ACC 521 Chapter Notes - Chapter 4: Audit Evidence, Financial Statement, Audit
13 Mar 2014
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Association: used within the profession to indicate a public accountant"s involvement with an enterprise or with information used by that enterprise. Associated with financial statements: any involvement of a pa with financial statement issued by a client. As a pa, you are associated with financial statements when: you have consented to the use of your name in connection with them, 2) you have prepared or performed other services with respects to them. Level of assurance: the amount of credibility provided by accountants and auditors. Clear opinion: the highest level of assurance with an opinion sentence that reads, in our opinion, the accompanying financial statements present fairly, in all material respects . Positive assurance: a high, but not absolute level of assurance; also referred to as reasonable assurance in the context of audit reporting. (often referred to as reasonable or high assurance) Two broad categories of reports: standard unmodified report, report reservations. The standard unmodified report contains four basic segments:
