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Audit risk the risk that the auditor expresses an

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Unformatted text preview: hotos. Finally, he did some calculations based on average bovine birth and death rates, taking into account recorded purchases and sales of livestock during the year. Using this combination of procedures, the auditor was able to obtain persuasive evidence supporting management’s assertion regarding inventory (and got an airplane ride in the process). We hope this example helps illustrate why you will need to approach the study of auditing differently from that of most other accounting courses. As you learn the concepts and techniques of auditing, you are not only acquiring the tools to become an effective financial statement auditor but also a conceptual tool kit that can be useful to you in many different settings and contexts. 26/05/11 9:24 PM Confirming Pages 26 Part 1 Introduction to Assurance and Financial Statement Auditing K EY TERMS Assurance services. Independent professional services that improve the quality of information, or its context, for decision makers. Encompasses attest...
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