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The 30,000-foot View of Financial Auditing. Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Audit Opinions -Financial.

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Presentation on theme: "The 30,000-foot View of Financial Auditing. Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Audit Opinions -Financial."— Presentation transcript:

1 The 30,000-foot View of Financial Auditing

2 Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Audit Opinions -Financial Statements GAAP AS or GAAS -Internal control over financial reporting (ICFR) AS5 Client Auditor The auditor must be: Competent Accounting Auditing Client’s business Ethical Independent In fact In appearance

3 Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Trial Balance General Ledger Journal Entries Systematic J.E.s Manual J.E.s Source Documents Processes & Controls

4 Financial Statements -Income Statement -Balance Sheet -Cash flow Statement -Notes to F/S Trial Balance General Ledger Journal Entries Systematic J.E.s Manual J.E.s Source Documents Audit Opinions -Financial Statements -Internal control over financial reporting (ICFR) Selected Client Evidence Risk analysis Sampling Materiality Observation Walk through Flowcharting Inquiry Testing Analytic procedures Etc. ClientAuditor External Evidence

5 Audit Opinions -Financial Statements -Internal control over financial reporting (ICFR) Selected Client Evidence Risk analysis Sampling Materiality Observation Walk through Flowcharting Inquiry Testing Analytic procedures Etc. Auditor External Evidence Work Papers Collecting Reviewing Approving

6 Assurance Engagements Attestation Engagements Operational audits, Compliance audits, etc. [AICPA AT’s] Only CPAs Can Do This One! Financial Audits Public companies (issuers) [PCAOB AS’s] Private companies (non-issuers) [AICPA SAS’s]

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