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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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REVIEW QUESTIONS 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.
Transcribed Image Text:REVIEW QUESTIONS 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.
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