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The audit has to be performed by a person or persons with adequate technical training and proficiency as an auditor
An independent mental attitude is to be maintained by the auditor or auditors
Due professional care is to be exercised in the performance of the audit and the report
The work is to be adequately planned and assistants if any, should be properly supervised
An understanding of internal control is needed to plan the audit and to determine the nature, timing, and extent of test
A sufficient appropriate evidential matter is needed to afford a reasonable opinion of the financial statement
The report shall state whether the financial statement is presented with the generally accepted accounting principles
The report shall identify whether the principles have not been consistently observed this year in relation to last year
Informative disclosures are assumed reasonably adequate unless stated otherwise
The report shall state an opinion of the financial statement, a reason is needed if an opinion cannot be given
The report shall also state whether responsibility has been shared