Management and Organizational Studies 3363A/B Chapter Notes - Chapter 8: Risk Assessment, Income Statement, Financial Statement

77 views4 pages

Document Summary

Audit evidence: the examination standard requires (under gaas) to obtain sufficient and appropriate audit evidence, then draw reasonable conclusions and disclose your opinion, must of the auditors work involves obtaining and evaluating evidence. Interval sampling: high dollar items, random sampling, dollar unit sampling, haphazard sampling (random sampling) Audit program: summarizes what needs to be done by cycle, then determine the audit program used for the cycle. Timeliness: for balance sheet accounts, it is important to test them at the end of the year, for income statement accounts, it is important to test them throughout the year. Inspection literally the auditor"s i(cid:374)spe(cid:272)tio(cid:374) or (cid:272)ou(cid:374)t of a ta(cid:374)gi(cid:271)le asset or do(cid:272)u(cid:373)e(cid:374)t. Inspection is regarded as one of the most reliable and useful types of audit evidence: observation observation is the use of o(cid:374)e"s se(cid:374)ses to assess (cid:272)ertai(cid:374) a(cid:272)ti(cid:448)ities. Auditors typically obtain written responses rather than oral ones. This could include rechecking of transfers of information.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents