Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
3 Cards in this Set
- Front
- Back
What are the responsibilities of the Auditor vs. the Company's Management?
(A1-3) |
Auditor = Expression of Opinion
Company's Management = Financial Statements & Internal Control |
|
What is the auditor's primary assertion?
(A1-4) |
The primary assertion is whether the statements are "presented fairly" in accordance with GAAP.
|
|
What is the AICPA's definition of "fair presentation"?
(A1-4) |
The financial statements reflect the underlying transactions of the company in a manner that represents the financial statements within a range of acceptable limits.
|