BUS 426 Chapter Notes - Chapter 24: Financial Statement

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Document Summary

Chapter 24 - assurance services: internal and government. The institute of internal auditors (iia): an organization for internal auditors that establishes ethical and practice standards; provides education, a professional exam, a profession designation: most important qualities of an internal auditor: Standards for the practice of internal auditing: guidelines issued by the institute of internal auditors, covering the activities and conduct of internal auditors. Relationship between internal and external auditors: external can rely on internal auditors if they are found reliable, which reduces the amount of testing needed and the fees. Internal auditors engage in operational auditing: the review of an organization for efficiency and effectiveness. Purpose of the audit: financial auditing: tries to determine whether historical information was correctly recorded, operation auditing: tries to determine effectiveness and efficiency. Distribution of the reports: financial auditing: goes to uses of financial statements, operation auditing: goes to management.

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