What are the main procedures used by an auditor or an accountant when performing a review or moderate assurance level engagement on financial statements of a company? (Hint: There are 3 main procedures, list the 3
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What are the main procedures used by an auditor or an accountant when performing a review or moderate assurance level engagement on financial statements of a company? (Hint: There are 3 main procedures, list the 3)
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- 2. What are the main procedures used by an auditor when performing review or moderate assurance level engagement on financial statements of a company? (Hint: There are 3 main procedures, list the 3) _______________ _______________ _______________8 What are the four different types of audit opinions an auditor can issue on a company’s audited financial statements. _________________ _________________ _________________ __________________7 Any of the parties listed below can be responsible for providing the financial information that will be audited by the auditor, except _______________ Question 7 options: a) Audit committee b) The customers c) Management d) The engaging part
- 2 What are the two main assurance level or engagements that auditors can perform for their clients regarding the financial statements: _________________ ________________6 List 4 types of management assertions presented in the financial statements that an auditor needs to evaluate when completing auditing or review engagements. _______________________ _______________________ _______________________ ________________________13. Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and accounting systems for efficiency b. Prepare detailed reports on audit findings c. Examine and evaluate financial and information systems d. Helps to prepare the financial statements of companies
- Question: Assume that you are an auditor of a company. Explain any THREE categories of assertions that you will be testing when auditing the financial statements of the company. You are required to: (ii.) List the category of assertions (3 assertions) along with the element of financial statement that will be checked.{Auditing} 36. Recognize the title of financial statement which is audited to know the total contribution of the shareholders in the company? a. Statement of financial performance b. Notes to Account c. Statement of Owner’s equity d. Statement of financial positionQUESTION (AUDITING) 1. Briefly explain with five reasons why auditors are needed in society?2. Mention, a few characteristics that are important for an auditor to have?3. Identify and briefly discuss the inherent limitations of an audit of the set of annual financial statements of a company?
- {Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the options b. Accuracy in the accounting transaction and records c. Financial statements are free from material misstatement d. Presentation of financial statements according to accounting standards frameworkBecome familiar with the several kinds of reports that go along with a company's financial statements, including the normal (unmodified) audit report.+13 From the options given below identify the duty of an auditor of a company a. All the options b. Reporting on true and fair view of financial statements c. Evaluating of internal control system d. Compliance with the applicable law and regulation Clear my choice