Audit Notes

Practitioners give the Users a create verbally conclusion Accountable company must have an accountability affinity with the Users Auditors in an day of the month must be independent because they would be perceived as unbiased Definitions chronicle 0 Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial study to have a proper decision making process Assurance 0 An engagement where a practitioner is engaged to issue a written colloquy expressing a conclusion concerning a subject matter for which the accountable party is responsible Auditing 0 Accumulation and evaluation of evidence around cultivation to determine and report on the degree of correspondence between the information and established criteria Auditing should be done by a competent, independent person.Audit of FIS (Triangle draw based on the conformity of the FIS with IFRS, GAAS, ASPE) Auditor 0 Shareholders 0Management Auditor gives their written opinion t o the Shareholders Management gives a stewardship relationship (to manage and look after the company for the S/H) with the shareholders Audit Objectives To gain reasonable assurance of FIS To come across FIS are free from material misstatements For the auditor to express an opinion about the FIS being prepared with respects to the tlnancial reporting trameworks (IFRS Chapter 2 The Public Accounting Profession Quality Control for Firms (Table 2. 2. 9) Leadership for Quality Control Should be present for all audits Quality control procedures should be implemented and communicated to everyone Firms should image all personnel are qualified Establish a ball code of conduct Ethical Principles are Required Principles include one Objectivity Professional Confidence