Compare audits, reviews, and compilations in terms of: a. The types of procedures performed. Consider the following

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Compare audits, reviews, and compilations in terms of:
a. The types of procedures performed. Consider the following types of procedures in your response:
• Assessing control risk.
• Performing substantive tests of transactions and balances.
• Performing analytical procedures.
• Making inquiries of client personnel to verify or corroborate information supplied by the client.
• Obtaining knowledge of the client's organization, assets, liabilities, revenues, expenses, operations, locations, and transactions with related parties.
• Obtaining knowledge of the accounting principles and practices of the industry.
• Obtaining knowledge of the client's transactions, form of accounting records, qualifications of accounting personnel, the accounting basis to be used for the financial statements and the form and content of the statements.
b. The level of assurance expressed by the accountant.
c. In which situation would an accountant's standard report be least affected by a lack of independence-an audit, review, or compilation? Explain
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Auditing A Business Risk Approach

ISBN: 978-0538476232

8th edition

Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg

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