Auditor – meaning

Auditor - meaning

The auditor is the name of the person who conducts the audit, usually the engagement partner or other members of the engagement, or, as applicable to the firm.

The auditor is responsible for planning, collecting audit evidence and issuing the audit reports. For financial statement audits, the auditor is usually someone with a qualification in financial accounting and who is approved by a professional body or laws to practice auditing. read more

The precondition for an audit – meaning

The precondition to audit - meaning

The precondition to audit are conditions in which auditors must satisfy themselves that they are complied with before accepting the audit engagement.

There ate two preconditions for an audit:

First, the audited client must use the acceptable financial reporting framework in the preparation of its financial statements. An acceptable financial reporting framework involves the use of acceptable accounting standards such as IFRS, IPSAS, and GAAP depending on the nature of the audited entity and the laws and regulations in which the entity operates. read more

Objectives of a reasonable assurance engagement.

Objectives of an a reasonable assurance engagement.

The objective of a reasonable assurance engagement is a reduction in assurance engagement risk to an acceptably low level in the circumstances of the engagement as the basis for a positive form of expression of
the practitioner’s conclusion. read more

Revision questions on subsequent events ISA 560 (NBAA MAY 2019)

Revision questions on subsequent events ISA 560 (NBAA MAY 2019)

You have been requested by your audit senior to prepare training materials for audit trainees on ISA 560: Subsequent events.

REQUIRED:

Prepare a brief presentation which discusses:

(i) The two types of subsequent events, giving examples of each. read more