Chapter 01 - Louwers 4e - Chapter1 AuditingandAssurance...

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Chapter 1 1 Chapter 1 Auditing and Assurance  Services ACCT-4080
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Chapter 1 2 1.  What is Auditing? Misunderstandings Overview of auditing Ultimate purpose of audit To issue an opinion on the fairness of financial  statements (and in some cases, on the client’s  internal control structure) ACCT-4080
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Chapter 1 3 1.  What is Auditing? Overview of auditing (continued) Most important concepts in auditing Audit risk Financial statement assertions  Materiality Internal control Sampling (evidence, audit reports) ACCT-4080
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Chapter 1 4 2.  Why Study Auditing? Required To obtain employment On CPA, CMA, CFE, CIA, etc., exams Other reasons ACCT-4080
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Chapter 1 5 3.  Definitions of Auditing AAA definition AICPA definition Information risk ACCT-4080
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Chapter 1 6 3.  Definition of Auditing AAA definition: 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. ACCT-4080
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7 3.  Definitions of Auditing AICPA definition: The objective of the ordinary examination  of financial statements by the independent  auditor is the expression of an opinion on  the fairness with which they present, in all  material respects, financial position,  results of operations, and cash flows in  conformity with GAAP. ACCT-4080
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This note was uploaded on 03/23/2012 for the course ECONOMICS eco 403 taught by Professor Talatafza during the Spring '10 term at Aachen University of Applied Sciences.

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Chapter 01 - Louwers 4e - Chapter1 AuditingandAssurance...

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