2011 Auditing 1 Update

Auditing 1
Update for the 2011 Edition
Last Updated December 7, 2010

SECTION A: TEXT AND LECTURE ERRATA

Item A.1
Pg. A1-4, Item E. The Auditor Must Then Report His or Her Findings Based Upon the Evidence
Examined
The following item should be deleted from the text (change highlighted):

1. The primary assertion is whether the statements are "presented fairly" in accordance with GAAP
(Generally Accepted Accounting Principles).
a. This decision as to fair presentation is a judgment call by the auditor. The American Institute
of Certified Public Accountants (AICPA) defines fair presentation as follows: the financial
statements reflect the underlying transactions of the company in a manner that represents
the financial statements within a range of acceptable limits.
b. GAAP sources are further discussed in Appendix 1.

SECTION B: PASSMASTER, SIMULATIONS, & QUIZZES ERRATA

None

SECTION C: TEXT AND LECTURE ADDITIONAL OR ENHANCED INFORMATION

None

SECTION D: PASSMASTER, SIMULATIONS, & QUIZZES

ADDITIONAL OR ENHANCED INFORMATION

None

EDITORS’ COMMENTS

Some of the Items above have come from our internal review process, some have come from questions
and comments from Becker instructors around the world, and some have come from questions asked by
various candidates, either from Becker Profhelp or in online or live classes. We wish to thank all of these
individuals as a group for their efforts to improve our materials.

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