Professional Documents
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Modern Auditing: Modern Auditing
Modern Auditing: Modern Auditing
Modern Auditing:
Auditing:
Assurance
Assurance Services
Services and
and the
the Integrity
Integrity
of
of Financial Reporting, 8th Edition
Financial Reporting, 8 th
Edition
William C. Boynton
California Polytechnic State
University at San Luis Obispo
Raymond N. Johnson
Portland State University
• Degree of correspondence
Auditing
Auditing Defined
Defined (cont.)
(cont.)
• Established criteria
• Interested users
Comparative
Comparative Summary
Summary of
of Types
Types
of
of Audits
Audits
Types
Types of
of Auditors
Auditors
• Independent Auditors
• Internal Auditors
• Government Auditors
Assurance
Assurance Services
Services Defined
Defined
• Independence
• Professional services
• Quality of information
• Decision maker
Example
Example Assurance
Assurance Services
Services
• Audit Engagements
• Attest Services
– Examination
– Review Engagement
– Agreed-upon Procedures Engagement
• Accounting Services
• Compilation Services
Levels
Levels of
of Assurance
Assurance
• Reasonable Assurance
• Negative Assurance
• Agreed-upon Procedures
C. Operational Audit
Study
Study Break
Break
2. These auditors are typically CPA’s
who render professional auditing
services to clients.
A. Independent Auditors
B. Internal Auditors
C. Government Auditors
D. IRS Auditors
A. Independent Auditors
The
The Roots
Roots of
of Auditing
Auditing
• British influence and migration
• Consequence
• Complexity
• Remoteness
Economic
Economic Benefits
Benefits of
of an
an Audit
Audit
B. Unlimited Timeframe
Organizations
Organizations Associated
Associated with
with
the
the Public
Public Accounting
Accounting Profession
Profession
Regulatory
Regulatory Framework
Framework for
for
Ensuring
Ensuring High-Quality
High-Quality Services
Services
• Standard Setting
• Firm Regulation
• Government Regulation
Standard-Setting
Standard-Setting Organizations
Organizations
in
in the
the United
United States
States
Study
Study Break
Break
5. Which organization is considered to
be a private sector organization?
A. State Boards of Accountancy
B. Securities and Exchange Commission
C. AICPA
D. IRS
C. AICPA
Study
Study Break
Break
6. This component of regulatory framework
includes the inspection of audits by the
PCAOB staff and peers in other accounting
firms.
A. Standard setting
B. Firm regulation
C. Inspection and peer review
D. Government regulation