OPTIONS:

assertion

codification

financial reporting framework

generally accepted accounting principles

international auditing and assurance standards board

interpretations

professional skepticism

quality control

shareholders

Select the necessary words from the list of possibilities to complete the following statements. 1. Having a questioning mind, being alert to conditions that may indicate possible 2. misstatement due to errors or fraud, and having a critical assessment of audit evidence are all characteristics of 3. Statements The purpose of an audit conducted in accordance with generally accepted auditing standards is to provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable 5. The FASB nongovernmental entities. is the source of authoritative GAAP to be applied by Investors need to compare financial statements of different companies. The 4. standards most frequently followed to prepare financial statements in the United States are CPA firms should establish policies and procedures to provide assurance that their services adhere to firm and professional standards