Auditors mainly issue disclaimers of opinion to reflect that they have been unable to gather substantial or enough audit evidence to help them to conclude the audit opinion on the engagement of the financial statements that they are auditing. This means that the auditors have refrained from presenting any negative or positive judgment regarding the […]

The auditors issue an unqualified Audit Opinion to notify that the audit has successfully been completed. To the best of the auditors ‘ knowledge, there are no material misstatements in the company’s financial statements. Unqualified Audit Report is issued after the stringent audit process, and it implies that there are no questionable misstatements in the

The audit process involves some cumbersome tasks that need to be executed after a fair degree of planning on the part of auditors. External auditors are supposed to ensure that they are able to plan the audit process in an effective manner so that the main underlying purpose of auditing is not compromised upon. Hence,

The audit process is a cumbersome process that comprises several different techniques that the auditors use to get a clear-cut idea regarding the company’s operations and the extent to which financial statements can be relied upon. Therefore, a plethora of steps is undertaken to gather as much evidence as possible, based on which auditors can

During an audit, the auditor will identify, assess and address any audit and accounting issue or control deficiencies, but all this audit work needs to be summarised and communicated to important internal audit executives or key management personnel as well as those charged with governance. That is why the auditor will then further classify certain

We often come across the term Key Audit Matters in the auditors’ report segment of the audited financial statements of public companies. “Key Audit Matters” is defined by the International Standard of Auditing as those matters that, in the auditor’s professional judgment, are the most significant in the audit of the financial statements of the

We often come across a section in the auditors’ report titled “Emphasis of Matter” when reading through an audit report, especially that of a public listed company. The Emphasis of Matter is a way for the auditor to draw the users’ attention to a matter disclosed in the financial statements or a matter about the

We may occasionally come across a section in the auditors’ report on the Other Matter when reading through an audit report especially that of a public listed company. The auditor uses the “Other Matter” section to draw the attention of the users of the financial statements to any matter or matters other than those already

Before we dive into what Reasonableness Test is in audit, we must first understand what analytical procedures are. The analytical procedures are essentially a method for an auditor to analyze the available financial or non-financial data and identify certain trends, patterns, or relationships. However, the results of such analysis are only useful when they are