An audit engagement is a reasonable assurance engagement, not an absolute assurance engagement. This means that auditors perform an audit as per auditing standards and applicable financial reporting framework to assess that the financial statements in all material matters, are error-free and it can be assured reasonably based on the evidence that was gathered during the audit.
Reasonable assurance is a result of the performance of audit procedures to a reasonable extent and within the limitations of time, and also based on the audit evidence to support such an assurance that can be relied on. Beyond the reasonable performance of audit, yet there is uncertainty about the presence of a material misstatement in the financial statements. This is why audit opinion cannot be expressed with absolute certainty.
Casa Royale, Inc., a public company, retains Ying and
Patel, CPA, has completed the audit of the financial statements
The following is an auditor's report prepared in accordance with International Standards
Define the meaning of the term materiality as it is used in
Following are evidence decisions for the three audits described in Figure 3
Following is the audit report for the City of Prairie View.
For each of the following procedures taken from the quality control manual
Following is the unqualified audit report for the City of Sand Key
Auditing standards do not require auditors of financial statements to a
The following are selected portions of the report of management from a
