Unformatted text preview: • Obtain an understanding of the accounting principles and practices used by the client in measuring, recognizing, recording, and disclosing all significant accounts and disclosures in the financial statements. • Asking the entity’s personnel about important matters. • Performing analytical procedures to identify relationships and individual items that appear to be unusual. • Reading the financial statements to determine if they conform to the applicable financial reporting framework. • Obtaining reports from other accountants, if any, who have audited or reviewed the financial statements or significant components. • Obtaining a representation letter from management....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 470 taught by Professor Kwong during the Spring '11 term at Franklin.
- Spring '11