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What are the five phases of the audit opinion formulation process?  Use the illustration below to help you answer this question.

What are the five phases of the audit opinion formulation process?  Use the illustration below to help you answer this question.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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What are the five phases of the audit opinion formulation process?  Use the illustration below to help you answer this question.

Exhibit 1.2 The Audit Opinion Formulation Process III. Obtaining IV. Obtaining Substantive 1. Making Client Acceptance and V. Completing the Audit and Evidence About II. Performing Risk Evidence About Internal Control Assessment Accounts, Making Reporting Continuance Operating Effectiveness Disclosures, and Decisions Chapters 2, 3, 7, and 9-13 Decisions Assertions Chapter 1 Chapters 14 and 15 Chapters 8-13 Chapters 8-13 Auditing Profession, Audit Quality, and the Need for Quality Judgments and Ethical Decisions Professional Liability Chapter 4 Chapter 1 The Audit Opinion Formulation Process and a Framework for Obtaining Audit Evidence Chapters 5 and 6
Transcribed Image Text:Exhibit 1.2 The Audit Opinion Formulation Process III. Obtaining IV. Obtaining Substantive 1. Making Client Acceptance and V. Completing the Audit and Evidence About II. Performing Risk Evidence About Internal Control Assessment Accounts, Making Reporting Continuance Operating Effectiveness Disclosures, and Decisions Chapters 2, 3, 7, and 9-13 Decisions Assertions Chapter 1 Chapters 14 and 15 Chapters 8-13 Chapters 8-13 Auditing Profession, Audit Quality, and the Need for Quality Judgments and Ethical Decisions Professional Liability Chapter 4 Chapter 1 The Audit Opinion Formulation Process and a Framework for Obtaining Audit Evidence Chapters 5 and 6
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