RSM323H1 Chapter Notes - Chapter 2: Public Company Accounting Oversight Board, Financial Audit, Audit Risk
Document Summary
International standards on auditing (isas), in accordance with the auditor"s findings. Increased oversight of auditors, including audit standard setting by the newly created. Objectives of the auditor of financial statements: to enable the auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in conformity with an applicable framework. Ethical requirements relating to an audit of financial statements. Due professional care: auditors must be competent and independent, exercising proper care in planning and supervising the audit, in understanding the auditee"s control structure, and in obtaining sufficient appropriate evidence. Examination standards: set general quality criteria for conducting an audit and also relate to the sufficiency and appropriateness of evidence gathered to support the audit opinion. Conduct of an audit of fs: must comply with the cass and the capns. Scope: exercising professional judgment when deciding, based on cass, on the type and extent of audit procedures to perform under the particular circumstances.
