General Auditing Overview and Rules for Accountants

1. Overview

1.1. Want an independent, knowledgable auditor

1.2. Gather evidence about financial statements

1.3. See if financial statements conform to GAAP

1.4. Issue opinion

1.4.1. unqualified

1.4.2. Qualified

1.4.3. Adverse

1.4.4. Disclaimer

2. 4 Stage Model for Audit

2.1. 1. Planning

2.2. 2. Test Controls

2.3. 3. Gather Evidence about Financial Statements

2.4. 4. Issue an Opinion

3. Audit Assertions

3.1. Classification

3.2. Completeness

3.3. Valuation

3.4. Existence

3.5. Cutoff

3.6. Ownership

3.7. Accuracy

3.8. Disclosures are adequate

4. General

4.1. 1. Technical training and proficiency

4.2. 2. Independent

4.3. 3. Due professional care

5. Field Work

5.1. 4. Plan and supervised

5.2. 5. Evaluate company environment including controls

5.3. 6. Gather sufficient appropriate evidence

6. Reporting

6.1. 7-10. Deal with reporting