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Notes Chapter 2 AUD

Notes Chapter 2 AUD

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Published by cpacfa
CPA Study Notes - AUD
CPA Study Notes - AUD

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Published by: cpacfa on Mar 05, 2008
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02/08/2015

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N[G * Oiwkp @an}wks 3aww}6))uuu/`}n*`ln/ise
^{ndhwx @iowsid Pwnognsgp
Wak lh|k howksskdnwkg kdkjkowp il ~{ndhwx `iowsid nsk6N ‐ N``k}wno`k nog `iowho{no`k il `dhkow‘p koenekjkowH ‐ Hogk}kogko`k$ howkeshwx nog icfk`wh|hwx@ ‐ @iowho{i{p jiohwishoe] ‐ ]kspiookd jnonekjkowN ‐ Npp{sno`k skensghoe koenekjkow }kslisjno`k
 N``k}wno`k nog `iowho{no`k il `dhkowp nog koenekjkowp
@iophgksp wak shpb nppi`hnwkg uhwa `dhkowp !gio‘w n``k}w n `dhkow uaipk jejw dn`bp howkeshwx(
[ogkswnbkp iodx waipk koenekjkowp wanw wak lhsj `no sknpioncdx kq}k`w wi `ij}dkwk uhwa }silkpphiond`nsk
 Hogk}kogko`k$ howkeshwx nog icfk`wh|hwx
]idh`hkp nog }si`kg{skp uah`a akd} jnhownho }kspiookd hogk}kogko`k ho ln`w nog n}}knsno`k
Dkng }nswoks nog wak sk|hkuhoe }nswoks j{pw siwnwk ill wak n{ghw k|ksx lh|k xknsp
Si{whok wnq skw{so }sk}nsnwhio$ wnq }dnoohoe nog kj}dixkk }kspiond wnq pks|h`kp nsk nddiukg {ogks Pnscnokp*Iqdkx c{w j{pw ck n}}si|kg cx wak n{ghw `ijjhwwkk ho ushwhoe
@iowho{i{p jiohwishoe 
Uanw wak whwdk hj}dhkp]kks sk|hku* Iok @]N lhsj sk|hkup noiwaks @]N lhsjp ~{ndhwx `iowsid pxpwkj$ i``{sp k|ksx 0 xknsp lis n @]N lhsjwanw hp n jkjcks il wak NH@]N/* ]{s}ipk hp wi gkwksjhok nog sk}isw uakwaks @]N lhsj ckhoe sk|hkukg anp gk|kdi}kg ngk~{nwk }idh`hkpnog }si`kg{skp lis ~{ndhwx `iowsid nog wakx nsk liddiuhoe wakj* [}io `ij}dkwhio$ n sk}isw hp hpp{kg uhwa `io`d{phiop nog sk`ijjkognwhiop
 ]kspiookd Jnonekjkow 
@shwkshn lis ahshoe$ nppheojkow il wak lhsjp }kspiookd wi koenekjkowp$ }silkpphiond gk|kdi}jkow nogng|no`kjkow
 Npp{sno`k skensghoe koenekjkow }kslisjno`k
]idh`hkp nog }si`kg{skp wanw npp{sk wanw wak koenekjkow uisb jkkwp }silkpphiond pwnognsgp$ ske{dnwisxsk~{hskjkowp$ nog wak lhsjp iuo pwnognsgp il ~{ndhwxENNP skdnwk wi wak `iog{`w il kn`a hogh|hg{nd koenekjkow$ uaksknp ~{ndhwx `iowsid skdnwk wi wak `iog{`w il ndd }silkpphiond n`wh|hwhkp il wak lhsjp }sn`wh`k np n uaidkWak ~{ndhwx `iowsid pwnognsgp il n lhsj nllk`w ciwa wak }kslisjno`k il kn`a n{ghw nog wak }kslisjno`k il wakn{ghw }sn`wh`k np n uaidkGklh`hko`hkp ho n lhsj‘p ~{ndhwx `iowsid gi oiw ok`kppnshdx jkno)hogh`nwk n dn`b il ENNP `ij}dhno`k/
Iwaks Koenekjkowp$ Sk}iswp nog N``i{owhoe Pks|h`kp
N{ghwhoe pwnognsgp an|k skpwsh`wkg p}k`hnd sk}iswp wi wak liddiuhoe ; nsknp>/ I@CIN ‐ {pk il iwaks `ij}skakoph|k cnphp il n``i{owhoe L)P !`npa cnphp$ }sh`k*dk|kd ngf{pwkg L)P(Wak {pk il oio*ENN] sk~{hskp wak n{ghwis wi hpp{k khwaks n ~{ndhlhkg is ng|kspk i}hohio {odkpp wak oio*ENN]jkwaig hp no I@CIN !ho uah`a `npk no {o~{ndhlhkg i}hohio hp n}}si}shnwk(
>
 
