ACC 521 Study Guide - Final Guide: Internal Audit, Special Purpose Entity, Financial Statement

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Auditors add credibility to financial information provided by the accountable party such as management (i. e. auditors make the financial or other information more likely to be true). Other common ways of characterizing this property of audited numbers is that the numbers are more accurate, have higher assurance, or are more reliable. These relate to different dimension of truthfulness, as we discuss later in the text. Auditing is the verification of numbers provided by others. To attest means to lend credibility or to vouch for the truth or accuracy of the statements that one party makes to another. The attest function is a term often applied to the activities of independent pas when acting as auditors of financial statements. The audit opinion of an independent-pa auditor helps resolve those doubts because the auditor"s success depends upon his independent, objective, and competent assessment of the conformity of the financial statements with gaap.

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