Auditing: The Rise of a Profession
We have audited the balance sheet and say in our reportThat the cash is overstated, the cashier being short;That the customers’ receivables are very much past due;That if there are some good ones they are very, very few;That the inventories are out of date and principally junk;That the method of their pricing is very largely bunk;That, according to our figures, the undertakings’ wrecked.But, subject to these comments, the balance sheet’s correct.
—John Carey1
A textbook definition of an audit: “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 ...
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