Module 1 - What is an audit?

Question 1

What is auditing?

Answer 1

Question 1

Auditing standard

Answer 1

Question 2

There are many types of audits:

Answer 2

Question 3

Internal Audits vs External Audits Difference:

Answer 3

Question 4

5 elements to an external audit of financial statements:

Answer 4

Question 5

Voluntary vs Statutory Audits

Answer 5

Question 6

Corporate Governance and Audit

Answer 6

Question 7

Agency Risk and audits

Answer 7

Question 8

Role of an Auditor

Answer 8

Question 9

Expectation GAP

Answer 9

Question 10

Who conducts Audits? and another Fact.

Answer 10

Question 11

Different Levels of Assurance

Answer 11

Question 12

Audit Reports - The conclusion of the Audit

Answer 12

Unmodified opinion is a clean audit opinion; the auditor concludes that the financial statements are fairly presented.

the emphasis of matter what results when an auditor issues an unmodified audit opinion when there is a significant issue that is adequately disclosed and there is a need to draw the attention of the user to it in the audit report

qualified opinion an “except for” opinion provided where there is a material scope limitation or a material (significant) misstatement not pervasive to the overall financial statements

Adverse opinion opinion provided when the auditor concludes that there is a pervasive material misstatement in the financial statements

Disclaimer of opinion opinion provided when the impact of a scope limitation is so extreme that an auditor is unable to obtain sufficient appropriate evidence to base an opinion

Question 13

Auditing and Assurance Standards

Answer 13

Question 14

Regulators and Regulations

Answer 14