) ISA 700 Forming an Opinion and Reporting on Financial Statements requires auditors to produce an auditor's report. This report should contain a number of consistent elements so that users are able to understand what the auditor's report ... means. Required: (i) Identify what a key audit matter (KAM) is and explain how the auditor determines and communicates KAM. (ii) Select any (5) FIVE elements of an unmodified auditor's report and for each explain why they are included.

) ISA 700 Forming an Opinion and Reporting on Financial Statements requires auditors to produce an auditor's report. This report should contain a number of consistent elements so that users are able to understand what the auditor's report ... means. Required: (i) Identify what a key audit matter (KAM) is and explain how the auditor determines and communicates KAM. (ii) Select any (5) FIVE elements of an unmodified auditor's report and for each explain why they are included.

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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V3. The management letter is used: A) to list all reportable conditions with respect to internal controls. B) to make recommendations to the entity based on observations made during the audit. C)to confirm the terms of the audit engagement. D) to allow management to document, in writing, oral representations to the auditor.
General Audit Procedures and Financial Statement Assertions. The eight general audit procedures produce evidence about the principal management assertions in financial statements. However, some procedures are useful for producing evidence about certain assertions, and other procedures are useful for producing evidence about other assertions. The assertion being audited can influence the auditors’ choice of procedures.Required:Opposite each general audit procedure, write the management assertions most usefully audited by using each procedure.
s1: The component auditor is responsible for the direction, supervision and performance of the group audit engagement in compliance with professional standards and regulatory and legal requirements, and whether the auditor's report that is issued is appropriate in the circumstances. S2: The auditor's report on the group financial statements shall may refer to a component auditor. S3: A group have have one or more components. a. All statements are true b. All statements are false c. S1 and S2 are true d. S2 and S3 is true
9. Describe the purpose of a proposed auditor communicating with the existing or predecessor auditor, and list all information that the proposed auditor should seek.
The reporting principle requires auditors to express their opinion through the issuance of a written report. Required: a. What is the purpose of the. auditors' opinion and report? b. What are the major sections in the auditors' report on the examination of an issuer? What are the major contents of each of these sections? c. What are the four types of opinions that auditors can issue? d . How does the concept of materiality influence the auditors' report?
Which of the following is the objective of ISA 700? O a. To form a decision on management report O b. To form overall audit strategy O c. To form audit planning O d. To form an opinion on the financial statements
please answer correct with reason
a) ISA 300 Planning an Audit of Financial Statements provides guidance to auditors. Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan. Adequate planning benefits the audit of financial statements in several ways. Required: i) Identify and explain the five stages in audit process ii) Discuss three importance of audit planning.
Explain the difference between the overall audit strategy and the audit plan and state the key contents of the overall strategy document. ISA 230 Audit Documentation requires auditors to document their work. Briefly explain the reasons for auditors documenting their work. ISA 580 Written representations explains the purpose and use of written representations as audit evidence. State six items that could be included in a written representation letter. ISA500 Audit Evidence requires auditors to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base their audit opinion. Discuss the different sources of evidence available to auditors and assess their relative appropriateness. What factors should the auditor take into consideration before concluding that a financial statement DO NOT show a True and Fair View?
{Auditing} 8. One of the duties of an auditor is to prepare an audit plan for the smooth conduct of audit with due care and to detect fraud and errors. What other duty an auditor is expected to perform from options given below: a. Suggests changes in financial statements, if necessary b. Responsible to form opinion c. All the options d. To certify about the accuracy of financial statement
10. Please help me asap!!!
1.what are the types of opinions expressed in the audit reports by the Certified Auditors