SA 200 General Terms and Definitions

Mary Geraldin
Flashcards by Mary Geraldin, updated more than 1 year ago
Mary Geraldin
Created by Mary Geraldin over 4 years ago
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CA Final 3. Auditing (Standards on Auditing SA:200 ) Flashcards on SA 200 General Terms and Definitions, created by Mary Geraldin on 03/18/2016.

Resource summary

Question Answer
OBJECTIVE OF AN AUDIT 1. Obtain Reasonable Assurance that FS are free from Material Misstatements either due to fraud or error 2. Express Opinion on whether FS are prepared as per FRF 3. Report on FS and communicate as required by SAs on findings of FS
Applicable FRF Adopted by management and TCWG (a) Acceptable in view of nature of entity (b) Acceptable Based on Objective of FS (c) Accepted based n laws and regulations
Fair Presentation Framework CompImportant Points 1. Specifically mentioned 2. Extra disclosure may be needed beyond those specified by FRF 3. Acknowledges specifically that management may necessarily depart from the but in extreme rare cases
Compliance Framework It requires Compliance with the Framework but does not require acknowledgements
Audit Evidence (Short Answer) 2 things 1. Sufficiency - Quantity a. based on Assessment of risk of material misstatement b. Quality of Audit Evidence 2. Appropriateness - Quantity a. Relevance b. Reliability
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