[AFM 202] - Final Exam Guide - Ultimate 22 pages long Study Guide!

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM202
• Professor: Linda Robinson

Document Summary

10:06 am: what is auditing, we, as auditors, are verifying information that is prepared by someone else (management prepares f/s, we are confirming that the information are correct/ reasonably accurate, giving a level of assurance. Auditors not responsible for subject matter, but give opinion on it. An the auditor is an independent party to review the financial statements to give some level of assurance to the users. Accounting attempts to record and summarize a company"s transactions into f/s for the benefit of users. Accounting is a function of the organization"s management. The objective of the audit of f/s is to express an opinion whether the f/s are prepared, in all material respects, in accordance with the applicable financial reporting framework. Material: amount that will impact decision making of users. Financial reporting framework: ifrs: responsibilities of audit, auditors give/ owns opinions, management owns financial statements, professional skepticism and judgement.