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Chapter01 - Conrming Pages PART ONE Introduction to...

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1 PART ONE CHAPTER 1 An Introduction to Assurance and Financial Statement Auditing CHAPTER 2 The Financial Statement Auditing Environment Introduction to Assurance and Financial Statement Auditing
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AU 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with GAAS AU 210, Terms of Engagement AU 300, Planning an Audit AU 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement AU 320, Materiality in Planning and Performing an Audit AU 330, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained AU 450, Evaluation of Misstatements Identified During an Audit AU 500, Audit Evidence AU 700, Forming an Opinion and Reporting on Financial Statements AU 705, Modifications to the Opinion in the Independent Auditor’s Report AU 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report PCAOB Auditing Standard No. 1, References in Auditors’ Reports to the Standards of the Public Company Accounting Oversight Board PCAOB Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements PCAOB Auditing Standard No. 8, Audit Risk PCAOB Auditing Standard No. 9, Audit Planning PCAOB Auditing Standard No. 10, Supervision of the Audit Engagement PCAOB Auditing Standard No. 11, Consideration of Materiality in Planning and Performing an Audit PCAOB Auditing Standard No. 12, Identifying and Assessing Risks of Material Misstatement PCAOB Auditing Standard No. 13, The Auditor’s Responses to the Risks of Material Misstatement PCAOB Auditing Standard No. 15, Audit Evidence 1 Understand why studying auditing can be valuable to you and why it is different from studying accounting. 2 Be able to explain why there is a demand for auditing and assurance. 3 Understand intuitively the demand for auditing and the desired characteristics of auditors and audit services through an analogy to a house inspector and a house inspection service. 4 Understand the relationships among auditing, attestation, and assurance services. 5 Know the basic definition of a financial statement audit. 6 Understand at a basic level three fundamental concepts that underlie financial statement auditing. 7 Understand why on most audit engagements an auditor tests only a sample of transactions that occurred. 8 Be able to describe the basic financial statement auditing process and the phases in which an audit is carried out. 9 Know what an audit report is and the nature of an unqualified report. 10 Understand why auditing demands logic, reasoning, and resourcefulness. RELEVANT ACCOUNTING AND AUDITING PRONOUNCEMENTS* LEARNING OBJECTIVES Upon completion of this chapter you will 1 CHAPTER *References to AU sections have been updated to reflect the new codification of ASB clarity standards. PCAOB standards are referenced by standard number.
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3 A s you will learn in this chapter, auditing consists of a set of practi-
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