hehe. my daddy's countin on his little horse! =) i thought it was fairytale to say daddy's countin on his little girl. i dunno why fer this instant ive become a his little horse. mayb uz hes born in the yr of the horse? thus, the horse..? he says wot he has invested on me is like investin on a bet.. and i have to do well fer my exams *gallops* haha.. heeehooorrr! -grunts-

ok, im halfway thru my auditing notes. practically everything.. i shall try to type something here..
- independence of an auditor ; objectivity(clients are relyin on you to give an opinion if client's financial statements give a true and fair view i mean like how can they rely on ya opinion if ure in someway affliated with the company ure auditing! cmon, tts cow sense) [ its affected by client fees, blood rships, shareholdings, loans to/from client,other services :p like offering to give a blow job instead of audit -->nAH! its offerin to provide things other dan being involve in day to day decision makin of clients biz]
-compliance testing (that's test of the controls fer you!)
-substantive testing (its related to compliance testing.. the better the results of compliance testing, it wld prove that the controls are in place and working effectively.. and thus less substantive testing. substantive testing is abt the test of numbers.. to see if they balance.. like in the sales ledger and in the sales control ledger the numbers have to tally!)
-inherent risk (risk that is naturally thr in the biz)
-materiality (omission, misstatement that cld influence economic decision of users on the basis of the financial statements)

enough said.. did i bore you?