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ACC490 / ACC 490 / Week 1 Summary

ACC490 / ACC 490 / Week 1 Summary

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Published by Number1Tutor
ACC490 / ACC 490 / Week 1 Summary
ACC490 / ACC 490 / Week 1 Summary

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Published by: Number1Tutor on Sep 27, 2011
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Week 1 Summary

This week’s reading covered up the various kinds of services carried out by auditors, controlling organizations and acts, and auditing requirements. The auditor’s duty and liability were also crucial subjects. Besides auditing services, there are also attestation services and the wide type of assurance services. Auditing services look into claims which have been made whereas attestation services analyze information to develop a decision regarding a specific requirement. Assurance services incorporate all of these as well as others for decision-

making objectives. Organization officials are accountable for the acceptability of internal controls and auditors should evaluate the assertions made regarding internal controls. Some companies. The most important influence involves internal controls. . The SOX Act of 2002 set up the PCAOB as the standard-setting body for the auditing work. Additionally. the auditor might be held responsible for damages under normal law or securities law. The auditor’s duty isn't only to the organization which ordered the service. for example stockholders and lenders. Some services search for positive assurance while others seek negative assurance. Generally Accepted Auditing Standards are essential for auditor to guarantee the excellence of the audit and help safeguard the auditor from responsibility lawsuits. It's important for auditors to think about all foreseeable parties that might use the information from the audit to form decisions. might be influenced by the outcomes of an audit even when they didn't pay for the service.

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