AC 450CH. 1

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•Assurance: Quality of Info

•Consulting: Recs

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•Assurance

•Attest

•Audit

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Attest

•Subject Matter is resp. of another party

•Fin, Nonfin

•Written assurance

•Attestor

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3 Levels of assurance in Attest,

+

<>

0

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F/S Audit

• Attestor

• Subject Matters

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Demand for F/S Audit

• Acts

• risk of M misstmt

• Unbiased report

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Def of Auditing:

Auditing is a systematic process

(Cont.)

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of objectively

(Cont.)

obtaining & evaluating evidence

(Cont.)

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Regarding assertions

(Cont.)

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about economic actions & events

(Cont.)

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to ascertain the degree of correspondence

(Cont.)

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between those assertions and established criteria

(Cont.)

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and comm. results to interested users.

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Std SettingAICPA: ASB, SASs

(Cont)

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ARSC: SSARS (Cont)

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PCAOB: AS

(Cont)

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CPCAF (formerly POB):

(Cont)

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GAO (Cont)

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Types of other Audits

• Operational

• Compliance

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Standards

• SASs• SSAEs• SSARSs

(CONT)

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Standards

• QC• ET• AS• Others

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Types of Auditors

• Indep.• Internal• Govt.

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CPA, Cont.• License

3 Es• Certif.

(End)

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