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Why do auditors include the statement these financial statements are the responsibility of the company's directors?
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What is the responsibility of independent auditors?
The primary objective of independent auditors are rendering opinion report on the financial statement that is the responsibility of client management. The main reason auditors need to be independent are to provide credentional for the client prepared financial statements. Therefore, the users (Bankers, Investers and third party) of the financial statement can have unbiased information about the client financial Statements.
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
What items might be in the financial statements but not actually on the balance sheet income statement statement of retained earnings or statement of cash flows?
Since the notes to the financial statements form part of the financial statements and are a component of financial statements, certain disclosures found in the notes may not be found in the balance sheet, income statement, statement of retained earnings or statement of cash flows.
What are the four basic financial statements?
The four major financial statements are:Income statementBalance sheetStatement of owner's equityCash-flow statement
What is the most common and important financial statements?
Following are the most common and important financial statements: 1 - Income statement 2 - Balance sheet 3 - Cash flow statement
What is the responsibility of independent auditors?
The primary objective of independent auditors are rendering opinion report on the financial statement that is the responsibility of client management. The main reason auditors need to be independent are to provide credentional for the client prepared financial statements. Therefore, the users (Bankers, Investers and third party) of the financial statement can have unbiased information about the client financial Statements.
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
What items might be in the financial statements but not actually on the balance sheet income statement statement of retained earnings or statement of cash flows?
Since the notes to the financial statements form part of the financial statements and are a component of financial statements, certain disclosures found in the notes may not be found in the balance sheet, income statement, statement of retained earnings or statement of cash flows.
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 consolidated and parent company statements?
Comparative financial statements compares one set of financial statement with another set of financial statements while consolidated financial statement is prepared where in company there is parent and child company relationship exists to join the financial statements of parent and child company as a single financial statements.
Who is usually responsible for signing the statement of financial position?
directors
What is unqualified audited financial statement?
Unqualified audited financial statement is set of financial statements which are audited by external financial auditors and found "True and fair view" of financial statements and clear from any fraud etc.
Is a balance sheet the same as a financial statement?
Balance sheet is a type of financial statement. Other types of financial statements could be income statement and statement of cash flow.
What are two financial statements?
Commonly, financial statements consist of the BALANCE SHEET, INCOME STATEMENT, STATEMENT OF STOCKHOLDERS EQUITY and the CASH FLOW STATEMENT. Different industries and businesses have different names for some of the statements and add to, or use combination of, the forms above. The not-for-profit industry, for example, generally calls the balance sheet the STATEMENT OF FINANCIAL POSITION and the income statement the STATEMENT OF ACTIVITIES. In business and analytical circles, the document containing the auditors report, the collection of applicable statements, and the accompanying notes are collectively referred to as the financial statements. -APMc
What are the four basic financial statements?
The four major financial statements are:Income statementBalance sheetStatement of owner's equityCash-flow statement
What is the most common and important financial statements?
Following are the most common and important financial statements: 1 - Income statement 2 - Balance sheet 3 - Cash flow statement
What are the 3 basic financial statements?
Balance Sheet Statement of Income Statement of Shareholders (Owners') Equity Statement of Sources and Applications of Cash (or Funds) Balance Sheet Statement of Income Statement of Shareholders (Owners') Equity Statement of Sources and Applications of Cash (or Funds)