N[G * Oiwkp @an}wks 3aww}6))uuu/`}n*`ln/ise
3/ P}k`hlh` kdkjkowp$ n``i{owp is hwkjp il n L)P 
‐ Wak n{ghwis kq}skppkp no i}hohio io kn`a il wak p}k`hlhkgkdkjkowp$ hl wak kdkjkow hp lns*skn`ahoe is }ks|nph|k !OH$ PWB K^$ is nox hwkj cnpkg wakskio( wak n{ghwis j{pwn{ghw wak `ij}dkwk pkw il lhono`hnd pwnwkjkowp/N }hk`kjknd i}hohio jnx ck kq}skppkg hl wak hwkjp gi oiw `iopwhw{wk n jnfis }iswhio il wak L)P/ N }hk`kjkndi}hohio `nooiw ck hpp{kg hl wak n{ghwis anp kq}skppkg n ghp`dnhjks is ng|kspk i}hohio/
0/ Hpp{k p}k`hnd sk}isw io n `dhkowp `ij}dhno`k uhwa `iowsn`w{nd neskkjkowp is ske{dnwisx sk~{hskjkowp
N{ghwis j{pw an|k n{ghwkg wak L)P nog jnx iodx hpp{k okenwh|k npp{sno`k/ @nooiw ck hpp{kg hl wak n{ghwis anpkq}skppkg n ghp`dnhjks is ng|kspk i}hohio/ Dhjhwkgdx ghpwshc{wkg
7/ P}k`hnd }{s}ipk lhono`hnd }skpkownwhiop wi `ij}dx uhwa `iowsn`w{nd neskkjkowp is ske{dnwisx }si|hphiop
;/
 Lhono`hnd holisjnwhio }skpkowkg ho }skp`shckg lisjp is p`akg{dkp
‐ wak n{ghwis jnx nwwkpw wi wak lnhsokpp iolhono`hnd holisjnwhio }skpkowkg ho }skp`shckg lisjp p{`a np dino n}}dh`nwhiop is ske{dnwisx lhdhoep/Wak n{ghwis jnx jnbk jighlh`nwhiop wi no {o~{ndhlhkg p}k`hnd sk}isw cx ngghoe no kq}dnonwisx }nsnesn}a nlwks wak i}hohio }nsnesn}a
@ij}hdnwhio nog Sk|hku il Lhono`hnd Pwnwkjkowp
@]N‘p `no }kslisj wui dk|kdp il pks|h`k !`ij}hdnwhio nog sk|hku( uhwa skp}k`w wi {on{ghwkg L)P il n oio* }{cdh` `ij}nox/
@ij}hdnwhio koenekjkow 
‐ Oi npp{sno`k is i}hohio/ @]N gikp oiw }kslisj nox n{ghw is sk|hku }si`kg{skp/
 N Sk|hku
‐ Dhjhwkg !okenwh|k( npp{sno`k/ @]N }kslisjp ho~{hsx nog nondxwh`nd }si`kg{skpUako n @]N }kslisjp jisk wano iok pks|h`k !p{`a np `ij}dh`nwhio nog no n{ghw( wak @]N pai{dg hpp{k n sk}iswwanw hp n}}si}shnwk lis wak aheakpw dk|kd il pks|h`k skogkskg/No koenekjkow dkwwks hp sk`ijjkogkg c{w oiw sk~{hskgPwnwkjkowp io Pwnognsgp lis N``i{owhoe nog Sk|hku Pks|h`kp ‐ }sioi{o`kjkowp hpp{kg cx wak n``i{owhoe nogsk|hku pks|h`kp `ijjhwwkk il wak NH@]NN `ij}hdnwhio koenekjkow jnx ho|id|k `ij}hdhoe nog sk}iswhoe io iodx iok lhono`hnd pwnwkjkowWak `ij}hdnwhio koenekjkow sk}isw pai{dg ho`d{gk6 NDNSGN ‐ Pwnwkjkow wanw n `ij}hdnwhio anp ckko }kslisjkg ho n``isgno`k uhwa PPNSP hpp{kg cx wak NH@]ND ‐ Pwnwkjkow wanw n `ij}hdnwhio hp dhjhwkg wi }skpkowhoe$ ho wak lisj il L)P$ holisjnwhio wanw hp waksk}skpkownwhio il jejwN ‐ Pwnwkjkow wanw wak n``i{ownow anp oiw n{ghwkg wak L)PS ‐ Pwnwkjkow wanw wak n``i{ownow anp oiw sk|hkukg wak L)PG ‐ Ghp`dnhjks il i}hohio nog n pwnwkjkow wanw wak n``i{ownow eh|kp oi npp{sno`k io wak L)PXi{‘sk N DNSG uako ndd xi{ gi hp `ij}hdk L)P@ij}hdkg L)P wanw ijhw ENN] ghp`dip{skp nsk n``k}wncdk hl6
Sknpio lis ijhpphio unp oiw wi gk`kh|k {pks 
@ij}hdnwhio sk}isw unsop {pks il jhpphoe ghp`dip{skp@ij}hdnwhio uhwa dhjhwkg ghp`dip{skp nsk dnckdkg —Pkdk`wkg Holisjnwhio ‐ P{cpwnowhnddx Ndd Ghp`dip{skpSk~{hskg Cx ENN] Nsk Oiw Ho`d{gkg‚
3
 
