AuditCh1

the lending of credibility to information

providing independent professional information, opinion, or report concerning the quality of information, or its context, for decision makers

providing an opinion on subject matter or an assertion about ht esubject matter that is the responsibility of another party

the lending of credibiilty to assertions made by a third party

a systematic process of objectively obtaining and evaluation evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested users

the probability an entity will fail to meet its objective and, ultimately fail

refers to the date, normally the client's year-end balance sheet date, around which transactions should be recorded in the proper period (year)

Broad-based process of providing statements of financial position (balance sheets), results of operations (income statements, statements of shareholders' equity, and statements of comprehensive income), changes in cash flows (statement of cash flows and accompanying disclosure notes (footnotes) to outside decision makers who have no internal source of information

the probability that the information circulated by a company will be false or misleading

an assurance and consulting activity that provides management with information regarding efficient and effective operations; compliance with laws, regulations, policies, and procedures; and other organizational performace issued designed to reduce risk and add value to the organization

the study of business operations for the purpose of making recommendations abou the efficient use of resources, effective achievement of business objectives, and compliance with company policies

an auditor's tendency not to believe management's assertions without sufficient corroboration

the process through which CPAs licensed in one state can practice in another state