Audit Standard and Engagement Planning

10 Generally Accepted Auditing Stds

T I P P I C A N O E
- T - Training and proficiency
- I - Independence
- P - Due Prof care
- P - Planning and supervision
- I - Internal Control
- C - Corroborative audit evidence
- A - Accounting = GAAP
- N - No new acct princples
- O - Omitted disclosures none
- E - Express an opinion
Professional Skeptism
- Attitude of:
- - questioning mind
- - critical assessment of evidance
3 Types of Audits

1. Compliance - Laws/Regs followed

2. Operational - Effect/Efficiency/Economy, done by CPA/IA/Govt Aud

3. F/S - exam to give obj opinion as to fairness of F/S presentation in conformity with GAAP

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Card Set

Audit Standard and Engagement Planning

Description

KN - Audit Standard and Engagement Planning

Updated

2013-04-26T06:10:53Z

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