Step 1 incorrect answers Flashcards
1
Q
what is the definition of external audit
A
the external audit is an exercise carried out by auditors in order to give an opinion on whether the financial statements of a company are materially misstated
2
Q
what is the level of assurance of a review engagement
A
limited assurance
3
Q
5 stages required to develop an ISA
A
Task force to develop draft discussion at a public meeting distribution of draft for public comment consideration of comments approval by IAASB members
4
Q
who is ultimately responsible for a companys system of internal controls
A
board of directors
5
Q
what is an example of something that would not be the audit committees responsibility
A
making decisions on the day to day running of the operations
