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Audit Responsibilities and Objectives

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Mina Mina
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48 views

Audit Responsibilities and Objectives

dd

Uploaded by

Mina Mina
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
You are on page 1/ 7

Chapter 6

Audit
Responsibilities
and Objectives

Copyright 2014 Pearson Education


1
Distinguish managements responsibility for
the financial statements and internal control
from the auditors responsibility for verifying
the financial statements and effectiveness of
internal control.

6-2
Copyright 2014 Pearson Education
Financial statements and internal controls.

Sarbanes-Oxley increases managements


responsibility for the financial statements.

CEO and CFO must certify quarterly and annual


financial statements submitted to the SEC.

6-3
Copyright 2014 Pearson Education
The Sarbanes-Oxley Act provides for criminal
penalties for anyone who knowingly falsely
certifies the statements.

6-4
Copyright 2014 Pearson Education
2
Explain the auditors responsibility for
discovering material misstatements due to
fraud or error, and the need to maintain
professional skepticism when conducting the
audit.

6-5
Copyright 2014 Pearson Education
Material Reasonable
misstatements Assurance

Professional
Errors vs. Fraud
Skepticism
Fraudulent
reporting
vs.
theft of assets
6-6
Copyright 2014 Pearson Education
Type Responsibility
Same for
Direct-Effect errors and
fraud

Indirect-Effect No Assurance

6-7
Copyright 2014 Pearson Education

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