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acc311 past papers midterm solved

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acc311 past papers midterm solved

Fundamentals of audit
Auditing – Introduction
What is an auditor’s report?
The main purpose of the auditor is to enable the auditor to state that “these accounts reflect the true and correct view” or, of the of course, to say that “they do not reflect a true and correct view”. At the end of the audit, when he has reviewed the business, its record, and its financial statements, the auditor produces a report to the owners / stakeholders in which he expresses his opinion of the truth as well justice, and sometimes other aspects, of financial statements. The standard format of the Auditor’s Report in terms of Corporate Orders 1984:FORM 35A
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RESEARCHER REPORT
We have considered the written balance of COMPANY NAME as THE DATE and the associated benefits with lost account, cash flow statement and equity exchange statement and constructive notes part of it, last year and say we got all the information again
the explanations needed for our knowledge and faith were needed for the purpose of our audit.
See Also:
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Audit work includes:Reviewing accounting policies and key estimates made by management, as well as reviewing complete presentation of the above statements. We believe that our literature research provides a sound basis for this our opinion and, after due confirmation, we report that:
a) In our opinion, the relevant account books are kept by the company as required by
Companies Ordinance, 1984
b) In our view:
i. The balance sheet and profit and loss account and the notes in it should be the same
designed in accordance with the Companies Ordinance, 1984, and complies with
account books and proceed in accordance with accounting policies applied consistently
ii. Expenditure during the year is for company business; and
iii. The business made the investment made and the expenses incurred during the year were
in accordance with company material.
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