Please enable JavaScript.
Coggle requires JavaScript to display documents.
External Audit (Benefits (Eliminates management disputes, Brings…
External Audit
Benefits
-
-
-
-
-
May be required by local legislation, law
Objectives
Express an opinion as to whether the financial statements show a true and fair view (accurate and unbiased)
-
-
Duties
Directors
-
-
Prepare annual financial statements showing the financial position, performance and changes during the reporting period
Deliver the relevant national regulatory environment a copy of the audited statements within a defined time limit
-
Auditors
Report to shareholders whether or not the financial statements show a true and fair view and if they have been prepared with the applicable reporting framework
-
-
Rights of auditors
-
-
Receive notice of, attend and speak at general meetings of shareholders
Rights relating to their removal, resignation and retirement
Reports
Unmodified
Opinion is that the financial statements do show a true and fair view and have been prepared in accordance with specific legislation
-
-
Modified
-
Pervasive effects
Not confined to specific elements, accounts or items
-
-
-
Emphasis of Matter (EOM)
Drawing attention to a matter already disclosed in the financial statements because the auditor believes it is fundamental to their understanding
-
-