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Audit procedures are the techniques, processes, and methods that auditors use to obtain reliable audit evidence, which enables them to gain a sound judgment about an organizations financial status. Audit procedures are conducted to help determine whether or not a companys financial statement is credible and factual.
The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud.
In all, there are 35 of these Auditing and Assurance Standards (AAS) as of now. Browse more Topics under Concept Of Auditing. 1] Review of all Systems. 2] Review of the Internal Controls. 3] Arithmetical Accuracy. 4] Accounting Principles. 5] Verification of Assets. 6] Verification of Liabilities. 7] Vouching.
The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date, for example: Are details of what is owned and what the organisation owes properly recorded in the balance sheet? What is an audit? - PwC Middle East pwc.com services assurance what-is-an pwc.com services assurance what-is-an
Main Objective: The main objective of the auditing is to find reliability of financial position and profit and loss statements. The objective is to ensure that the accounts reveal a true and fair view of the business and its transactions.
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. 03 The financial statements are managements responsibility. The auditors responsibility is to express an opinion on the financial statements. AS 1001: Responsibilities and Functions of the Independent Auditor pcaobus.org auditing-standards details pcaobus.org auditing-standards details

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