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| a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating results to interested users. |
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| Services occur when a practitioner is engaged to issue a report on subject matter, or an assertion about subject matter, that is the responsibility of another party. |
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| independent professional services that improve the quality of information, or its context, for decision makers. |
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| Client acceptance/continuance and establishing an understanding with the client |
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| Preliminary engagement activities |
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| Consider and audit internal control |
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| Audit business processes and related accounts (revenue generation) |
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| Evaluate results and issue audit report |
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| The magnitude of an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgement of a reasonable person relying on the information would have been changed or influenced. |
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| The chance that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that are materially misstated. |
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| Unqualified, qualified, adverse, Disclaimer |
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unqualified=CLEAN OPINION
can have explanatory paragraph IF it is an unqualified modified report meaning that the auditor is sharing responsibility w/another auditor. |
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| is still a clean opinion but "for the except".... there's exceptions to the report |
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| issued when there is departure from GAAP or lack of information provided by client |
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| issued when the auditor is NOT independent |
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| Title, addressee, intro, scope, opinion, explanatory, name of auditor, date |
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Term
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Definition
| All the information used by the auditor in arriving at the conclusions on which the audit opinion is based; includes the information contained in the accounting records underlying the financial statements and other information. |
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Term
| Risk of material misstatement |
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Definition
| The risk that the entity's financial statements will contain a material misstatement whether caused by error or fraud. |
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