The 30,000-foot View of Financial Auditing. Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Audit Opinions -Financial.

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Presentation transcript:

The 30,000-foot View of Financial Auditing

Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Audit Opinions -Financial Statements GAAP AS or GAAS -Internal control over financial reporting (ICFR) AS5 Client Auditor The auditor must be: Competent Accounting Auditing Client’s business Ethical Independent In fact In appearance

Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Trial Balance General Ledger Journal Entries Systematic J.E.s Manual J.E.s Source Documents Processes & Controls

Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Trial Balance General Ledger Journal Entries Systematic J.E.s Manual J.E.s Source Documents Audit Opinions -Financial Statements -Internal control over financial reporting (ICFR) Selected Client Evidence Risk analysis Sampling Materiality Observation Walk through Flowcharting Inquiry Testing Analytic procedures Etc. ClientAuditor External Evidence

Audit Opinions -Financial Statements -Internal control over financial reporting (ICFR) Selected Client Evidence Risk analysis Sampling Materiality Observation Walk through Flowcharting Inquiry Testing Analytic procedures Etc. Auditor External Evidence Work Papers Collecting Reviewing Approving

Assurance Engagements Attestation Engagements Operational audits, Compliance audits, etc. [AICPA AT’s] Only CPAs Can Do This One! Financial Audits Public companies (issuers) [PCAOB AS’s] Private companies (non-issuers) [AICPA SAS’s]