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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Main Author: World Bank
Format: Other Financial Accountability Study
Language:English
en_US
Published: Washington, DC 2013
Subjects:
TAX
Online Access:http://documents.worldbank.org/curated/en/2011/05/16342054/fundamentals-audit-financial-statements
http://hdl.handle.net/10986/13023
id okr-10986-13023
recordtype oai_dc
spelling okr-10986-130232021-04-23T14:03:02Z Fundamentals of Financial Statements Audit World Bank 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 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. 2013-03-28T15:46:04Z 2013-03-28T15:46:04Z 2011-05 http://documents.worldbank.org/curated/en/2011/05/16342054/fundamentals-audit-financial-statements http://hdl.handle.net/10986/13023 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work Europe and Central Asia Tajikistan
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic 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
spellingShingle 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
World Bank
Fundamentals of Financial Statements Audit
geographic_facet Europe and Central Asia
Tajikistan
description 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.
format Economic & Sector Work :: Other Financial Accountability Study
author World Bank
author_facet World Bank
author_sort World Bank
title Fundamentals of Financial Statements Audit
title_short Fundamentals of Financial Statements Audit
title_full Fundamentals of Financial Statements Audit
title_fullStr Fundamentals of Financial Statements Audit
title_full_unstemmed Fundamentals of Financial Statements Audit
title_sort fundamentals of financial statements audit
publisher Washington, DC
publishDate 2013
url http://documents.worldbank.org/curated/en/2011/05/16342054/fundamentals-audit-financial-statements
http://hdl.handle.net/10986/13023
_version_ 1764420639741968384