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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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Q) Is the student's understanding on the overall objectives of the auditor correct? If not, make all necessary corrections you deem necessary.

In conducting an audit of financial statements, the overall objectives of the auditor are:

(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.

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Audit procedures for items of Financial Statement

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