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3 Cards in this Set

  • Front
  • Back
What are the responsibilities of the Auditor vs. the Company's Management?
(A1-3)
Auditor = Expression of Opinion

Company's Management = Financial Statements & Internal Control
What is the auditor's primary assertion?
(A1-4)
The primary assertion is whether the statements are "presented fairly" in accordance with GAAP.
What is the AICPA's definition of "fair presentation"?
(A1-4)
The financial statements reflect the underlying transactions of the company in a manner that represents the financial statements within a range of acceptable limits.