Dr. Lowell Broom...

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AC 420 Auditing I Dr. Lowell Broom Fall 2010
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What is an Audit? A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.
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Why are Audits Necessary? Separation of Ownership and Management Sophistication of Capital Markets Nature of Modern Managerial Processes Audits should add credibility to financial statements , increase the confidence of users, and support the functioning of efficient capital markets
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General Classification of Assurance Services (page 12) Audits or Financial Audits – focus on attesting to the fairness of presentations related to historical economic events Attest Services – includes “audits” of presentations that are not the result of economic events Assurance Services – focus on the quality of information, improvement in quality or context of information or products
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Auditing I-Lecture 1 - AC 420 Auditing I Dr. Lowell Broom...

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