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The auditor is responsible for expressing an opinion indicating that reasonable assurance has been obtained that the financial statements as a whole are free from material misstatement, whether due to fraud or error, and that they are fairly presented in ance with the relevant accounting standards (e.g., Understanding a financial statement audit - PwC pwc.com services Assurance pwc-unde pwc.com services Assurance pwc-unde
29 ingly, the final rule requires that auditors retain the required documents for seven years from the conclusion of the audit or review.
Publicly traded companies are required by law in the United States and most other jurisdictions to undergo annual financial audits. Are Public Companies Required to be Audited? - ZenGRC from Reciprocity reciprocity.com resources are-public-compani reciprocity.com resources are-public-compani
An audited financial statement is any financial statement that a certified public accountant (CPA) has audited. When a CPA audits a financial statement, they will ensure the statement adheres to general accounting principles and auditing standards. All About Audited Financial Statements - Business.com business.com audited-financial-statement business.com audited-financial-statement
A statutory audit is an official inspection of an organizations financial records by an external entity. It is designed to determine if the subjects financial statements and records are accurate, and it is not voluntary. Statutory Audit: Definition, Examples, and Type of Audit - Investopedia investopedia.com terms statutory-audit investopedia.com terms statutory-audit
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Objectives of Audit Documentation Among other things, audit documentation includes records of the planning and performance of the work, the procedures performed, evidence obtained, and conclusions docHubed by the auditor. Audit documentation also may be referred to as work papers or working papers.
Audit documentation should be sufficient to show that standards of fieldwork have been observed as follows: The work has been adequately planned and supervised. A sufficient understanding of internal control has been obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed.
A key component to ensure that local authorities remain accountable to the citizens that rely on their services is the publication of audited financial statements.

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