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ESSENTIAL TERMS Chapter One Accounting—the recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making Auditing—the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria Assurance services—independent professional service that improve the quality of information for decision makers Attestation service—a type of assurance service in which CPA firm issues a report about the reliability of an assertion that is the responsibility of another party Audit of historical financial statements—a form of attestation service in which the auditor issues a written report stating whether the financial statements are in material conformity with generally accepted accounting principles Operational audit—a review of any part of an organization’s operating procedures and methods for the purpose of evaluating efficiency and effectiveness Compliance audit—a review conducted to determine whether the auditee is following special procedures, rules, or regulations set by some higher authority Financial statement audit—an audit conducted to determine whether the overall financial statements of an entity are stated in accordance with special criteria (usually generally accepted accounting principles) Chapter Two Generally accepted auditing standards( GAAS)—10 auditing standards, developed by the AICPA, consisting of general standards, standards of filed work, and standards of reporting, along with interpretation; often called auditing standards Quality control—methods used by a CPA firm to ensure that the firm meets its professional responsibilities to clients and others Statements on Auditing Standards (SASs)—pronouncements issued by the AICPA to interpret generally accepted auditing standards Chapter Four Independence in appearance—the auditor’s