BU477- Final Exam Guide - Comprehensive Notes for the exam ( 67 pages long!)
Document Summary
Integrity the quality of being honest and courageous. Independent auditors public accountants or accounting firms that perform audits of commercial and noncommercial entities. Economic demand for auditing: banks will charge a rate of interest depending on 3 factors, 1. ) Risk free interest rate the rate the (cid:271)a(cid:374)k (cid:272)ould ear(cid:374) (cid:271)(cid:455) i(cid:374)vesti(cid:374)g i(cid:374) ca(cid:374)ada"s. For larger business, it is practical to incur such cost to reduce information risk: 1. ) User verifies information the user may go to the business premises to exaine records and obtain information about the reliability of the statements: 2. ) Provider submits audited financial statements most common way for users to obtain more reliable information. Non-assurance services: compilations, tax services, management advisory services, accounting and bookkeeping services. Chapter 2 public accounting profession and audit quality. Overview of generally accepted auditing standards: generally accepted auditing standards (gaas) standards for financial statement audits, canadian auditing standards (cas) (cid:271)ased o(cid:374) isas de(cid:448)eloped i(cid:374)ter(cid:374)atio(cid:374)ally, (cid:271)ut ca(cid:374)ada"s.
