Table of Contents
ACC311 Midterm Past Papers
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Fundamentals of Auditing:
An audit is an independent examination of an entity’s financial statements that allow the auditor to express an opinion on whether the financial statements are prepared (in all material respects) in accordance with a an identified and acceptable financial reporting framework (e.g. international or local accounting standards and national legislation) This perspective on auditing presents ISA 200 Objectives and general principles governing a financial audit Statements.
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ACC311 MIDTERM PAST PAPERS:
Phrases used; “to express an auditor’s opinion” means that the financial statements are true and fair display or have been presented fairly in all material respects. True and fair presentation means that the financial statements are prepared and presented in accordance with the requirements of relevant International Financial Reporting Standards (IFRS) and local declaration/legislation.
ACC311 MIDTERM SOLVED PAPERS:
The primary objective of an audit is to enable the auditor to say “these accounts give a true and fair view” or, of course to say that they “do not show a true and fair view”. At the end of his audit, when he has examined the entity, its records and financial statements, the auditor prepares a report addressed to the owners/shareholders in which he expresses his opinion on the truth and justice and sometimes other aspects.