LS 1.10 - Fundamentals of Auditing & Assurances

The word "audit" derives from the Latin word “_____”

" To obtain _____ about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion whether the finanial statements are prepared, in all material respects, in accordance with applicable financial reporting framework. "

" To obtain reasonable assurance about whether the financial statements as a whole are _____, whether due to fraud or error, thereby enabling the auditor to express an opinion whether the finanial statements are prepared, in all material respects, in accordance with applicable financial reporting framework. "

" To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to _____, thereby enabling the auditor to express an opinion whether the finanial statements are prepared, in all material respects, in accordance with applicable financial reporting framework. "

" To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion whether the finanial statements are prepared, in _____, in accordance with applicable financial reporting framework. "

" To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion whether the finanial statements are prepared, in all material respects, in accordance with applicable _____. "

A systematic process of objectively obtaining evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested parties.

• Attestation services

• Auditing

• Assurance services

• Review

Auditing is systematic process of objectively obtaining evidence regarding assertions about _____ to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested parties.

Auditing is systematic process of objectively obtaining evidence regarding assertions about economic actions and events to ascertain the _____ between the assertions and established criteria and communicating the results to interested parties.

Auditing is systematic process of objectively obtaining evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the _____ and communicating the results to interested parties.