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  2. Statement on Auditing Standards No. 99: Consideration of Fraud

    en.wikipedia.org/wiki/Statement_on_Auditing...

    SAS 99 defines fraud as an intentional act that results in a material misstatement in financial statements. There are two types of fraud considered: misstatements arising from fraudulent financial reporting (e.g. falsification of accounting records) and misstatements arising from misappropriation of assets (e.g. theft of assets or fraudulent expenditures).

  3. Auditor's report - Wikipedia

    en.wikipedia.org/wiki/Auditor's_report

    An auditor's report is a formal opinion, or disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit, as an assurance service in order for the user to make decisions based on the results of the audit.

  4. Audit substantive test - Wikipedia

    en.wikipedia.org/wiki/Audit_substantive_test

    Substantive procedures (or substantive tests) are those activities performed by the auditor to detect material misstatement at the assertion level. [1]Management implicitly assert that account balances and disclosures and underlying classes of transactions do not contain any material misstatements: in other words, that they are materially complete, valid and accurate.

  5. Statements on Auditing Standards (United States) - Wikipedia

    en.wikipedia.org/wiki/Statements_on_Auditing...

    SAS No. 65, The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements; SAS No. 87, Restricting the Use of an Auditor's Report; and; the following clarified SASs that were issued to address practice issues timely and are already effective: SAS No. 117, Compliance Audits (issued December 2009);

  6. Legal liability of certified public accountants - Wikipedia

    en.wikipedia.org/wiki/Legal_liability_of...

    Large public accounting firms perform thousands of audits annually. Ultimately they will find unmodified reports on financial statements that could appear to be misleading. If CPAs fail to modify the audit report on financial statements that are materially misstated, investors and firm creditors may experience substantial losses.

  7. Audit - Wikipedia

    en.wikipedia.org/wiki/Audit

    A project audit provides an opportunity to uncover issues, concerns and challenges encountered during the project lifecycle. [20] Conducted midway through the project, an audit affords the project manager, project sponsor and project team an interim view of what has gone well, as well as what needs to be improved to successfully complete the ...

  8. Management assertions - Wikipedia

    en.wikipedia.org/wiki/Management_assertions

    In developing that conclusion, the auditor evaluates whether audit evidence corroborates or contradicts financial statement assertions. [2] Second, auditors are required to consider the risk of material misstatement through understanding the entity and its environment, including the entity's internal control.

  9. Materiality (auditing) - Wikipedia

    en.wikipedia.org/wiki/Materiality_(auditing)

    In terms of the Conceptual Framework (see "materiality in accounting" above), materiality also has a qualitative aspect. This means that, even if a misstatement is not material in "Dollar" (or other denomination) terms, it may still be material because of its nature. An example is if a disclosure is omitted from the financial statements.