AUDITING SP 2008 CH 6 OUTLINE

Auditing and Assurance Services (12th Edition)

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CH 6 AUDIT RESPONSIBILITIES MANAGEMENT’S RESP – ADOPT SOUND POLICIES, INTERNAL CONTROL & MAKING FAIR REPRESENTATIONS IN THE F/S. AUDITOR’S RESP – PLAN & PERFORM THE AUDIT TO OBTAIN REASONABLE ASSURANCE THAT F/S ARE FREE OF MATERIAL ERRORS VIA ERROR OR IN PLANNING THE AUDIT YOU MUST CONSIDER MATERIALITY AND AUDIT RISK MATERIALITY – THE SMALLEST AMOUNT OF MISSTATEMENT THAT WOULD PROBABLY INFLUENCE THE JUDGEMENT OF A REASONABLE PERSON MUST ALSO CONSIDER THE NATURE MATERIALITY
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Unformatted text preview: - ALL ILLEGAL ACTS MAY BE CONSIDERED MATERIAL ETC ERRORS VS. FRAUD - UNINTENTIONAL VS. INTENTIONAL ( PROFESSIONAL SKEPTICISM) TABLE 6-1 AUDIT CYCLES TABLE 6-1 MGT ASSERTIONS EXISTANCE / OCCURRENCE COMPLETENESS FINANCIALS VALUATION RIGHTS & OBLIGATIONS PRESENTATION & DISCLOSURE AUDIT TESTS THE ABOVE VIA CONFIRMATIONS / CUT-OFF / SITE VERIFICATION. PAGE 156 - GENERAL BALANCE RELATED AUDIT OBJECTIVES EXISTENCE COMPLETENESS ACCURACY CLASSIFICATION CUTOFF DETAIL TIE-IN REALIZABLE VALUE RIGHTS & OBLIGATIONS...
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This document was uploaded on 04/07/2008.

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