Term
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Definition
| All essential info as require by GAAP is included in the F/S |
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Term
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Definition
| an opinion that the F/S do not present fairly the financial position, results of operation, or C/F in conformity with GAAP |
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Term
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Definition
| the risk that auditors may unknowingly fail to appropriately modify their opinion on F/S that are materially misstated |
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Term
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Definition
| a very precise document designed to communicate exactly the character and limitation of the responsibility being assumed by the auditors |
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Term
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Definition
| The concept of using the same Acctg principles from Y2Y so that F/S can be compared |
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Term
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Definition
| A form of report in which the auditors state that they do not express an opinion on the F/S |
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Term
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Definition
| An unintentional misstatement of F/S or omission of an amount or a disclosure |
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Term
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Definition
| Generally Accepted Auditing Standards issued by the AICPA Auditing Stds Board |
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Term
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Definition
| impaired by a direct financial interest, service as an officer or trustee, certain loans and various other relationships |
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Term
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Definition
| (done by the AICPA) to assess the degree of compliance of each registered Public Acctg firm |
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Term
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Definition
| a process to provide 1)reliability of F/R 2)effectiveness and efficiency of operations 3)compliance |
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Term
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Definition
| a study and appraisal by an independent evaluator of a CPA firms work |
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Term
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Definition
| the appropriate form of audit report when the F/S depart from GAAP enough to mention but not enough to issue a disclaimer or adverse opinion |
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Term
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Definition
| High but not absolute level of assurance that the F/S do not contain material misstatements |
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Term
| Registered Public Accounting firm |
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Definition
| a CPA firm registered with the PCAOB segun SOX of 2002 |
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Term
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Definition
| an audit report with (1)an unqualified opinion (2)no additional matters emphasized |
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