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In 1951, the first 24 Statements on Auditing Procedure were codified [6] The Codification also contains a summary history of the process of standardizing auditing practice up to 1951 (see pp. 5–8). In 1954, the Committee on Auditing Procedure finished work on the booklet Generally Accepted Auditing Standards: Their Significance and Scope. [7]
Some typical stages in the audit process. An audit is an "independent ... lines of the internal audit department. Internal auditors of publicly traded companies in ...
After the auditor has completed all procedures for each audit objective and for each financial statement account and related disclosures, it is necessary to combine the information obtained to reach an overall conclusion as to whether the financial statements are fairly presented.
Risk assessment procedures are used to assist the auditor to better understand the business and to plan the nature, timing and extent of audit procedures. Substantive analytical procedures are used to obtain evidential matter about particular assertions related to account balances or classes of transactions. [3]
Codification of Auditing Standards and Procedures full-text: November 1972 2: Reports on Audited Financial Statements full-text: October 1974 3: The Effects of EDP on the Auditor's Study and Evaluation of Internal Control full-text: December 1974 4: Quality Control Considerations for a Firm of Independent Auditors full-text: December 1974 5
When the auditor cannot express an overall opinion, the auditor should state the reasons therefore in the auditor's report. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the ...
An audit plan is the specific guideline to be followed when conducting an audit. [2] it helps the auditor obtain sufficient appropriate evidence for the circumstances, helps keep audit costs at a reasonable level, and helps avoid misunderstandings with the client.
In the audit planning stage, audit evidence is the information that the auditor considers when determining the most effective and efficient approach for the audit. [8] For example, reliability of internal control procedures, and analytical review systems.