Levels of assurance reasonable assurance negative

Info icon This preview shows pages 9–19. Sign up to view the full content.

View Full Document Right Arrow Icon
Levels of Assurance Reasonable Assurance Negative Assurance Agreed-upon Procedures Compilation Without Assurance
Image of page 9

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Universe of Assurance Services
Image of page 10
The Accountant’s Value Chain
Image of page 11

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Study Break 1. This type of audit involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity’s operating activities. A. Financial Statement Audit B. Compliance Audit C. Operational Audit D. Internal Control Audit C. Operational Audit
Image of page 12
Study Break 2. These auditors are typically CPA’s who render professional auditing services to clients. A. Independent Auditors
Image of page 13

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
The Roots of Auditing British influence and migration Stock market crash Legislation of the 1930’s Important changes in the 1940’s
Image of page 14
The Roots of Auditing Scrutiny of 1980’s lead to changes Increasing amount of consulting in 1990’s Growing numbers of earnings restatements Sarbanes-Oxley Act of 2002
Image of page 15

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Need for Financial Statement Audits Conflict of Interest Consequence Complexity Remoteness
Image of page 16
Economic Benefits of an Audit Access to Capital Markets Lower Cost of Capital Deterrent to Inefficiency and Fraud Control and Operational Improvements
Image of page 17

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Limitations of a Financial Statement Audit Economic Limitations Reasonable Cost
Image of page 18
Image of page 19
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern