[ACCT 497] - Final Exam Guide - Everything you need to know! (64 pages long)

• School: Iowa State University
• Department: Accounting
• Course: ACCT 497
• Professor: Lee Suman

Document Summary

The relationships among auditing, attestation, and assurance engagements: assurance services, attestation services, auditing. Internal control attest: case: why does earthwear want to get attest service, to make sure that they get a second opinion on more than just the numbers. Overview of the financial statement audit process: if someone gives you a bank statement, make sure you call the bank to verify it is true and a valid statement. December 31st, but did not get to customer until january 2nd. Recorded in january: accuracy transactions are recorded at the correct amount, classification transactions have been posted to the proper account. Gaap: liabilities: asset impairment, notes payable, accuracy and valuation balances are reported at the proper amount in accordance with. Professional skepticism: refers to an auditor"s questioning mindset towards representations made by management and evidential matter gathered, inquiry alone is never enough.