Audit

Requirements of Audit Committee The audit committee is a subcommittee of the board of directors that is responsible for the financial reporting and disclosure process.…

Limitations of Financial Statement Audit A financial statement audit is the assessment of an entity’s financial statements and accompanying disclosures by a sovereign auditor. The…

Objectives of the Audit Committee Audit committee relies on management to run the daily operations of the business. The Board’s role is better described as…

Audit Committee The audit committee is an operating committee of the board of directors charged with oversight of financial reporting and disclosure. Committee members are…

Statement on Auditing Standards (SAS) SAS means Statement on Auditing standards are issued by the auditing standard broad and are consider interpretations of GAAS. It…

Principles of Generally Accepted Auditing Standards (GAAS) GAAS means Generally Accepted Auditing standards; are sets of standards against which the quality of audits are performed…

Generally Accepted Auditing Standards (GAAS) Generally Accepted Auditing Standards or GAAS are sets of standards against which the quality of audits are performed and may…

Phases of a Financial Audit A financial statement audit is an engagement performed by an independent accountant to provide assurance that an entity’s financial statements…

Ways of narrowing Expectation Gap: The term expectation gap is defined as a gap between the expectation of users of assurance reports, particularly of audit…

Reasons for raising Expectation Gap The term expectation gap is defined as a gap between the expectation of users of assurance reports, particularly of audit…