External Audit

Patsy Baker
Mind Map by Patsy Baker, updated more than 1 year ago
Patsy Baker
Created by Patsy Baker about 5 years ago


Cima F1 Chapter 2 - External Audit

Resource summary

External Audit
1 Duties of Auditor
1.1 Consider if the FS show a true and fair view of business activities
1.1.1 Check the FS have been prepared in accordance with relevant legislation Ensure proper records are kept Adequate information provided FS must agree with accounting records Annual report is consistent with FS
2 The independent examination of and expression of an opinion on the FS of an entity
2.1 ISA 700 requires the auditor to give a clear opinion on the FS as a whole
3 Rights of an Auditor
3.1 Access to company books, records and documents
3.1.1 Receive notice of and attend board meetings To speak at meetings Obtain information and explanations from company officers when required
4 4 Types of opinion
4.1 Unmodified Opinion
4.1.1 Concludes that FS give a fair and balanced view
4.2 Adverse Opinion
4.2.1 FS do not show a true and fair view
4.3 Disclaimer of Opinion
4.3.1 Unable to obtain sufficient evidence to be able to give an opinion as circumstances could be material and pervasive
4.4 Qualified Opinion
4.4.1 FS show a true and fair view with the exception of....... which is material and pervasive
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