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Content of the notes (1)

S-1:

Audited F/S: The Basics

THE INDEPENDENT AUDIT FUNCTION

A. The Purpose of an Audit

B. Audit Function Adds

"Credibility"

C. Responsibilities

MGMT. Responsibilities

Auditor Responsibilities

Performance

"Reasonable" Assurance

Inherent Limitations of Audits

Nature

of Financial Reporting

Nature of Audit Procedures

Timeliness of Financial

Reporting

Cost/Benefit Balance