Auditor’s Responsibility - Going Concern

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What is meant by sufficient appropriate audit evidence and how is it obtained?

By Hasaan Fazal on June 29, 2012

It is the responsibility of the auditor to obtain reasonable assurance by conducting audit engagement and expressing his opinion in the audit report. This expression of opinion results in reasonable assurance which is conveyed to users of financial statements via audit report. However, to form audit opinion, auditor is required to stay objective and he […]

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What is meant by inherent limitations of audit and what are these?

By Hasaan Fazal on June 28, 2012

Inherent limitations are such features of audit that constrains the auditor to obtain absolute assurance. It is because of these inherent limitations of audit the practitioner cannot assure the users of financial statements that financial statements are absolutely free of (material) misstatements. As a result of these limitations auditor is expected provide reasonable assurance which […]

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What is meant by Assertions in audit or auditing?

By Hasaan Fazal on November 18, 2011

Assertions or management assertions in audit or auditing simply means what management claims. For example, if a management states that internal controls are effective then it is a claim or assertion made by management. Similarly, it is primarily the responsibility of the management of the entity to prepare financial statements in which all the assets, […]

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How Professional judgement and Professional skepticism are different in application?

By Hasaan Fazal on May 21, 2011

Professional Skepticism and Professional Judgment both are required to conduct the assurance engagements properly. But both are two separate requirements and are not one and the same and are different in their meaning and also in their application. But surely both complement each other in auditor’s work. Professional Skepticism The auditor is required to maintain […]

Posted in ACCA, ACCA - F8, Audit Documentation, Audit Materiality, Audit Planning, Audit Risk Assessment, Audit Sampling, Auditing, Auditing Standards and related Regulations, Auditor's Responsibility - Fraud, Auditor's Responsibility - Going Concern, Auditor's Responsibility - Subsequent Events, CA, CAT, CAT - T8, FAU, FIA, Introduction to Auditing - Basics, Module D | Leave a response