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Auditing and Assurance Services
Ch.1 The Demand for Audit and Other Assurance Services
16
Accounting
Undergraduate 4
09/18/2011

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Cards

Term
Auditing
Definition
accumulation and evaluation of evidence about infomration to determine and report on the degree of correspondanace between the information and established critiera
Term
Risk-free interest rate, business risk for the customer, and information risk
Definition
what are the three factors that affect the rate of interest
Term
remoteness of information
biases and motives of the provider
voluminous Data
COmplex Exchange Transactions
Definition
What are the reasons for unreliable information
Term
User Verifies INformation
User shares informatio nrisk wtih management
audited financial statements are provided
Definition
Wha are three ways to reduce information risk?
Term
assurance service
CPA's or other professionals
Definition
an independent professional service that improves the quality of information for decision makers....who can do this?
Term
attestation
Definition
What is the category of assurance services that can be done only by CPAs
Term
audit of historical f/s
audit of internal control over financial reporting
review of historical f/s
attestation services on IT
other
Definition
What are the five categories of attestation services
Term
mystery shopping, assess risks of accumulation, distribution, and storage of digital information; fraud and illegal acts risk assessment, compliance with trading plicies and procedures, ISO 9000 certifications, etc
Definition
what are examples of other assuranec services
Term
accounting and bookkeeping services, tax services, management consulting services
Definition
What are some nonassurance services provided by CPAs
Term
operational audit, compliance audit, f/s audit
Definition
what are the three primary types of audits
Term
external auditors or independent auditors
Definition
What are two other names for CPA firms to distinguish them from internal auditors
Term
provides the audit function for COngress
Definition
what does the government accountability office auditor do?
Term
compliance audit
Definition
WHat is the sole audit of the IRS
Term
operational auditing
Definition
What are internal auditors MAIn audit?
Term
lack of independence
Definition
What is hemajor difference between internal and external auditors?
Term
auding and attestaion
financial acct and reporting
regulation
business environment and concepts
Definition
What are the 4 areas of the CPA examination
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