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The concept of the 'true and fair view' remained a cornerstone of financial reporting and auditing in the UK; that there had been 'no substantive change in the objectives of an audit and the nature of auditors' responsibilities'; and that the need for professional judgement 'remained central to the work of preparers of accounts and auditors in the UK'.
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What is the job of external auditor?
Job of external auditor is to examine the books of accounts of company and issue a clearance letter regarding the true and fair nature of financial statement.
Why auditors need to be independent?
TO ENSURE THE FINANCIAL STATEMENTS GIVE A TRUE AND FAIR VIEW
What do auditors do?
An auditor specialises in examining and verifying a set of financial statements by reference to evidence (physical, oral, documentary, etc). When he/she are satisfied that the financial statements are true and fair, the auditor will issue a clean auditors' report; on the other hand, if the financial statements or the company are detected to show problems (e.g. show signs of fraudulent activity), the auditor's report will also make this clear.
How you do statutory audit?
A statutory audit involves a systematic examination of a company's financial statements and records by an independent auditor to ensure compliance with legal and regulatory requirements. The process typically includes planning the audit, assessing risks, evaluating internal controls, performing substantive testing, and gathering sufficient evidence to form an opinion on the financial statements. The auditor then issues an audit report, which expresses their opinion on whether the financial statements present a true and fair view of the company's financial position. Finally, the auditor communicates findings and recommendations to the management and stakeholders.
What is the purpose of preparing balance sheet?
main objective is to know true and fair view of state of afire of company
What is the job of external auditor?
Job of external auditor is to examine the books of accounts of company and issue a clearance letter regarding the true and fair nature of financial statement.
What is the role of an auditor in terms of the financial statement?
External Auditor has the role to materially evaluate the financial statements and provide his opinion that 'Does financial statements reflects true and fair activities of business' or not.
Why an independent auditor reports on financial statements?
to assure the shareholders that the company's accounts gives the true n fair picture of the company's affairs...
What is the duty of an auditor?
Duties of internal auditor is to overview the internal control system in company to ensure sound internal control systems. Duty of external auditor is to examin the books of accounts and give verdict about true and fair nature of books of accounts.
Why auditors need to be independent?
TO ENSURE THE FINANCIAL STATEMENTS GIVE A TRUE AND FAIR VIEW
Why an independent auditor is asked to express an opinion on the fair presentation of financial statements?
An independent auditor is asked to express an opinion on the fair presentation of financial statements because a company may not be objective with respect to its own financial statements.
What do auditors do?
An auditor specialises in examining and verifying a set of financial statements by reference to evidence (physical, oral, documentary, etc). When he/she are satisfied that the financial statements are true and fair, the auditor will issue a clean auditors' report; on the other hand, if the financial statements or the company are detected to show problems (e.g. show signs of fraudulent activity), the auditor's report will also make this clear.
How you do statutory audit?
A statutory audit involves a systematic examination of a company's financial statements and records by an independent auditor to ensure compliance with legal and regulatory requirements. The process typically includes planning the audit, assessing risks, evaluating internal controls, performing substantive testing, and gathering sufficient evidence to form an opinion on the financial statements. The auditor then issues an audit report, which expresses their opinion on whether the financial statements present a true and fair view of the company's financial position. Finally, the auditor communicates findings and recommendations to the management and stakeholders.
What is the purpose of preparing balance sheet?
main objective is to know true and fair view of state of afire of company
Is The Policy Auditor Agent is only supported on Windows platforms?
True
Is the Policy Auditor Agent only supported on Windows platforms?
True
Duties of auditors?
The duties of an auditor may vary depending on the company but there are some basic duties that include collecting and analyzing data to determine the financial status. Other duties include preparing financial reports, inspecting company books, and evaluating financial systems.
