Auditing Ch 2 & 3

Front 1

3 categories for GAAS

Back 1

general standards
standards of fieldwork
standards of reporting

Front 2

3 general standards

Back 2

adequate technical training and proficiency
maintain independence in mental attitude
exercise due professional care in audit and report

Front 3

3 standards of fieldwork

Back 3

adequately plan and properly supervise assistance
sufficient understanding of the entity and its environment (internal control, asses risk of misstatement in statements and design nature, timing and extent of further audit procedures)
obtain sufficient appropriate audit evidence

Front 4

3 standards of reporting

Back 4

determine whether the statements are presented with accordance with GAAP
identify where principles have not been consistently observed
when info disclosed is not reasonably adequate you have to state it
either express an opinion or state that an opinion cannot be expressed

Front 5

4 categories for audit reports

Back 5

standard unqualified
unqualified with explanatory paragraph
qualified
adverse

Front 6

standard unqualified

Back 6

all statements are included
3 general standards have been followed
appropriate evidence has been gathered and auditor has conducted the engagement in a way he can say they have been met
presented in accordance with GAAP
no places requiring explanation or modification

Front 7

unqualified with explanatory paragraph

Back 7

audit took place with satisfactory results but auditor thinks important to provide additional info

Front 8

qualified

Back 8

statements are fairly presented but scope of the audit was restricted or GAAP was not followed in prep

Front 9

adverse or disclaimer

Back 9

statements were not fairly presented, he cant determine whether or not the statements are presented fairly or he is not independent