ACTG 3P11 Lecture 2: 2017-05-04-Note
30 Jan 2019
School
Department
Course
Professor
Document Summary
Inquiry and analytical procedures (for example: counting inventory) National big 4: largest firms in canada most resources. Local: serve local small and medium sized enterprises. Engagement partner: responsible for the engagement and the report issued. Set accounting and auditing standards cpa handbook (the shalls) Sets canadian auditing standards funded by cpa canada. Perform inspections of firms auditing publicly traded companies. Does not set standards but does provide feedback to aasb. Us version of cpab report to sec. Regulating body over publicly traded companies on american exchanges. Enhance confidence by providing an opinion on the financial statements. Financial statements are prepared by management, audit does not relieve management of their responsibilities. Reasonable but not absolute assurance high level of assurance. Auditors must be experts in the subject matter being reported on and the measurement basis. Public accountants not allowed to accept engagements they are not capable of performing. An audit opinion from an auditor who is not independent is worthless.
