260511 924 pm conrming pages 22 part 1 lo 9

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Unformatted text preview: engagements, actually conducting the planned audit tests comprises most of the time spent on a financial statement audit or an audit of internal control over financial reporting. For public company clients, the audit of internal control is done in an integrated way with the financial statement audit. This topic is addressed in Chapter 7 and throughout the book where appropriate. Complete the Audit After the auditor has finished gathering evidence relating to financial statement assertions, the sufficiency of the evidence gathered is evaluated. The auditor must obtain sufficient appropriate evidence in order to reach and justify a conclusion on the fairness of the financial statements. In this phase, the auditor also assesses the possibility of contingent liabilities, such as lawsuits, and searches for any events subsequent to the balance sheet date that may impact the financial statements. Chapter 17 covers each of these issues in detail. Practice INSIGHT mes25435_ch01_001-032.indd 21 The audit of internal control over financial repor...
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This note was uploaded on 12/08/2012 for the course ACCT 564 at Washington University in St. Louis.

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