Auditing and Assurance Principles
Auditing and Assurance Principles
Auditing and Assurance Principles
Assurance
Principles
Jose M. Ireneo
Shirley C. Ireneo
George R. James
Chapter 1: Fundamentals of
Assurance Services
Summary of Leaning Objectives
1. Appreciate why it is imperative for students to take
up Auditing
.The application of auditing concepts learned in this
examples.
.Assurance
.Refers to the auditors satisfaction as to the reliability of an
engagements(attest engagement)
.Is an engagement in which a practitioner is
engaged to issue, or does issue, a written
communication that expresses a conclusion
about the reliability of a written assertion that
is the responsibility of another party.
.Examples include audits and reviews.
engagements
.Audits may be classified as follows:
a) According to the nature of data or assertion
statement audit
.Objective of an audit
.Expression of an opinion on the fairness of such
financial statements
.The auditor normally determines the scope of an
(Revised)
8. Give examples of the limitations of an audit
.An audit cannot provide absolute assurance that the subject matter(for
reading/writing skills