Adv Internal auditing summary 1

Adv Internal auditing summary 1 - Association: - Auditor...

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Association: - Auditor associates herself by. o Performing service in respect of that info o Consents to the use of her name in connection with that info - If there’s inappropriate use of her name, o Request client to correct reference to her name o Discuss with client what action client will take to inform appropriate parties of the inappropriate us Review: - review of FS only, provides moderate assurance - Have to comply with GARS o Auditor is to see if info is plausible in circumstances o No requirement to study internal control, no testing done o Recommended techniques: enquiry, analytical procedures & discussion - State that no audit was performed, no opinion expressed - Negative assurance is given (means nothing has come up that it’s not according to GAAP) o Judgmental sampling: considers sampling risk when you evaluate results of audit sample w/o using stats (just use prof. judgment) Compilation: - Helps client in preparing FS - Provides NO assurance - Have to comply with compilation agreements
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This note was uploaded on 03/02/2012 for the course ACC 821 taught by Professor Caplan during the Spring '12 term at Ryerson.

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