
Cash Balance Nonexpendable Trust Fund for the Years Ended Auditor State Oh Form
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People also ask
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What is the weakest audit evidence?
Testimonial evidence is usually the weakest form of evidence and generally not used to support key audit findings. Testimonial representations may be included in report, but must be attributed. Whenever possible, important information from interviews is corroborated with additional evidence.
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What is SA 700?
SA 700 deals with the responsibility of the auditor in forming his/her opinion on financial statements. This standard also deals with content and form of the auditor's report that is issued as an outcome of the audit of the financial statements.
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Do the auditor's provide absolute assurance that the financials are free from material misstatement?
The auditor cannot obtain absolute assurance that financial statements are free from material misstatement because of the inherent limitations of an audit. These are caused by a number of factors.
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What are the factors affecting sufficiency of audit evidence?
Sufficiency is the measure of the quantity of audit evidence. The quantity of audit evidence needed is affected by the following: Risk of material misstatement (in the audit of financial statements) or the risk associated with the control (in the audit of internal control over financial reporting).
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What happens if the auditor is unable to obtain sufficient appropriate audit evidence regarding the opening balance?
If the auditor is unable to obtain sufficient appropriate audit evidence concerning opening balances, the auditor's report should include: A qualified opinion, or. A disclaimer of opinion.
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What is the auditor's inability to obtain sufficient evidence can arise from?
The auditor's inability to obtain sufficient appropriate audit evidence (also referred to as a limitation on the scope of the audit) may arise from: (a) Circumstances beyond the control of the entity; (b) Circumstances relating to the nature or timing of the auditor's work; or (c) Limitations imposed by management. A9.
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How does the auditor determine when sufficient evidence has been obtained?
As part of the evaluation of whether sufficient appropriate audit evidence has been obtained, the auditor should evaluate whether the assessments of the risks of material misstatement at the assertion level remain appropriate and whether the audit procedures need to be modified or additional procedures need to be ...
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