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Auditing and Assurance Services 1st Edition by Iris Stuart
النسخة 1الرقم المعياري الدولي: 978-0073404004Auditing and Assurance Services 1st Edition by Iris Stuart
النسخة 1الرقم المعياري الدولي: 978-0073404004 تمرين 2
Explain how the audit report is used to describe the responsibilities of the auditor and management, the work done by the auditor during the audit, and the conclusions reached by the auditor regarding the financial statements being audited.
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Audit report:
A written opinion on the company's financial statement through an auditor is called an audit report. The audit report is mandated by GAAS (generally accepted auditing standards) and should be written in a standard format.
The responsibility of auditors and management is described in the first paragraph of the audit report.
The manager responsibility safeguards and keeps control overs the assets, inventory on the behalf of the owner. At the end of the accounting period when all the books of accounts are closed, management prepares the financial statement. Management should design (set up) an effective and efficient internal control system that sure the financial statement is free from misstatement. The auditors are independent from the management and use his professional knowledge and responsible for moral judgment in all his activities done in the course of action. He systematically examines books of account and expressing his opinion on the financial statement as per his assessment.
The second paragraph of the audit report describes the work done by the auditor.
At the end of the accounting period when all the books of accounts are closed management prepared the financial statement and hand over to the auditor. The auditing standard requires the auditor to a systematic examination of books of accounts. He is responsible for gathering enough, appropriate evidence to assess the risk of misstatement and financial records prepared according to the applicable financial reporting framework.
The audit is conducted according to an audit standard.
The public companies register under SEC (Securities and Exchange Commission) the PCAOB (Public company accounting oversight board) maintain external audit standard for them. The PCAOB controlled audit profession body in the US and POB (professional oversight board) in the UK.
The US auditing standards are writes by the ASB for non-public companies. Its many standards are the same as PCAOB.
The third paragraph of the audit report is an auditor conclusion and opinion on the financial statement as per his assessment. In this paragraph, the auditor opinion on the financial statement (income statement, balance sheet, and cash flow) all entries recorded accurate, fairly according to the applicable financial reporting framework.
A written opinion on the company's financial statement through an auditor is called an audit report. The audit report is mandated by GAAS (generally accepted auditing standards) and should be written in a standard format.
The responsibility of auditors and management is described in the first paragraph of the audit report.
The manager responsibility safeguards and keeps control overs the assets, inventory on the behalf of the owner. At the end of the accounting period when all the books of accounts are closed, management prepares the financial statement. Management should design (set up) an effective and efficient internal control system that sure the financial statement is free from misstatement. The auditors are independent from the management and use his professional knowledge and responsible for moral judgment in all his activities done in the course of action. He systematically examines books of account and expressing his opinion on the financial statement as per his assessment.
The second paragraph of the audit report describes the work done by the auditor.
At the end of the accounting period when all the books of accounts are closed management prepared the financial statement and hand over to the auditor. The auditing standard requires the auditor to a systematic examination of books of accounts. He is responsible for gathering enough, appropriate evidence to assess the risk of misstatement and financial records prepared according to the applicable financial reporting framework.
The audit is conducted according to an audit standard.
The public companies register under SEC (Securities and Exchange Commission) the PCAOB (Public company accounting oversight board) maintain external audit standard for them. The PCAOB controlled audit profession body in the US and POB (professional oversight board) in the UK.
The US auditing standards are writes by the ASB for non-public companies. Its many standards are the same as PCAOB.
The third paragraph of the audit report is an auditor conclusion and opinion on the financial statement as per his assessment. In this paragraph, the auditor opinion on the financial statement (income statement, balance sheet, and cash flow) all entries recorded accurate, fairly according to the applicable financial reporting framework.
Auditing and Assurance Services 1st Edition by Iris Stuart
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