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Auditing SP 2007 Ch 2 Outline

Auditing and Assurance Services (12th Edition)

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Auditors’ relationship with: Management – Professional skepticism Internal Auditors Stockholders – primary users of auditors reports Audit Standards General Standards General T – Training P – Due professional care Standards of Field Work P – Planned I – Understanding of the environment and I/C C – Competent audit evidence Standards of Field Work A – In Accordance with GAAP N – Identify the circumstances when principles have Not been consistently applied O – Required disclosures have not been Omitted E – Express an opinion SAS’s are interpretations of the above GAAS!
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Unformatted text preview: Responsibility for detecting Fraud same as responsibility for detecting errors (PG 57) REPORTS SEE PG 71 A Standard Report is an unqualified report! See PG 65 A Standard Report with and explanatory language if: 1. A change in accounting principle 2. Going Concern Issue 3. Emphasis of a matter Other types of opinions: Qualified EXCEPT FOR the effects of a matter otherwise the F/S are in accordance with GAAP. Adverse Not in accordance with GAAP Disclaimer auditor does not express an opinion VARIANCE GAAP DEPARTURE SCOPE LIMITATION Immaterial Unqualified Unqualified Material Qualified Qualified Highly Material Adverse Disclaimer...
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  • Competent audit evidence, Audit Committee Internal Auditors Stockholders, Internal Auditors Stockholders, Audit Standards General, Professional skepticism BOD

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Auditing SP 2007 Ch 2 Outline - Responsibility for...

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