Concept introduction: Financial statements are the summarized result of the accounting for a particular period or at a particular date. These statements are usually prepared at the end of the accounting period.These statements include: Income statement, Balance sheet, Statement of owner’s equity and
An audit is an independent examination conducted to ensure that the financial statements are true and fair. Auditing standards are certain defined rules and regulation that provide guidance to the auditors for conducting the audit efficiently and effectively. The auditing standards are followed to fulfill the objective of audit.
To choose:The option that correctly states the parties involved in preparing and auditing financial statements.
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Auditing: A Risk Based-Approach to Conducting a Quality Audit
- Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws and regulations applicable on the entity b. To design, implement and maintain system of internal control. c. To ensure that financial statement comply with applicable financial reporting framework d. To express an opinion on true and fair view of the financial statements.arrow_forwardAccounting Discuss the main types of auditing according to its objectives with giving examples for each type. Your answer for each type should include its purpose, to whom it is provided and who is eligible to conduct it. Ar Skiarrow_forwardWhich one of the following concepts is an important issue for the Auditors of financial accounts? O a. Understandability concept O b. Business entity concept O c. Disclosure concept O d. Materiality conceptarrow_forward
- 1-What are the Responsibilities of managment and Those charged with Governance (TCWG)? 2- what the responsibilities of the auditor on financial statment ?arrow_forwardWhich of the following is the most important responsibility of the external auditor? a. To ensure that financial statements comply with applicable financial reporting framework b. To ensure compliance with laws and regulations applicable to the entity c. To design, implement and maintain a system of internal control d. To express an opinion on a true and fair view of the financial statementsarrow_forwardWhich of the following stakeholders rely on internal audit report? a. General public b. Investors c. Government agencies d. Managementarrow_forward
- State the objectives of the ordinary audit of financial statements. In general terms, how do auditors meet those objectives?arrow_forwardJustify the purpose of performing a financial statement audit and an internal control audit.arrow_forwardDiscuss about different types of financial audit reports with illustrations?arrow_forward
- financ cial recor... Auditors while examining the financial records must follow:arrow_forwardQ. Who is responsible for preparing the overall audit strategy and the audit plan? a-Those charged with governance b-Management’s c-Accountant d-Auditor’sarrow_forwardCommunicating Key Audit Matters in the audit report is : A. Additional communication to provide transparency in the auditor’s professional judgment, B. An assistance for financial statement users to better understand the entity and areas of significant management juudgments C. A substitute for disclosures in the financial statements that the applicable financial reporting framework requires management to make D. A separate additional opinion on individual matters Seçimimi temizlearrow_forward
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