BU477 Chapter Notes - Chapter 1: Financial Audit, Financial Statement, Tax Avoidance

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29 Jan 2017
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Chapter 1: the demand for audit and other assurance services. Takes auditor"s professional judgement and rules and procedures. Auditing: accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between information and established criteria. To do an audit, must be information in a verifiable form where auditor can evaluate the information. Auditors evaluate quantifiable data like income statements, tax returns as well subjective data like efficiency or effectiveness. Objective audits must use standards that are already established. Evidence: defined information auditor to assess whether information being audited is in accordance with criteria: can take on different forms, can be oral, written and observation, can use evidence from third party. Audit strategy: planned approach to conduct audit testing based on assessed risks. Must determine the amount of evidence needed to support established criteria. Auditor must be qualified to perform audit and understand engagement risks and criteria used.

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