Textbook Notes (368,098)
Canada (161,641)
Accounting (248)
ACCT 3280 (18)
Hiscock (4)
Chapter 1

Chapter 1 - Intro To Auditing.docx

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ACCT 3280

Chapter 1Intro to Auditing Auditingverification of information by someone other than the one providing itAuditors verify the reliability of raw transactions which over a period of time comprise financial statements thereby reducing the information risk for investorsThe recent failures of assurance Enron WorldCom have brought auditing into the limelight and so investors are more cautious of the risks of investing giving rise to the demand for reliable and trustworthy auditsClientis the person company board of directors agencythat pays for the audit services to be conducted upon a companyAuditeeis the organization whos financial statements are being audited Three Party Accountabilitythe auditor is called the first party and the seller of investments the second party The investor is considered the third party o The auditor is an independent party hired to verify the information that the second party has provided because the third party does not trust the information provided by the second partyo Third party feels the information risk is too
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