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Auditing and Assurance Services

You are about to embark on a journey of understanding how auditors work to keep the capital markets safe and secure for the investing public. You should know that students demonstrate success in the auditing course quite differently than they do in other accounting courses. For example, when taking financial accounting, students typically demonstrate success by correctly identifying the proper journal entry for a given set of facts and circumstances. In auditing, success is typically demonstrated by completing multiple choice and short answer questions based on the professional standards that regulate the auditing process. Overall, this book provides you with a comprehensive set of materials that will allow you to master these professional auditing standards. Chapter 1 provides an introduction to the auditing and assurance profession.

LO 1-1

Define information risk and explain how the financial statement auditing process helps to reduce this risk, thereby reducing the cost of capital for a company.

LO 1-2

Define and contrast financial statement auditing, attestation, and assurance type services.

LO 1-3

Describe and define the assertions that management makes about the recognition, measurement, presentation, and disclosure of the financial statements and explain why auditors use them as the focal point of the audit.

LO 1-4

Define professional skepticism and explain its key characteristics.

LO 1-5

Describe the organization of public accounting firms and identify the various services that they offer.

LO 1-6

Describe the audits and auditors in governmental, internal, and operational auditing.

LO 1-7

List and explain the requirements for becoming a certified information professional.

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