1.1 Introduction to Assurance services Lecture

Reasonable assurance implies some risk that a

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Unformatted text preview: s. • Reasonable assurance implies some risk that a material misstatement could be present in the financial statements and the auditor will fail to detect it. Evidence Regarding Management Assertions • Evidence that assists the auditor in evaluating management’s financial statement assertions consists of the underlying accounting data and any additional information available to the auditor, whether originating from the client or externally. – Relevance – Is the information related to the specific assertion being tested – Reliability – Can the information be relied upon to signal the true state of the specific assertion being tested Types of Auditors • External Auditors – Can be proprietorships, general or limited liability partnerships, or corporations – Categorized by size, ‘Big Four’, ‘mid-tier’, regional and local firms – Auditors typically work in teams, partner, manager, audit senior and staff members • Internal Auditors • Government Auditors • Forensic Auditors Types of Audits • Internal Control Audits • Compliance Audits • Operational Audits • Forensic Audits Other None Audit Services • Tax Preparation and Planning Services • Management Advisory Services • Compilation and Review services...
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This document was uploaded on 03/03/2014 for the course ACCT 4304 at Texas El Paso.

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