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Financial Statement Audit Audit is the accumulation and evaluation of evidence of about information to determine and report on the degree of correspondence between the information and established criteria . Evidence forms: • Electronic and documentary data about transactions • Written communication with outsiders
• Observations by the auditor • Oral testimony of the auditee
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AICPA
• American Institute of Certified Public Accountants (AICPA) – 1887 o Auditing Standards Board (ASB): • Statements on Auditing Standards (SASs) – 148 • Statements on Standards for Attestation Engagements (SSAEs) – 26 – Agreed-upon procedures
o Accounting and Review Services Committee (ARSC) • Statements on Standards for Accounting and Review Services (SSARS) – Compilation of the financial statements – Review of the financial statements
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