Accounting Fundamentals for Health Care Management

Chapter 9, Test your know Knowledge

1.) What is the purpose of an audit preformed by a CPA?

2.) Do audits signify to fin financial statement users that no fraud and embezzlement occurred at the organanization?

3.) How does sampling financial transactions help an auditor identify accounting errors?

4.) How do the auditors management letter and opinion letter differ from each other?

5.) What is the opinion letter?

6) What are the different opinions that can be rendered on an opinion letter?

7.) Describe governmnet efforts to reduce audits failures.