ADMS 4551 Study Guide - Midterm Guide: Risk Assessment, Motivated Reasoning, Canada Revenue Agency

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Accumulation and evaluation of evidence (subject matter) To determine and report on the degree of correspondence between the information and established criteria. It reduces information risk associated with financial statements (the risk that the financial statements are inaccurate). Accounting is the recording, classifying and summarizing of economic events in a logical manner for the purpose of providing financial information to decision making. How to reduce information risk: user verifies information, user shares information risk with management. Provider submits audited financial statements: identify 3 major types of audits and 5 types of auditors. Financial statement audit: conducted by public accountants to determine whether the overall financial statements are stated in accordance with specified criteria. Public accountant (pa): only public accounting firms can conduct financial statement audits or reviews, and only canadian cpas with a public accountant"s license can sign an assurance report. Canadian provinces restrict the audit attest function to those public accountants.

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