There was no standard procedure manual for the

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Unformatted text preview: controllers are often former auditors. This chapter is designed to help you develop an intuitive understanding of basic auditing concepts. As you study auditing, you will need to commit some details to memory. But you will understand and appreciate the details of the auditing process much more fully if you have a good grasp of the underlying concepts—why financial statement auditing is in demand, what it is, and the basic process by which it is carried out. Keep in mind that auditing is a fundamentally logical process of thinking and reasoning—don’t be hesitant to exercise your common sense and reasoning skills! You will benefit much more from your reading of this text if you study it with a reasoning, inquisitive approach, rather than merely attempting to memorize details. As you learn new auditing concepts, take some time to understand the underlying logic and how the concepts interrelate with other concepts. As you learn about auditing procedures, ask yourself how and why the procedure might yield relevant evidence, and try to...
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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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