Audit objectives and Auditor's Responsibilities

blackrose420 · 10-20-2009, 07:10 PM

State whether the following are true or false. If false, state the reasons
1. One of the main objectives of Audit is to ensure the financial statements have been prepared in accordance with the requirements of the Companies Ordinance and Accounting Standards.
2. Auditor is responsible for selection and applications of accounting policies.
3. Auditorâs opinion is based on conclusive evidence.

hmmm · 10-20-2009, 09:41 PM

1. may be false. because financial statements are prepared in accordance with the applicalble financial eporting framework

2.false.its a management responsibility
3.yes

wsafca · 10-21-2009, 12:12 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by blackrose420
 State whether the following are true or false. If false, state the reasons
1. One of the main objectives of Audit is to ensure the financial statements have been prepared in accordance with the requirements of the Companies Ordinance and Accounting Standards.
2. Auditor is responsible for selection and applications of accounting policies.
3. Auditorâs opinion is based on conclusive evidence.

<hr height="1" noshade id="quote"></blockquote id="quote">

1 - Objective of the audit is to enable the auditor to express an opinion on the financial statements. (not to ensure ......)

2 - Auditor does not select and apply policies but consider whether the policies selected by the management are appropriate

3 - Auditor always obtain reasonable audit evidence you can say pursuasive but not conclusive

Regards

Ahmed

ausmanpk2001 · 10-21-2009, 04:02 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by wsafca
 <blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by blackrose420
 State whether the following are true or false. If false, state the reasons
1. One of the main objectives of Audit is to ensure the financial statements have been prepared in accordance with the requirements of the Companies Ordinance and Accounting Standards.
2. Auditor is responsible for selection and applications of accounting policies.
3. Auditorâs opinion is based on conclusive evidence.

<hr height="1" noshade id="quote"></blockquote id="quote">

1 - Objective of the audit is to enable the auditor to express an opinion on the financial statements. (not to ensure ......)

2 - Auditor does not select and apply policies but consider whether the policies selected by the management are appropriate

3 - Auditor always obtain reasonable audit evidence you can say pursuasive but not conclusive

Regards

Ahmed

<hr height="1" noshade id="quote"></blockquote id="quote">

CORRECT

hmmm · 10-21-2009, 10:48 PM

yes they are.you get pursuasive evidence.
I will be carefull next time.
mene dikha he nai ghor se.