BUS 426 Lecture Notes - American Accounting Association, Audit Evidence, Audit Risk

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 426
• Professor: Brad Bart

Document Summary

Text page 30 briefly discusses the standard setting process. Input on the development of standards and on changes is sought from a broad range of users of financial statement information. A general awareness of the standard setting process described in the text should be adequate at this stage. Gaas are the assurance handbook recommendations that govern the activities of external auditors. The recommendation address qualifications of auditors, the performance of the audit and the preparation of the auditor"s report. The examination should be performed and the report prepared by a person or persons having adequate technical training and proficiency in auditing, with due care and with an objective state of mind. Examination standards (i) the auditor should plan and perform the audit to reduce audit risk to an acceptably low level that is consistent with the objective of an audit. The auditor should plan the nature, timing and extent of direction and supervision of.