Answered: assurance level

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(i) To obtain absolute assurance about whether the financial statements have no fraud or error, thereby enabling the auditor to ensure the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework; and

(ii) To prepare the financial statements, and communicate as required by the HKASS.

Q) Is the assurance level correct? If yes, what should the auditors do to achieve it? If no, state the correct assurance level and the reasons why only such level is achievable for audit purpose.

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