Lernkarten

Karten 16 Karten
Lernende 1 Lernende
Sprache English
Stufe Andere
Erstellt / Aktualisiert 06.04.2014 / 03.07.2017
Lizenzierung Namensnennung (CC BY)     (BPP Learning Media)
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4 Exakte Antworten 9 Text Antworten 3 Multiple Choice Antworten
Fenster schliessen

What is an External Audit

This is a form of assurance engagement performed by an auditor in order to provide an independent opinion about a set of financial statements

Fenster schliessen

What is the Objective of an External Audit

To enable the auditor to express an opinion on whether the financial statements are prepared;

  • in all material respects
  • in accordance with an applicable financial reporting framework.
Fenster schliessen

What is the PURPOSE of an External Audit

To enable the auditors to give an opinion on financial statements
Fenster schliessen

What is the Objective of an audit?

Solely to report to the shareholders
Fenster schliessen

What is the function of an audit?

provides assurance to the shareholders and other stakeholders of a company on the financial statements because it is independent and impartial
Fenster schliessen

What can an Auditor provide as an assurance in an independent audit review to its shareholders?

A knowledgeable review of the company's business and on the accounts

An impartial view given Senior/Executive management view might be biased

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Who are the stakeholders of a company interested in the assurance from auditors that the accounts they are reading have been subkected to an independent report?

Lizenzierung: Namensnennung (CC BY) BPP Learning Media
Shareholders (owners of the company)

Creditors

Tax Authorities

Directors and Employees

The Public

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What is Accountability? Who is accountable to who?

Accountability is the quality or state of being accountable, that is, being required or expected to justify actions and decisions.

Its suggests an obligation or willingness to accept responsibiloty for one's actions.

Directors (Management) are accountable to shareholders.