BUSI 3007 Study Guide - Final Guide: Decision-Making, Gross Margin, Competitor Analysis

• School: Carleton University
• Department: Business
• Course: BUSI 3007
• Professor: Bujaki

Document Summary

Accounting - recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making. Auditing - auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. Auditing should be done by a competent, independent person. To report on the financial statements, and communicate as required by the cass, in accordance with the auditor"s findings. Audit report: audit report reports on, what the auditor did, what conclusions the auditor drew, usually the only part of the audit seen. E(cid:396)(cid:448)es to (cid:272)o(cid:373)(cid:373)u(cid:374)i(cid:272)ate the (cid:374)atu(cid:396)e a(cid:374)d e(cid:454)te(cid:374)t of audito(cid:396)(cid:859)s asso(cid:272)iatio(cid:374) (cid:449)ith the fi(cid:374)a(cid:374)(cid:272)ial state(cid:373)e(cid:374)ts. Standard unqualified audit report: appropriate if: performed an audit followed generally accepted auditing standards collected sufficient appropriate audit evidence statements are presented fairly iaw appropriate applicable accounting framework no circumstances to necessitate change in wording or additional explanation.