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• • <br />GLOSSARY <br />ADVERSE OPIl~TION. An opinion in which the <br />independent auditor states that financial state- <br />ments are not fairly presented. <br />AICPA. American Institute of Certified Public <br />Accountants. <br />AMERICAN INSTITUTE OF CERTIFIED <br />PUBLIC ACCOUNTANTS. Professional associ- <br />ation of certified public accountants that sponsors <br />the Auditing Standards Board, which historically <br />has set both generally accepted auditing stan- <br />dards and attestation standards. <br />ASB. Auditing Standards Board. <br />ATTESTATION ENGAGEMENT. Engage- <br />ments performed by financial statement auditors <br />that are designed to provide assurance on mat- <br />ters other than financial reports. <br />ATTESTATION STANDARDS. Standards es- <br />tablished by the Auditing Standards Board to <br />guide financial statement auditors in the conduct <br />of attestation engagements. <br />AUDIT. The systematic examination of the as- <br />sertions or actions of a third party to evaluate <br />conformance to some norm or benchmark. <br />AUDIT CONIlVIITTEE. A group of individuals <br />appointed by the legislative body and given re- <br />sponsibility for overseeing all aspects of audit <br />procurement and monitoring. <br />AUDITING STANDARDS BOARD. A group <br />sponsored by the American Institute of Certified <br />Public Accountants that historically has estab- <br />TO AUDITING 55 <br />