Term
| What is the first Generally Accepted Auditing Standard? |
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Definition
| The auditor must adequately plan the work and must properly supervise any assistants. |
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Term
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Definition
| is a measure of how willing the auditor is to accept that the financial statements may be materially misstated after the audit is completed and an unqualified opinion has been issued. |
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Term
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Definition
| is a measure of the auditor's assessment of the likelihood that there are material misstatement in an account balance before considering the effectiveness of internal control. |
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Term
| Initial Audit Planning (Stage 1) |
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Definition
| The auditor decides whether to accept a new client or continue serving an existing one. |
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Term
| Initial Audit Planning (Stage 2) |
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Definition
| The auditor identifies why the client wants or needs an audit. This information is likely to affect the remaining parts of the planning process. |
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Term
| Initial Audit Planning (Stage 3) |
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Definition
| To avoid misunderstandings, the auditor obtains an understanding with the client about the terms of the engagement. |
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Term
| Initial Audit Planning (Stage 4) |
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Definition
| The auditor develops an overall strategy for the audit, including engagement staffing and any required audit specialists. |
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Term
| Why do we have engagement letters? |
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Definition
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Term
| What Auditing standard requires that auditors document their understanding with the client in an engagement letter. |
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Definition
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Term
| What auditing standard speaks on Related Parties? |
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Definition
| AU 334- defined as an affiliated company |
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