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In terms of ISA 200, the purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. The auditor expresses an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework, such as IFRS. [10]
The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international auditing standards.
An opinion is said to be unqualified when he or she does not have any significant reservation in respect of matters contained in the Financial Statements. The most frequent type of report is referred to as the "Unqualified Opinion", and is regarded by many as the equivalent of a "clean bill of health" to a patient, which has led many to call it the "Clean Opinion", but in reality it is not a ...
SAS No. 51, Reporting on Financial Statements Prepared for Use in Other Countries; SAS No. 59, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern, as amended; SAS No. 65, The Auditor's Consideration of the Internal Audit Function in an Audit of Financial Statements;
As a result, a third party can express an opinion of the person / organization / system (etc.) in question. The opinion given on financial statements will depend on the audit evidence obtained. A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records.
In 2006, the FASB began working with the International Accounting Standards Board (IASB) to reduce or eliminate the differences between U.S. GAAP and the International Financial Reporting Standards (IFRS), known as the IASB-FASB convergence project. [15] The scope of the overall IASB-FASB convergence project has evolved over time.
The auditor must state in the auditor's report whether the financial statements are presented in accordance with generally accepted accounting principles. The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
In compilation auditors are required to take a look at financial statement to make sure they are free of obvious misstatements and errors. An external auditor may perform a full-scope financial statement audit, a balance-sheet-only audit, an attestation of internal controls over financial reporting, or other agreed-upon external audit ...