TAILIEUCHUNG - Lecture Auditing and assurance services (6/e) - Chapter 1: Auditing and assurance services

After studying this chapter you will be able to: Understand the development and source of generally accepted auditing standards, describe the fundamental principle of responsibilities and how this principle relates to the characteristics and qualifications of auditors, describe the fundamental principle of performance and identify the major activities performed in an audit. | Auditing & Assurance Services, 6e Chapter 01 Auditing and Assurance Services “Our system of capital formation relies upon the confidence of millions of savers to invest in companies. The auditor’s opinion is critical to that trust." -- James R. Doty, Chairman Public Company Accounting Oversight Board (PCAOB) 1- Learning Objectives Define information risk and explain how the financial statement auditing process helps to reduce this risk, thereby reducing the cost of capital for a company. Define and contrast financial statement auditing, attestation, and assurance services. Describe and define the assertions that management makes about the recognition, measurement, presentation, and disclosure of the financial statements and explain why auditors use them as the focal point of the audit. Define professional skepticism and explain its key characteristics. Describe the organization of public accounting firms and identify the various services that they offer. Describe the audits and auditors in governmental, internal, and operational auditing. List and explain the requirements for becoming a certified public accountant (CPA) and other certifications available to an accounting professional. 1- Definition of Auditing Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested users. Financial Statements (including footnotes) GAAP Auditor's Report/ Other Reports Persons who rely on the financial reports Creditors Investors Source: American Accounting Association Committee on Basic Auditing Concepts. 1973. A Statement of Basic Auditing Concepts, American Accounting Association (Sarasota, FL). 1- Attestation Engagements An attestation engagement - a practitioner is assesses and reports on “subject matter or an assertion about the subject matter

• Kế toán - Kiểm toán
• Assurance services
• Financial statement audit
• Auditing and assurance services
• Auditing environment
• Professional standards
• Auditing standards
• Assurance services profession
• Auditing services
• Audit process
• Assurance framework
• Accounting information
• Financial statement auditing
• Auditing business processes
• Auditing internal control
• Internal auditing services
• Contemporary auditing environment
• Attestation engagements
• Account balances
• Structure of the profession
• Audit firms
• Corporate governance
• Professional ethics
• Legal liability
• Liability to clients
• Financial repport audit process
• Financial report assertions
• The business
• Strategic business risk
• Inherent risk assessment
• Inherent risk
• Internal control structure
• Assessing control risk
• Tests of controls
• Sales cycle
• Substantive tests
• Substantive tests of transactions
• Audit sampling
• Sampling theory
• Adjusting events
• Financial report
• Auditor’s reporting obligations
• Professional reporting obligations
• Prospective financial information
• Highlight information
• Institute of internal auditors
• Government accounting
• Reporting duties