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The Audit Function - An Overview
The Audit Function - An Overview
The Audit Function - An Overview
Function --
An Overview
(Attestation)
Auditing Defined
#1
A systematic process of
objectively obtaining and
evaluating evidence
regarding assertions about
economic actions and
events to ascertain the
degree of correspondence
between those assertions and
established criteria and
communicating the results to
interested users.
General Standards
• Competency (Training and
proficiency)
–In criteria
–In obtaining and
evaluating evidence
–In reporting
• Independence
• Due care
Generally Accepted
Auditing Standards
Fieldwork
Standards
• Planning and
supervision
• Internal control
structure
• Sufficient,
competent
evidence
Generally Accepted
Auditing Standards
Reporting Standards
• Inconsistency
• Inadequate disclosure
• Expression of Opinion
Other Types of
Audits
Compliance Audits
• Financial Audits
• Performance Audits
InternalAudits
Operational Audits
Types of
Audit Reports
Corresponde
nce
YES
YES, but...
NO
DON’T KNOW
Types of
Audit Reports
Correspond
ence
YES Unqualified Opinion
• Standard Report
• Modified Report
YES, but... Qualified Opinion
• Scope Qualification
• GAAP Departure
Qualification
NO Adverse Opinion