Lecture 1 - Introduction Flashcards
1
Q
Why audit financial statements?
A
Accountability Risk Trust Separation ARTS
2
Q
Why the truth concept?
A
Truth is not absolute due to insufficient evidence
3
Q
Why fairness concept?
A
Because of subjective judgement in GAAP
4
Q
What are the principles of the auditors code?
A
- Accountability
- Integrity
- Objectivity and independence
- Competence
- Rigour
- Judgement
- Clear communication
- Association
- Providing value
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