FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Financial audit Q&A
What is the parties reported by the auditor that are related to the results of the audit reports made?
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- What is the purpose of an audit of a company's financial statements? Provide references if any.arrow_forwardExplain the content of each section of the audit report and describe the types of opinions that an auditor can issue. Evaluate the importance of each section with respect to the users of financial reports.arrow_forwardFinancial audit Q&A What is the audit assertion underlying the vouching procedure?arrow_forward
- Financial audit Q&A What is the process used by auditors in conducting tests of control in testing documents and supporting control files?arrow_forwardFinancial audit Q&A What risks that may occur during assertion testing, but cannot be prevented due to the lack of time? What reports that need to be prepared to find out if there are significant changes in the client? What is the parties reported by the auditor that are related to the results of the audit reports made? What terms that must be included in the document prepared by the client? What is the inspection activities to ensure the shipping or Destination Point in the recording of the financial statements is correct in accordance with the fragments? The auditor needs to know that the ending balance recorded in the financial statements is appropriate based on evidence of transactions in the company. What is the audit assertion underlying the vouching procedure? What is the audit assertion underlying the tracing procedure? What is the risk that caused by the sample taken by the Auditor does not describe the characteristics of the data from the entire data population?…arrow_forwardWhat should occur if the audit report has already been issued and the auditor becomes aware of a situation that was present as of the Balance Sheet date (a subsequent event)?arrow_forward
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