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CFA-Accounting

QuestionAnswer
An auditor is (independent certified public account) checks that the financial statements comply with generally accepted accounting principals (GAAP).
An auditor is hired by the management (but supposed to be independent and serve the stockholders and other users of the statements).
An auditor's job is to examine company’s accounting n internal control systems, confirm assets n liabilities, and ensure there are no errors in the financial statements. 2. Must agree that the management’s choice of accounting principles n estimates are appropriate/reasonable.
PCAOB Public Company Accounting Oversight Board
COSO Opinion The PCAOB Auditing Standards No. 2
Public Company Accounting Oversight Board (PCAOB) established in 2002 following the Sarbanes-Oxley Act in order to monitor, regulate, inspect, and discipline audit and public accounting firms of public companies.
The PCAOB Auditing Standards No. 2 (COSO Opinion) makes it so that auditors have to include additional info in their opinion report regarding the auditee’s internal controls, and discuss about the company’s internal controls over financial reporting.
auditor’s report/auditor’s opinion issued as a part of a company’s audited financial report, 1. Says if the statement complies with accounting principals 2.says which principals are inconsistent between reports 3.says the statement is adequate unless otherwise stated in the report
4 types of auditor’s reports unqualified opinion report, qualified opinion report, adverse opinion, disclaimer of opinion
Unqualified opinion report issued when everything is fairly presented in the statements
qualified opinion report when there are one or two situations that do not comply with accepted accounting principles, but the rest of the financial statements are fairly presented.
Interim reports (10-Q) i.Publically held companies must file them quarterly 1.less detailed than annual financial statements ii.Typically not audited iii.Contains basic financial statements, unedited footnotes to financial statements, and md
Disclaimer of opinion: Issued when an auditor could not form an opinion and therefore refuses to present on. Could happen when an auditor was not able to complete the auditing work.
Interim reports (10-Q)
adverse opinion when financial statements are materially misstated
Created by: ag2688 on 2011-12-20



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