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Auditing the financial statements of a business is a tedious process, the further the auditor wants to go back, the more difficult it becomes. In order to audit the financial statements of a company, the auditor has to go through all the financial statements, look at all receipts of moneys earned, spent, invested, etc and compare them to each and every entry to make sure that they match.
Providing all accurate receipts, invoices, pay-roll information and other financial information will help make the process much easier and faster.
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What is the meaning of financial statement level risk?
Financial statement level risks are risks of materials misstatement of the financial statements. These are the same for both audit of financial statements and audit of internal control.
What is the difference between investigation audit and conventional audit in financial statement audit?
Purpose of investigation audit is to find out the evidance of the specific agenda for which investigative audit is conducted while conventional audit objective is to find out that financial statements represents the true and nature of business or not.
Differentiate between an unqualified and a qualified audit report?
Type your answer here... An audit report is said to be unqualified,when it is a clean report. Thus the auditor after examination of the organisation its record and financial statement comes to a conclsion that the financial statement reflects the true financial position of the business thats the financial statement have been prepard in accordance with the acceptable accounting principles. Qualified audit report on the other hand is a negative report which shows that the financial statement have not be prepare in accordance with acceptable accounting principles and the opinion of true and fare is not certain.
An audit of historical financial statements most commonly includes the?
Balance Sheet , Income Statement and Statement of Cash Flow.
What is qualified audit report?
Qualified audit report means that financial statement of business donot represent the true and fair activities of business
The purpose of an audit is to?
An audit is used to determine the fairness of a financial statement. Audits should be performed by an independent organization that is separate from the owner of the corporation.
What are the roles of international standards on auditing?
ISA 250 consideration of laws and regulation in an audit of financial statement
What is the key service provided by public accountants?
The financial statement audit is a key service of public accountants.
What is the difference between Financial Audit and Cost Audit Describe each of them?
between financial audit and cost audit
What are the advantages of gathering audit evidence?
1. It gives credibility to a financial statement 2. Identifies potential problem 3. Organizes financial information
Difference between cost audit and financial audit?
Cost audit is done to audit the cost elements of unit costs while in financial audit, audit of financial statements is done to find out information provided is true and fair or not.
What is an unqualified report?
unqualified report is that Audit report in which Audit opinion specify that according to according to rules and regulation the firms financial statement portray true and fair view.
