ZZZZ Best - ACCT 523 Jiraphat Dachanuwatana ZZZZ Best 1 In...

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ACCT 523: Jiraphat Dachanuwatana ZZZZ Best 1) In a review of financial statement, CPA makes inquires, applies analytical procedures and obtain management presentation to provide a reasonable basis for expressing limited assurance that no material modifications need to be made to the statement. Also the review does not assess control. In audit of financial statement, CPA performs audit procedures to gain positive (higher) assurance on the financial report that expresses conclusion on the basis of an examination. 2) The limitation of this evidence is that the evidence is made to the extent of what the third- party knows. In this case, when Ernst & Whinney auditor, due to confidentiality agreement, did not make any follow-up process to any restoration-contract-related third parties the audit might fail to corroborate the authenticity of evidence and the subsequent event of evidence. Also, in terms of review the available documents, E & W did not have well communication with the predecessor auditor.
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