What is Auditing and What to Expect in Auditing Theory? - Ep1

What is Auditing?
Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.
(American Accounting Association)
Based on this definition, therefore, an audit has the following characteristics:
1. An audit is a systematic process, meaning, it follows a specific methodology or step by step procedures and these audit procedures are guided by standards, which in the Philippines, is called the Philippine Standards on Auditing or PSA and the Philippine Auditing Practice Statements or PAPS.
2. Auditing is an objective process, meaning, free from bias. Thus, an auditor should be independent from the organization being audited.
3. An audit involves obtaining and evaluating evidence. The gathered evidence will be the basis of the professional opinion regarding the fairness of the presentation of the financial statements.
4. The auditor evaluates the correspondence of the assertions, which are contained in the financial statements, by comparing them with criteria.
5. The results of the evaluation made by the auditor is communicated to the intended users via the auditor’s report.
#AuditingTheory #ExternalAudit #TheCPARecipe

[@TheCPARecipe]

What's up bro! Let me know your thoughts about this video by commenting down below.

[@GTV-kv7he]

Please discuss more on Internal Audit, what are internal controls, components of internal controls, understanding the design, implementation and testing of internal controls 💜💜💜

[@ninevehjeneanaacojedo2950]

Hands down for a very creative yet very informative audit theory discussion 😊😊😊
This is where learning is fun 😍😍

[@TheCPARecipe]

Thank you so much! Dont forget to hit like, share and subscribe!

[@rach9918]

Thank you so much for this. It's brief but very clear, understandable, and direct to the point.

[@jusminebenzon7808]

woww. Thank you po sir! looking forward for more videos💖

[@ronalynpascual4274]

Waiting for further discussion. Thank you sa video.

[@TheCPARecipe]

yes coming out soon!

[@ivory2907]

Thank you so much po. I'm patiently waiting po for more videos(AFAR, Audit & MAS)😊😊

[@TheCPARecipe]

You're welcome! Please share to your classmates and friends ❤️

[@kenthernandez1644]

Very easy to understood.. worth it!! thank u, Sir.

[@TheCPARecipe]

Thank you so much! Please tell your friends about us. ❤️😊

[@TheCPARecipe]

Thank you so much! Please tell your friends about us. ❤️😊

[@GTV-kv7he]

Kudos! Rquesting to discuss more on Internal Auditors,what are internal controls, components of internal control,Understanding design and implementation and of testing internal controls 💜💜💜

[@karenjoycedumaguing4829]

very informative..

[@TheCPARecipe]

New episode for this audit playlist is out now. ❤️

[@alexissabijon6324]

Thanks for this po! Hoping for more uploads. God bless po.

[@aculinaashleynicole2577]

Waiting for more discussions po, thank you sir❤

[@TheCPARecipe]

Check out episodes 2 and 3 in Audit Theory playlist. More to come so stay tuned!

[@carylhaideemarcos4196]

Very informative sir. Helpful for my preparation sa CPALE. Hoping for more Auditing Theory videos. God bless.

[@TheCPARecipe]

Hi! you can check out the latest video. Now available 😊

[@leonardodelacruz8275]

Well explained panero.

[@kristinalane7590]

Thank you, Sir Ron!

[@TheCPARecipe]

You're welcome! Dont forget to hit like, share and subscribe!

[@michaelvillareal9593]

Hello Sir...Good Afternoon...Sir pwede po ba kayo gumawa ng Video about sa different types of AUDIT and Auditing Techniques...thank you...

[@SirATheCPAProf]

Thumbs up ng sampung daliri Ron! 👐 good job!

[@TheCPARecipe]

I feel honored sir na marecognize niyo po. 🙏❤️ Maraming salamat po.

[@JN-cg3zq]

thank you sir! witty ng intro po barney stinson is dat u hahahaha

[@TheCPARecipe]

Challenge accepted. 😜

[@pascuapiamaea.3364]

Yey, thank u sir! 💓

[@TheCPARecipe]

You're welcome! Don't forget to subscribe para updated sa weekly episode!

[@blesselainebarrientos196]

Thank you Sir 🤗

[@marygracequiles3617]

Wahhh thank youuuu sir lods❤️

[@TheCPARecipe]

Thank you! Don't forget to hit like, share and subscribe!

[@markedejer8442]

Thankyouuu Dude Pare Tsong ❤️

[@TheCPARecipe]

You're welcome! See you in next week's episode.

[@marvindelossantos1706]

thank you so muchhhh, Sir!!!

[@TheCPARecipe]

Welcome! Please share this channel to your friends!

[@julesvincentanecito4259]

Thank you sir😍

[@TheCPARecipe]

You're welcome!

[@dondon3421]

Im not a cpa or something pero under ako sa coa haha gusto kong matuto pa.

[@AA-bd7vt]

Dapat po ba master mo na Intermed. Ac para masmapadali ang auditing o not realated

[@rockzz2283]

Do videos in English please