Reading...
Play button
Play button
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;
9 Cards in this Set
- Front
- Back
|
Information Asymmetry
|
present because the seller typically has more information about the house than does the buyer
|
|
|
Auditing
|
A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence b/w those assertions and established criteria and communicating the results to interrested users
|
|
|
Attest
|
Attest services occur when a practitioner is engaged to issue or does issue a report on subject matter, or an assertion about subject matter, that is the reponsibility of another party.
|
|
|
Assurance Services
|
Independent professional servvices that improve the quality of information, or its context, for decision makers
|
|
|
Scope of Audit
|
REM
|
|
|
REM
|
Risk
Evidence Materiality |
|
|
ATI
|
Account Balance (most direct)
Individual Transactions (Check ones that affect each account balance) Internal Controls (least direct) |
|
|
Major Phases of the Audit
|
Client Acceptance
Preliminary Engagement Activities Establish Materiality and assess risk Plan the audit Consider and audit internal control Audit business processes Complete the Audit Evaluate results and issue audit report |
|
|
Unqualified Report
|
Title
Addressee Introductory Paragraph Scope Paragraph Opinion Paragraph Explanatory Paragraph (internal controls) Name of Auditor Date of Report |
