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CHAPTER 1 - Coggle Diagram
CHAPTER 1
Assurance engagement
Practitioner aims to obtain suffecient appropraite evidence in order to express a conclusion designed
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To enhance confidence of the intended user other than responsible party about the outcome of an underlying subject matter against criteria
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*Intended user - individual/organisation/group thereof that the practitioner expects will use the assurance report
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Accountability,stewardship,agency
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ISA 700
Materiality: an expression of the relative significance @ important of particular matter in context of financial statement as whole
Material - omission or misstatement would reasonably be expected to influence the economic decision of users on financial statement
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LIMITATIONS OF AUDITING
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Auditors can only express an opinion,never certify