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6662506
External Audit
Description
Cima F1 Chapter 2 - External Audit
No tags specified
external audit
cima
f1
accounting
Mind Map by
G EEE
, updated more than 1 year ago
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Created by
Patsy Baker
over 9 years ago
Copied by
G EEE
about 8 years ago
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Resource summary
External Audit
Duties of Auditor
Consider if the FS show a true and fair view of business activities
Check the FS have been prepared in accordance with relevant legislation
Ensure proper records are kept
Adequate information provided
FS must agree with accounting records
Annual report is consistent with FS
The independent examination of and expression of an opinion on the FS of an entity
ISA 700 requires the auditor to give a clear opinion on the FS as a whole
Rights of an Auditor
Access to company books, records and documents
Receive notice of and attend board meetings
To speak at meetings
Obtain information and explanations from company officers when required
4 Types of opinion
Unmodified Opinion
Concludes that FS give a fair and balanced view
Adverse Opinion
FS do not show a true and fair view
Disclaimer of Opinion
Unable to obtain sufficient evidence to be able to give an opinion as circumstances could be material and pervasive
Qualified Opinion
FS show a true and fair view with the exception of....... which is material and pervasive
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