COMM 455 Chapter 1: C455 – Textbook Notes - Chapter 1

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26 Dec 2015
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Assurance: engagement where an auditor/consultant is hired to provide an opinion on a subject matter. Practitioner issues a written conclusion for which the accountable party is responsible. Requires an accountability relationship one party answerable to another for subject matter. The financial framework chosen by management to prepare a c. Statements made by management regarding the recognition, m easurement, and presentation and disclosure of items in the financial statements. Information used by the auditor to support the audit opinion. The file where the evidence and documentation of the work perf ormed are kept as a permanent record to support the opinion issued. The list or description of audit procedures to be performed. The risk that the auditor may express an inappropriate opinion. This means the auditor may indicate that f/s are not materially misstated when in fact they are. A structured representation of historical financial info, including related notes.

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