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Auditing

In: Business and Management

Submitted By subedirojina
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AUDITING
A RISK-BASED APPROACH TO
CONDUCTING A QUALITY AUDIT
9th Edition
Karla M. Johnstone | Audrey A. Gramling | Larry E. Rittenberg

CHAPTER 5
PROFESSIONAL AUDITING STANDARDS AND THE
AUDIT OPINION FORMULATION PROCESS

Copyright © 2014 South-Western/Cengage Learning

LEARNING OBJECTIVES
1.

2.

3.

4.

Identify and compare the various auditing standards that provide guidance on the audit opinion formulation process
List and discuss the foundational principles underlying the auditing standards
List the phases and related activities in the audit opinion formulation process
Explain the concept of accounting cycles and discuss their importance to the audit opinion formulation process
Copyright © 2014 South-Western/Cengage Learning

5-2

LEARNING OBJECTIVES
5.

6.

7.

8.

Describe the assertions that are inherent to financial statements and explain their importance to the audit opinion formulation process
Define audit evidence and describe the purpose and types of audit procedures used to obtain audit evidence Discuss the importance of audit documentation and provide examples
Discuss audit activities in Phase I of the audit opinion formulation process
Copyright © 2014 South-Western/Cengage Learning

5-3

LEARNING OBJECTIVES
9.

10.

11.

12.

Discuss audit activities in Phase II of the audit opinion formulation process
Discuss audit activities in Phase III of the audit opinion formulation process
Discuss audit activities in Phase IV of the audit opinion formulation process
Discuss audit activities in Phase V of the audit opinion formulation process

Copyright © 2014 South-Western/Cengage Learning

5-4

LEARNING OBJECTIVES
13.

14.

Apply the concepts related to the auditor’s assessment of internal control design effectiveness, implementation, and operating effectiveness
Apply...

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