Chapter_01_Sample_Pages - 1 PART ONE THE AUDITING AND...

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1 1 T is part of the textbook introduces the concepts of auditing and assurance services and explains the relationship between them. It outlines recent developments arising from the assurance framework adopted by the International Auditing and Assurance Standards Board (IAASB) and the Australian Auditing and Assurance Standards Board (AUASB), with particular emphasis given to recent developments relating to the auditing and reviewing of fi nancial reports. While such audits are only one type of assurance engagement, there is no doubt that they are extremely important, since they are the primary service on which the profession has developed its reputation. T is part of the textbook also outlines the major infl uences in society that give rise to a demand for auditing and assurance services. It also considers other infl uences on the environment associated with assurance service providers, including the internationalisation of auditing, the development of industry specialisations by audit fi rms, the roles played by the corporate governance structure within organisations and the ethical rules and ethical decision- making models associated with the auditing profession. T is textbook incorporates the recent changes to the International and Australian Auditing Standards that apply to audits beginning on or after 1 January 2010. PART ONE THE AUDITING AND ASSURANCE SERVICES PROFESSION SAMPLE PAGES
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2 LEARNING OBJECTIVES After studying this chapter you should be able to: 1 understand the framework for assurance engagements; 2 understand the structure of assurance standards and pronouncements; 3 defi ne auditing; 4 appreciate the fundamental principles underlying an audit; 5 appreciate the attributes of accounting information; 6 understand the reasons giving rise to demand for assurance; 7 appreciate the other benefi ts that can result from the provision of an assurance service; 8 appreciate the evolution of the audit function; 9 understand the relationship between the auditor, the client and the public; 10 explain the concept of the expectation gap, especially in the areas of audit report messages, corporate failures, fraud and communicating different levels of assurance; 11 appreciate the role of auditing standards; 12 appreciate audit commitments under the Corporations Act 2001 ; and 13 obtain an overview of other applications of the assurance function, including compliance auditing, performance auditing, comprehensive auditing, internal auditing and forensic auditing, as well as of providing assurance on subject matter other than historical fi nancial information. CHAPTER 1 ASSURANCE AND AUDITING: AN OVERVIEW SAMPLE PAGES
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3 CHAPTER 1 ASSURANCE AND AUDITING: AN OVERVIEW CHAPTER OUTLINE AND REVIEW OF CURRENT AUDITING ENVIRONMENT Entities achieve their goals through the use of human and economic resources. In order to account for the use of these human and economic resources, entities must issue reports explaining the use of the resources entrusted to their control. T
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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_Sample_Pages - 1 PART ONE THE AUDITING AND...

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