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overview of auditing, Meaning - Coggle Diagram
overview of auditing
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Auditing fundamentals
states the objective of a financial report audit is for the auditor to express an opinion about whether the financial report is prepared in all material respects in accordance with an applicable financial reporting framework.
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Auditors responsibility
The auditor’s report shall state that the auditor believes that sufficient and appropriate audit evidence has been obtained to form an opinion.
An audit should be described. This includes stating that the auditor has performed procedures to obtain evidence about the amounts and disclosures in the financial report. The procedures will vary dependent on the auditor’s assessment of the risks of material misstatement.
The auditor’s report shall state that the audit was conducted in accordance with Australian auditing standards.
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Auditing Standards
Auditing standards are of crucial importance to clarify auditors’ responsibilities. The audit standard-setting process was originally controlled by the accounting profession through the Australian Accounting Research Foundation (AARF) which was founded in 1966. In recent years, this has changed in two ways due to the implementation of CLERP 9
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Assurance
Assurance is a broad term to describe any situation where information is prepared by one party and then attested to its accuracy by another party.
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