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CHAPTER 1 - Coggle Diagram

- - - - Criteria, report, evidence, subject matter and three party relationship
  - - - Enhance credibility of info
      - Reduce management bias
      - Non-standard/ modified opinion draws attention to risk
      - Relevance of info
  - - - Effectiveness of IC
      - Cash flow forecast
      - Threats which affect entity's going concern
      - Financial results for the forts half year
      - Entity's compliance
        
        Corporate governance
        
        Environmental issue
        
        Contracts
        
        Other regulations
- - - - Risk of not detecting misstatement due to fraud> error
    - - Responsive to those risk
    - - In order to perform audit procedure
      - Not to express opinion on IC
    - - Timing
      - Scope
      - Key audit matters
        
        Describe in auditors report unless prohibited by law or some circumstances
      - Significant audit findings
- - - - Significant amount of testing and evaluation
      - Example: External audit
    - - Limitations
        
        Report
        
        Format
        
        Audit jargon
        
        Outdated
        
        Evidence
        
        Estimates
        
        Judgments
        
        Intentions
        
        Sampling
        
        Accounting & control system
        
        Judgment