BU477 Chapter Notes - Chapter 5: Risk Assessment, External Auditor, Audit Evidence
Document Summary
The objective of conducting an audit of financial statements. To express an opinion on the fs: assessment of whether the fs are presented fairly, in the context of materiality, in conformity with an applicable financial reporting framework as the criteria for the assessment. Responsibility for adopting sound and appropriate financial reporting framework and corresponding accounting policies, maintaining adequate internal control and making fair representations in the financial statements rests with management. Management"s responsibility for the fairness of the representations (assertions) in the financial statements carries with it the privilege of determining which disclosures it considers necessary. Public: canadian securities administration (csa), requires the ceo and cfo to certify annual and interim financial statements filed with the stock exchange. Agreeing the terms of the audit engagement: management responsibilities to the conduct of the audit. Access all information relevant to the preparation of the financial statements and unrestricted access to persons in the entity.
