Nice Audits Of Financial Statements Are Designed To Obtain Reasonable Assurance
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Audits of financial statements are designed to obtain reasonable assurance. In conducting an audit of financial statements the overall objectives of the auditor are. Reasonable assurance refers to the degree of satisfaction of the auditor that the evidence acquired during auditing backs the declarations embodied in the financial reports. Audits of financial statements are designed to obtain reasonable assurance of detecting misstatement due to.
An audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial statements. According to International Standards on Auditing ISAs auditor is required to obtain reasonable assurance whether financial statements give true and fair view or in others words he must be reasonably sure that financial statements are free from material misstatements. Audits of financial statements are designed to obtain reasonable assurance of detecting misstatement due to.
Concerned only with risks that may affect the financial statements. An auditors opinion enhances the degree of confidence that intended users can place in the financial statements. Again I must emphasize he needs to be reasonably sure and NOT absolutely sure.
Auditors Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditors report that includes our opinion. Audits of financial statements are designed to obtain assurance of detecting misstatement due to. Fraudulent Financial Reporting and Misappropriation of Assets B.
A To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error. The current standards require that an auditor plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether caused by error or fraud AS 1001 Responsibilities and Functions of the Independent Auditor httpbitly2t0NCri. The objective of a financial statement audit is to obtain reasonable assurance that the financial statements are free of material misstatement.
Absolute assurance is not attainable because of the nature of the audit evidence and the characteristics of fraud. Audits of financial statements are designed to obtain assurance of detecting misstatement due to. Accordingly because of the factors described above an audit is not a guarantee that the financial statements are free from material misstatement because absolute assurance is not attainable.
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