In the scope paragraph of the audit report, the use of the term reasonable assurance
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1.In the scope paragraph of the audit report, the use of the term “reasonable assurance” isintended to indicate thata.no misstatements exist in the financial statements.b.no material misstatements exist in the statements.c.there is possibility that material misstatements still exist in the financial statements.d.there is possibility that immaterial misstatements still exist in the financial statements. Show 2.In the scope paragraph of the audit report, the use of the term “material misstatements”conveys that auditors are responsible to search for Get answer to your question and much more 3.The audit report date is important to users because it indicates Get answer to your question and much more 4.Most auditors believe that financial statements are “presented fairly” when the statementsare in accordance with financial reporting standards, but that is also necessary to Get answer to your question and much more What is meant by reasonable assurance in auditing?Reasonable assurance means a high but not absolute level of assurance. Sufficient appropriate evidence is obtained as part of a systematic assurance engagement process that includes: obtaining an understanding of the assurance engagement circumstances. assessing risks.
What is scope paragraph in auditing?Scope paragraph. The scope paragraph is a factual statement about what the auditor did in the audit. The remainder briefly describes important aspects of an audit. Opinion paragraph. The final paragraph in the standard report states the auditor's conclusions based on the results of the audit.
Why is reasonable assurance important in auditing?The concept of reasonable assurance is significant because it should guide assessments of the validity and reliability of the financial statements by external auditors, as well as the effectiveness of internal control by management and internal audit.
What are the reasonable assurances that are intended to be provided by the accounting internal control structure?Internal controls summary
Internal control is a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance: That information is reliable, accurate and timely. Of compliance with applicable laws, regulations, contracts, policies and procedures.
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