Audit ch03 slides

Audit ch03 slides - Chapter 3 Reports on Audited Financial...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 3 Reports on Audited Financial Statements
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Slide 2 The Association Framework Association is a term used within the profession to indicate a public accountant’s involvement with an enterprise or with information issued by that enterprise. can arise in 3 ways
Background image of page 2
Slide 3 Levels of Assurance High assurance Audit Positive Assurance “In our opinion. ..” Middle assurance No assurance Compilation “No attempt to verify accuracy or completeness of information.” Review Negative Assurance “Nothing has come to our attention.”
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Slide 4 Standard Unqualified Report The standard unqualified INDEPENDENT Auditor’s report contains four basic segments: – The introductory statement. – Management responsibility paragraph. – Auditor responsibility paragraphs. – The opinion paragraph.
Background image of page 4
Slide 5 Introductory Statement The first paragraph of the standard unqualified report: – Indicates that an audit was conducted. – Identifies the financial statements audited.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Slide 6 Management’s Responsibility Paragraph Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Background image of page 6
Slide 7 Auditor’s Responsibility Paragraphs Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/18/2011 for the course BUSINESS 4754 taught by Professor Khan during the Fall '09 term at Ryerson.

Page1 / 18

Audit ch03 slides - Chapter 3 Reports on Audited Financial...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online