ACTG 3P11 Chapter Notes - Chapter 1: Management Consulting, Internal Control, Financial Statement

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Published on 17 Apr 2013
School
Brock University
Department
Accounting
Course
ACTG 3P11
Professor
CHAPTER 1
AUDITING
The accumulation and evaluation of evidence
Determine and report on the accuracy of financial statements
Competent, independent person
A high level of assurance that there are no material misstatements
Key Words:
Opinion
Fairly presented
Materiality
GAAP/IFRS
Types of Audits:
Financial Statement
Compliance
o Procedures/rules
Operational
o Efficiency/effectiveness
Value-for-Money
o Considers economy
ASSURANCE SERVICES
Assurance
Engagement:
A service where a written communication is provided expressing an opinion about
the reliability of an assertion made by another party; "assurance service"
Assurance
Audits
Reviews
Internal control over financial reporting
Attestation services on IT
Other attestation services
Non-Assurance
Accounting and bookkeeping
Tax services
Other management consulting
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