Understanding the Auditors' Report - StudentOfFortune.com

Question

Asked by:

djbloom from Metro
Rating : No Rating
Questions Asked: 14
Tutorials Posted: 0

$1.00 Understanding the Auditors' Report

From Business: Accounting , Business: Accounting
Due on Dec. 29, 2008
Asked on Dec 24, 2007 at 8:27:50PM

Q:
A standard auditors' report contains reference to each of the following:

A. Responsibility
B. Generally accepted auditing standards
C. Material misstatement and material respects
D. A test basis
E. Present fairly...in conformity with generally accepted accounting principles.

Explain why each of these is important for understanding the auditors' report and the audit process.

Due date December 29, 2007

Want to take a stab at the bounty and post a tutorial? Need clarification? Join us now or log in! Read more on how this works.

Available Tutorials to this Question

Posted by:

best from Daily college
Rating : No Rating
Questions Asked: 0
Tutorials Posted: 9, earned $5.73

$5.00 Understanding the Auditors' Report

This tutorial was purchased 1 time and hasn't been rated yet.
Posted on Dec 25, 2007 at 3:12:21PM

A:
Preview: ... al respects

conducting the audit obtaining reasonable assurance that the financial statements as a whole are free from material misstatements, whether caused by fraud or error
performing risk assessment procedures in order to obtain an understanding of the entity and its environment, including its internal control. The procedures include making inquiries of management, of those charged with governance and of appropriate others within the entity (eg operating personnel, chief ethics officer and fraud investigating officer), considering whether one or more fraud factors exist, considering any unusual relationships that have been identified in performing analytical procedures and considering other information that may be helpful in identifying the risks of material misstatements due to fraud
maintaining an attitude of professional scepticism throughout the audit
considering the potential for management override of controls and recognising the fact that audit procedures that are effective for detecting error may not be appropriate in the context of an identified risk of material misstatement due to fraud
accepting records and documents as genuine unless the auditor has reason to believe the contrary
investigating further by, for example, using the work of an expert or confirming directly with a third party if conditions identified during the audit cause the auditor to believe that a document may not be authentic
discussing with the members of the engagement team the susceptibility of the entity to mate ...

The full tutorial is about 1068 words long .

Posted by:

TheHomeworkMachine from Claymont

Rating : No Rating
Questions Asked: 0
Tutorials Posted: 1, earned $0.00

$5.00 audits

This tutorial hasn't been purchased yet.
Posted on Apr 11, 2008 at 6:08:46PM

A:
Preview: ... idering any unusual relationships that have been identified in performing analytical procedures and considering other information that may be helpful in identifying the risks of material misstatements due to fraud
maintaining an attitude of professional scepticism throughout the audit
considering the pot ...

The full tutorial is about 227 words long .