Unformatted text preview: auditing text initially have little understanding of
what auditing and assurance services entail. Thus, we start by helping you understand
in general terms why there is a demand for auditing and assurance services. We then
compare auditing to other well-known forms of assurance to provide an intuitive understanding of the economic role auditing plays. Finally, we de ne auditing, attestation,
and assurance services, and give you an overview of the nancial statement auditing
process. The Study of Auditing
LO 1 mes25435_ch01_001-032.indd 4 You will ﬁnd that the study of auditing is different from any of the other accounting courses you have taken in college, and for good reason. Most accounting
courses focus on learning the rules, techniques, and computations required to
prepare and analyze ﬁnancial information. Auditing focuses on learning the analytical and logical skills necessary to evaluate the relevance and reliability of the
information as well as of the systems and processes responsible for recording
and summarizing that information. As such, you w...
View Full Document
This note was uploaded on 12/08/2012 for the course ACCT 564 at Washington University in St. Louis.