Fundamentals of Financial Statements Audit

The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. The objective of an audit of financial statements is to enable an auditor to express an opinion as to whether the financial statements are...

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Bibliographic Details
Main Author:	World Bank
Format:	Other Financial Accountability Study
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNT ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING PERIOD ACCOUNTING POLICIES ACCOUNTING RECORDS ACCOUNTING STANDARDS ACCOUNTING SYSTEMS ACCOUNTS ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ACCRUED EXPENSES ACQUISITIONS ASSET BASE AUDIT ENGAGEMENTS AUDIT EVIDENCE AUDIT OBJECTIVES AUDIT REPORTS AUDIT RISK AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITORS AUDITORS REPORTS AUDITS BALANCE SHEET BALANCE SHEETS BANK ACCOUNT BIDS BUDGETING BUSINESS DEVELOPMENTS BUSINESS PROCESSES BUSINESS RISKS CAPITAL STOCK CARRYING VALUE CASH FLOW CHECKS CONFIDENTIALITY CONFIRMATIONS CREDITORS CURRENCY CUSTODY DEBT DEBT AGREEMENT DEBT AGREEMENTS DEBT DISCLOSURES DEBTS DEPOSIT DEPRECIATION DIVESTMENTS DOCUMENTATION REQUIREMENTS EQUIPMENT EQUITY CAPITAL ETHICAL BEHAVIOR EXCHANGE RATES FINANCIAL INFORMATION FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL SERVICES FINANCIAL SERVICES INDUSTRIES FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCING ARRANGEMENTS FIXED ASSETS FRAUD FRAUD RISK HUMAN RESOURCES INCOME INDEBTEDNESS INFORMATION TECHNOLOGY INTEREST EXPENSE INTERNAL AUDIT INTERNAL AUDITING INTERNAL AUDITORS INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVENTORY ACCOUNTING LEGAL ENVIRONMENT LEGISLATIVE ENVIRONMENT LIABILITY LIQUIDITY LONG TERM DEBT LONG-TERM DEBT MARKETING MERGERS MONETARY ASSETS OWNERSHIP STRUCTURE PHYSICAL ACCESS PROFIT MARGIN PURCHASING QUALITY CONTROL REGULATORS REGULATORY REQUIREMENTS REMITTANCE RETURN RETURN ON ASSETS RETURNS RISK ASSESSMENT PROCESS RISK ASSESSMENTS RISK CONTROL RISK MANAGEMENT SALES SEGREGATION OF DUTIES SHARE PRICES TAX TOTAL DEBT TRANSACTION TURNOVER TURNOVER RATIOS UNRECORDED DEBT VALUATION VALUATIONS VOLATILITY WAREHOUSE
Online Access:	http://documents.worldbank.org/curated/en/2011/05/16342054/fundamentals-audit-financial-statements http://hdl.handle.net/10986/13023

Description
Summary:	The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. The objective of an audit of financial statements is to enable an auditor to express an opinion as to whether the financial statements are prepared, in all material respects, in accordance with International Financial Reporting Standards or another identified financial reporting framework. The auditor's opinion is expressed in by using the phrase 'give a true and fair view' or 'present fairly, in all material respects'. The auditor and the client's management have separate and distinct responsibilities. The auditor is responsible for forming and expressing an opinion on the financial statements. The client's management, on the other hand, bears responsibility for preparing and presenting the financial statements. Management's responsibilities are not relieved by the fact that the statements are audited. An auditor must comply with general principles of an audit. These require an auditor to: 1) comply with the 'Code of Ethics for Professional Accountants' issued by the IFAC (or a national Code of Ethics, where appropriate); 2) conduct an audit in accordance with International Standards on Auditing (ISAs) (where applicable); and 3) plan and perform the audit with an attitude of professional skepticism, recognizing that circumstances may exist that cause the financial statements to be materially misstated.

Fundamentals of Financial Statements Audit

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