acc311 past questions
Fundamentals of Auditing
Auditing – An Introduction
c) In our opinion and to the best of our knowledge and in accordance with the definitions provided to us, thebalance, profit and loss account, cash flow statement and balance sheet statements and notes forming part of that in accordance with the approved financial standards as applicable to Pakistan. Also, provided the information required by the Companies Ordinance, 1984, in a manner it is also necessary to consistently provide a true and correct view of the corporate affairs situation as in DATE as well gains / losses on its cash flows and changes in last year’s estimates; and
d) In our view Zakat drawn from the source under Zakat and Usher Ordinance, 1980 was drawn bythe company was also incorporated into the Central Zakat Fund established under Section 7 of that Ordinance.
INDEPENDENT PLANNING REPORTS REPORT
We have audited the financial statements of the ABC company, including the balance sheet
sheet from December 31, 20X1, and income statement, statement of changes in estimates and cash flowsthe annual statement is then completed, along with a summary of key accounting policies and other explanations notes.
Administrative Statement of Financial Statements
Management is responsible for the preparation and presentation of the financial statements
in accordance with International Financial Reporting Standards. This work includes: design,
the use and maintenance of internal control is subject to the proper preparation and presentation of financesunmistakable statements appear, either due to fraud or error; selection and use appropriate accounting policies; and making reasonable accounting estimates in the circumstances.
Our job is to express an opinion on these financial statements based on our audit. Carry on
audit of our books in accordance with International Standards on Auditing. Those standards require that we adhere to them with the requirements of order and planning and auditing to obtain reasonable assurance as to whetherThe financial statements have no material suspicions.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the audit financial statements. The procedures selected depend on the auditor’s judgment, including the audit of risks of misinterpretation of financial statements, either due to fraud or error. In practice, Such a risk assessment, the auditor considers internal controls as appropriate for the proper planning and operation of the business
submission of financial statements to design the appropriate audit procedures in the file
conditions, but not for the purpose of expressing an opinion on the internal functioning of the business control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by consideration of the accounting estimates made by management, as well as evaluating the overall presentation in the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion audit opinion.