Should auditors provide some level of assurance on the MD&A or other information in annual reports like Non-GAAP, performance indicators or sustainability disclosures?
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Should auditors provide some level of assurance on the MD&A or other information in annual reports like Non-GAAP, performance indicators or sustainability disclosures?
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- What means ISA200 and ethical requirements relating to an audit of financial statements?Which of the following would be an example of a reasonable assurance engagement? * The review of annual financial statements. The audit of annual financial statements. The reporting of procedures O performed by the auditor as agreed by the client. All of the aboveAn auditor's objectives in evaluating accounting estimates include all of the following except to Develop the estimates and make the journal entries to record them. Assure that estimates are presented in the financial statements in accordance with GAAP. O Provide reasonable assurance that management has developed all material estimates. Assure that estimates are reasonable.
- What is meant by the term level of assurance? How does thelevel of assurance differ for an audit of historical financial statements, a review, and acompilation?Describe the purpose of a financial statement disclosure checklistand explain how it helps the auditor determine if there is sufficient appropriate evidencefor each of the presentation and disclosure objectives.hat does the standard audit report indicate about the audit's scope and the financial statement (i.e., whether or not it is presented fairly)?
- Explain the content of each section of the AICPA audit report. Evaluate the importance of each section with respect to the users of financial reports.Which of the following can be used as a criteria for evaluating information being audited? A) International Financial Reporting Standards (IFRS)B) Generally Accepted Accounting Principles (GAAP)C) Internal Revenue Code (IRC)D) all of the aboveDefine the concept of materiality in the context of financial reporting. What is thedifference between how the auditor uses materiality at the planning stage and at the finalreview stage of the audit?
- Explain how a financial statement disclosure checklist aids the auditor in determining whether there is adequate relevant evidence for each of the presentation and disclosure goals.The auditor should document the overall audit strategy and the audit plan, including any significant changes made to the planned audit strategy during the audit engagement. The auditor may summarize the overall audit strategy in the form of a memorandum. What does not the memorandum encompass? O a. Timing of audit b. Key decisions regarding the overall scope c. Conduct of the audit d. Statement of changes in equityWhich of the following is correct about assembling the audit documentation in an audit file? O a. Assembling the final audit plan on a timely basis after the date of the financial year ended O b. Assembling the final audit program on annually basis before the date of the auditor's report O C. Assembling the final audit file on a timely basis after the date of the auditor's report O d. Assembling the final audit file on a quarterly basis before audit procedures performed