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Introduction to Auditing - Coggle Diagram
Introduction to Auditing
Definition
A systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions & events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.
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Objective of Audit
To obtain reasonable assurance about whether the financial report as a whole is free from material misstatement
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Agency Theory
A contract under which one or more persons to perform services on behalf which involves delegating some decision-making authority to the agent
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