I List five basic principles governing an audit as stipulated under the Code of Ethics for Professional Accountants issued by the IFAC. 2 Explain briefly why external financial statement audits are needed. 3 Explain the relationship between management assertions and financial statements. 4 Discuss the meaning of an attitude of professional scepticism. 5 Distinguish between errors and fraud.

I List five basic principles governing an audit as stipulated under the Code of Ethics for Professional Accountants issued by the IFAC. 2 Explain briefly why external financial statement audits are needed. 3 Explain the relationship between management assertions and financial statements. 4 Discuss the meaning of an attitude of professional scepticism. 5 Distinguish between errors and fraud.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 3RQSC

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