Ethics & the Audit Process
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Terms in this set
- Professional Skepticism An attitude of questioning mind and critical assessment of audit evidence throughout the engagement.
- Auditor Independence The requirement that an auditor be free of relationships that impair, or appear to impair, objectivity.
- Engagement Letter A written agreement establishing the terms, scope, and responsibilities of an audit engagement.
- Going Concern The assumption that an entity will continue operating for a reasonable period of time.
- Subsequent Events Events occurring after the balance sheet date but before the date of the auditor's report that may require adjustment or disclosure.
- Management Representation Letter A letter from management confirming its responsibilities and key representations to the auditor.
- Attestation Engagement An engagement in which a CPA reports on subject matter or an assertion that is the responsibility of another party.
- Review Engagement An engagement providing limited assurance, primarily through inquiry and analytical procedures.
- SOC Reports System and Organization Controls reports on a service organization's controls relevant to its clients.