AUDIT PROCESS Flashcards by Phumii Magagula

Q

REASONABLE ASSURANCE

A

AUDITORS PROVIDES HIGH CONFIDENCE THAT THE FINANCIAL STATEMENTS ARE FAIRLY STATED BUT NOT ABSOLUTE CERTAINTY

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

INHERENT LIMITATIONS

A

JUDGEMENT AND ESTIMATES
SAMPLING
FRAUD RISKS
TIME AND COST CONSTRAINTS

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

A

How well did you know this?

1

Not at all

2

3

4

5

Perfectly