FREB22H3 Chapter Notes - Chapter 1: Audit Evidence, Corporate Social Responsibility, Financial Statement

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21 Apr 2014
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Auditing and assurance defined: assurance engagement an engagement performed by an auditor or consultant to enhance the reliability of the subject matter. Involves an assurance provider arriving at an opinion about info being provided by their client to a third party eg. Financial statement audit: accountability relationship situation in which one party is answerable to another for the subject matter. Tax audit: operation audit an assessment of the economy, efficiency, and effectiveness of an organization"s operations eg. Difference levels of assurance: reasonable assurance assurance that provides high but not absolute assurance on the reliability of the subject matter. Gathers sufficient evidence upon which to form a positive expression of an opinion regarding whether the information being assured is presented fairly: moderate assurance assurance that provides negative assurance on the reliability of the subject matter. Merely reporting activities that have been performed and not providing assurance.

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