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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.