Auditing and Assurance Services - An Integrated Approach
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The recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making.
An independent professional service that improves the quality of information for decision making.
A type of assurance in which the CPA firm issues a report about a subject matter or assertion that is the responsibility of another party.
Audit of historic financial statements
a form of attestation service in which the auditor issues a written report stating whether the financial statements are in material conformity with accounting standards
The communication and evaluation of auditing findings to users.
The accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria.
(1) A review of an organization's financial records performed to determine whether specific procedures, rules, or regulations set out by some higher authority.
(2) An audit performed to determine whether an entity that receives financial assistance from the federal government has complied with specific laws and regulations.
Any information used by the auditor to determine whether the information being audited is stated in accordance with established criteria.
Financial Statement Audit
An audit conducted to determine whether the overall financial statement position of an entity are stated in accordance with specific criteria. (Usually GAAP or IFRS)
Governmental accountability office auditor
An auditor working for the U.S. Governmental Accountability Office (GAO) - The GAO reports to and is responsible solely to Congress
CPA's or accounting firms that perform audits of commercial and non-performance audits of commercial and non-commercial financial entities.
The risk that information upon which a business decision is made is inaccurate
Audit of Internal Controls over Financial Reporting
An engagement in which the auditor reports on the effectiveness of internal controls over financial reporting; such reports are required for accelerated filer public companies under Section 404 of the Sarbanes-Oxley Act (SOX)
Auditors employed by a company to audit for the company's board of directors or and management
Internal Revenue Agents
Auditors who work for the Internal Revenue Service (IRS) and conduct examination of tax payers returns
A review of any part of an organization's operating procedures and methods for the purpose of evaluating efficiency and effectiveness.
Review of historical financial statements
A form of attestation in which a CPA firm issues a written report that provides less assurance than an audit as to whether the financial statements are in material conformity with accounting standards
Sarbanes-Oxley Act - (SOX)
What is it?
What did it do?
A federal securities law passed in 2002 that provides for additional regulation of public companies and their auditors
This Act established the Public Company Accounting Oversight Board (PCAOB)
Requires auditors of larger public companies to audit the effectiveness of internal controls over financial reporting.
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