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Solution Manual for Auditing and Assurance Services, 16th Edition

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1-1Chapter 1The Demand for Audit and Other Assurance ServicesConcept ChecksP.81.To do an audit, there must be information in averifiable formand somestandards(criteria)bywhichtheauditorcanevaluatetheinformation.Determiningthedegreeofcorrespondencebetweeninformationandestablished criteria is determining whether a given set of information is inaccordancewiththeestablishedcriteria.Foranauditofacompany’sfinancial statements the criteriaareU.S.generally accepted accountingprinciplesorInternational Financial Reporting Standards.2.The four primary causes of information risk are remoteness of information,biases and motives of the provider, voluminous data, and the existence ofcomplexexchange transactions.The three main ways to reduce information risk are:1.User verifies the information.2.User shares the information risk with management.3.Audited financial statements are provided.P.171.The three main types of audits are operational audits, compliance audits, andfinancial statement audits. The table below summarizes the purposes andnature of each type of audit.OPERATIONALAUDITSCOMPLIANCEAUDITSAUDITS OFFINANCIALSTATEMENTSPURPOSETo evaluatewhetheroperatingprocedures areefficient andeffectiveTo determinewhether the client isfollowing specificprocedures set byahigher authorityTo determinewhether theoverall financialstatements arepresented inaccordance withspecified criteria(usually GAAP)

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Auditing And Assurance Services by ...

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