BU477- Final Exam Guide - Comprehensive Notes for the exam ( 23 pages long!)
Document Summary
Who can perform an audit: competent & independent person. Independent in appearance how others perceive us: must be a cpa to sign off on an audit. Why is auditing important: reduce information risk (statement inaccuracy, remoteness of information, voluminous data, complex exchange transaction, to provide reasonable assurance. Types of audits: financial statement audit in accordance with specified criteria, compliance audit auditee comply with specific laws, regulations, etc, operational audit orga(cid:374)izatio(cid:374)"s operati(cid:374)g pro(cid:272)edures are effi(cid:272)ie(cid:374)t a(cid:374)d effe(cid:272)ti(cid:448)e. Internal auditor (cia: government auditor, canada revenue agency (cra) auditor, forensic accountants and fraud auditors, public accountants, only public accounting firms can conduct financial statements audits/reviews, restrictive to provinces (licensed in that province) Non-assurance services: compilations, tax services, management advisory services, accounting/bookkeeping services. Public accounting firms: big four, national network firms, small local firms. Large local and regional firms: foster independence, competence and reduce risks, sole proprietorship or a partnership.
