Auditing and Assurance Services 1st Edition by Iris Stuart

Exercise 8

Auditor responsibilities. Your roommate, a history major, doesn't understand what auditors do or how they make their decisions.
a. Describe the audit process including a discussion of the role of evidence in this process.
b. Explain the audit standards of "sufficient appropriate evidence" and "professional skepticism."
c. The history major thinks that auditors guarantee the financial statements and are responsible for all fraud. Is she correct