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.
Balance Sheet , Income Statement and Statement of Cash Flow.
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.
The purpose of an audit is to add credibility to the financial statements of a business organization.To give credence to the accounting records, accounting polices and financial statements of an audit client.
In an audit of financial statements, the CPA examines the transactions that underlie an entity's financial statements and reports whether the financial statements are fairly stated in conformity with generally accepted accounting principles.
The stage of the audit process that comes before planning is the quality control for an audit of the financial statements. The financial statements are a document that shows credits and debits.
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.
An audit report is a certification that financial statements are prepared according accepted accounting standards. In case auditors disagree with any issue and state their opinion of the issue in the audit report it is called qualified audit report.
A financial audit looks into the legality of the financial statements of a given company. Commercial audits confirm that a company has the right to use the brands and products that it advertises.
who audited walmarts finacial statements
To read a nonprofit financial audit, start by reviewing the independent auditor's opinion, which indicates whether the financial statements are presented fairly in accordance with accounting standards. Next, examine the financial statements themselves, including the statement of financial position and statement of activities, to understand the organization’s assets, liabilities, revenues, and expenses. Pay attention to the notes accompanying the financial statements, as they provide important context and details on accounting policies and specific transactions. Lastly, consider the management letter, which may highlight any internal control issues or recommendations for improvements.
If you don't know the answer to this question, then you obviously are not qualified to perform an audit (at least not a GAAP / GAAS / GAGAS, etc ). To answer question however, you would prepare an audit report which would be included in the financial statements, you would prepare a communication regarding internal controls to the board and you would also have a closing conference which would include the board and possibly management.