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.
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| show | The objective of the independent audit is to express an opinion stating whether the financial statements, taken as a whole, are fairly presented in all material respects in conformity with accounting principles generally accepted in the United States of A
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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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| What are the three standards of fieldwork? (PIE) | show 🗑
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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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| Explain the differences between auditing standards and auditing procedures. | show 🗑
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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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| show | Statements that:
- The auditors was conducted in accordance with auditing standards generally accepted in the United States of America.
- The auditor was planned and performed to obtain reasonable assurance that the financial statements are free of m
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| What should be included in the opinion paragraph of the auditor's standard report? | show 🗑
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| What is the content and format of the standard auditor's report? | show 🗑
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Created by:
CezMancio
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