QUIZ-Nov.-12-2021.docx - Name: SALISE JENNY LOU B....

Name: SALISE, JENNY LOU B. Subject: ACCTG 36
FILL IN THE BLANKS
1. Our audits were conducted for the purpose of forming an opinion on the basic financial
statements taken as a whole.
2. The audit is the process of evaluating the accounting entries present in the financial
statement of the company. It checks the accuracy of the financial reports.
3. As part of the audit in accordance with Philippine Standards on Auditing, the auditor exercise
professional judgment and maintain professional skepticism throughout the audit.
4. An assurance engagement to provide a high level of assurance that financial statements are
free of material misstatements , such as an engagement in accordance with Philippine
Standards on Auditing.
5. To obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Cooperative’s internal control.
6. Assurance is the process of analyzing and used in the assessment of accounting entries
and financial records.
7. Management is responsible for the preparation and fair presentation of the financial
statements in accordance with the Philippine Financial Reporting Framework for
Cooperatives.
8.