N[G * Oiwkp @an}wks 3aww}6))uuu/`}n*`ln/ise
No i}hohio$ k|ko ~{ndhlhkg is ng|kspk$ sk~{hskp nog n{ghw/ Uako no n``i{ownow }kslisjhoe n `ij}hdnwhio is sk|hku ck`ijkp nunsk il n ENN] gk}nsw{sk$ wak sk}isw pai{dg ck jighlhkg is wak @]N uhwa uhwagsnu lsij wakkoenekjkow/ No i}hohio ui{dg oiw ck kq}skppkgNo n``i{ownow uai p{cjhwp {on{ghwkg L)P wi wak `dhkow wanw nsk oiw kq}k`wkg wi ck {pkg cx n wahsg }nswx jnx {pkno koenekjkow dkwwks snwaks wano n `ij}hdnwhio sk}iswSk|hku il L)P ‐ n aheaks dk|kd il pks|h`k wano `ij}hdnwhio ck`n{pk hw skp{dwp ho no kq}skpphio il dhjhwkgnpp{sno`k/ Sk|hkup ho`d{gk ho~{hsx nog nondxwh`nd }si`kg{skp/ Aiuk|ks$ oi sk~{hskg wi icwnho no {ogkspwnoghoeil howksond `iowsid is nppkpp `iowsid shpb No n{ghwis hp sk~{hskg wi }kslisj wakpk ho n Sk|hku6[ ‐ [ogkspwnoghoe uhwa `dhkow j{pw ck kpwncdhpakgD ‐ Dknso nog is icwnho p{llh`hkow boiudkgek il wak kowhwx‘p c{phokppH ‐ Ho~{hskpN ‐ Nondxwh`nd }si`kg{skpS ‐ Sk|hku$ iwaks }si`kg{skp@ ‐ @dhkow sk}skpkownwhio dkwwks sk~{hskg lsij jejw !gio‘w okkg uhwa n `ij}hdnwhio(] ‐ ]silkpphiond f{gekjkow pai{dg ck {pkgN ‐ N{ghwis pai{dg `ijj{oh`nwk skp{dwpWak icfk`wh|k il n sk|hku il lhono`hnd holisjnwhio hp wi gkwksjhok uakwaks jnwkshnd jighlh`nwhiop nsk ok`kppnsxlis wak holisjnwhio wi ck ho `iolisjhwx uhwa ENN]/ Oiw sk~{hskg wi `ijj{oh`nwk uhwa }skgk`kppis n{ghwis Jnbk ho~{hskp il howksond }kspiookd$ oiw kqwksond }ki}dk is kowhwhkp/@dhkow sk}skpkownwhio dkwwks lsij jejw hp sk~{hskg uah`a `i|ksp ndd L)P‘p nog }kshigp `i|kskg cx wak sk|hkusk}iswN{ghw wkpw uisb$ ho`d{ghoe wkpwhoe howksond `iowsidp$ hp oiw }kslisjkgWak n``i{ownowp sk}isw ho n sk|hku koenekjkow pai{dg ho`d{gk6N ‐ wak sk|hku anp ckko }kslisjkg ho n``isgno`k uhwa PPNSP pwnognsgp kpwncdhpakg cx wak NH@]NJ ‐ Ndd L)P holisjnwhio hp wak sk}skpkownwhio il jejwH ‐ n sk|hku `iophpwp }sho`h}nddx il ho~{hshkp il `ij}nox }kspiookdN ‐ n sk|hku `iophpwp il nondxwh`nd }si`kg{skp n}}dhkg wi lhono`hnd gnwnP ‐ n sk|hku hp p{cpwnowhnddx dkpp ho p`i}k wano no n{ghw O ‐ oi i}hohio hp kq}skppkgJ ‐ n``i{ownow hp oiw nunsk il nox jnwkshnd jighlh`nwhiop wanw pai{dg ck jngk wi wak L)P ho isgks lis wakj wi ck ho `iolisjhwx uhwa ENN]NJ H N POJ
 Sk}iswhoe io @ij}nsnwh|k L)P 
Uako wak `iowho{hoe n{ghwis }kslisjp n aheaks dk|kd il pks|h`k !pks|h`k {}esngk( ho wak `{sskow }kshig$ waksk}isw io wak }shis }kshig pai{dg ck {}gnwkg nog hpp{kg np wak dnpw }nsnesn}a il wak `{sskow }kshig‘p sk}iswGiuoesngk ho pks|h`k !dnpw xs uk sk|hkukg$ wahp xs uk `ij}hdk(/ Hpp{k n `ij}hdnwhio sk}isw nog ngg n }nsnesn}awi gkp`shck }shis }kshig skp}iophchdhwx npp{jkg/ Is hpp{k ciwa n sk|hku sk}isw nog `ij}hdnwhio sk}isw
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