Auditing Lecture A1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is the objective of the independent audit? | show 🗑
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| Which standards provide the most authoritative auditing guidance and who issues them? | show 🗑
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| What are the three general standards? (TIP) | show 🗑
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| show | The auditor must adequately PLAN the work and must properly supervise any assistants.
The auditor must obtain a sufficient understanding of the entity and its environment, including its INTERNAL CONTROL, to assess the risk of material misstatement of
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| show | The auditor must state in the auditor's report whether the financial statements are presented in accordance with generally accepted ACCOUNTING PRINCIPLES.
The auditor must identify in the auditor's report those circumstances in which such principles h
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| show | Auditing standards measure the quality of the performance of the audit.
Auditing procedures are the acts to be performed during the audit.
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| show | A statement that:
- The financial statements identified in
the report were audited.
- The financial statements are the
responsibility of management.
- The auditor's responsibility is to
express an opinion based on the audit.
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| What should be included in the scope paragraph of the auditor's report? | show 🗑
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| show | A statement that:
- In the auditor opinion, the financial statements identified in the introductory paragraph are presented fairly in all material respects.
- The financial statements are in conformity with accounting principles generally accepted in
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| show | Independent Auditor's Report
To the Stockholders and Board of Directors of X Company:
We have audited the accompanying balance sheet of X Company as of December 31, Year 1, and the related statements of income, retained earnings, and ca
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Created by:
CezMancio
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