Analysis of Retail Company Financial Statements
After reviewing the prior and current year of the financial statements we saw multiple areas in which
we examined based on the material change amount as well as th
CHAPTER 2 AUDITING NOTES
Generally accepted auditing standards are auditing standards that identify necessary qualifications and
characteristics of auditors and guide the conduct of the audit examination.
Currently, the PCAOB is responsible for developing
CHAPTER 3 AUDITING NOTES
Auditors can use the following sources of information to help decide whether to accept a new audit client:
Financial information prepared by the prospective client such as:
Annual reports to shareholders.
Interim financial stateme
1. Risk Assessment- Auditors should identify and assess the risk of material
misstatement by evaluating the clients internal control in preventing and
detecting misstatement (p. 53).
2. Planning and supervision - Understanding of the clients business and