CAT - T8

Assurance engagement is an engagement performed by a practitioner to enable himself to express an opinion about the measurement of subject matter against a criteria. Practitioner's expression of opinion raise the confidence of the users over...

Internal control system is implemented by the management or those charged with governance to assure that entity's objectives regarding reporting, compliance with applicable laws and effectiveness and efficiency of operations is achieved. However, this...

Age analysis is simply a time-based analysis with reference to due date to determine either how much time is left until due date or how much time has passed since due date. Most of...

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,...

Audit report is said to be unmodified if auditor releases such report which has the exactly the same format or contents as are mentioned for the report which should be given if financial statements...

The expression 'net of' represents the exclusion of something from a particular sum. For example net of tax means the resultant amount which is exclusive of tax or in other words the amount we get...

Emphasis of matter paragraph, as the name suggests, is a paragraph that is included by the auditor in his report (audit report) to direct the attention of users of financial statements to a matter...

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...

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...

According to International Standards on Auditing ISAs, auditor is required to obtain reasonable assurance whether financial statements give true and fair view or in others words he must be reasonably sure that financial statements...