What might an auditor do to obtain the information

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Unformatted text preview: filter.” A lower materiality amount requires the auditor to use a finer filter in order to detect smaller errors, and it takes more work to create a finer filter. Similarly, as the desired level of assurance increases for a given materiality amount, the sample size necessary to test an assertion becomes greater. The Audit Process LO 8 Now that we have explained some of the fundamental concepts of auditing, this section provides an overview of how auditors go about the process of auditing financial statements and then presents the major phases that the auditor performs during a financial statement audit. Later chapters provide detailed coverage of the process and the phases of the audit. Overview of the Financial Statement Auditing Process Consider the auditor’s task from a logical perspective. The end product of a financial statement auditor’s work is an audit opinion indicating whether or not the client’s financial statements are free of material misstatement. What might an auditor do to obtain the information...
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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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