Skills and Knowledge Needed to Enter the External Auditing Profession + Technical knowledge and expertise * Leadership + Teamwork + Professional skills Limitations of an Audit *The fundamental nature and characteristics of financial reporting and business processes. *The nature of audit, evidence and procedures; and *The need for the audit to be conducted within a reasonable period of time and at a reasonable costs.Audit Opinion Formulation Process Audit Opinion Formulation Process LLMokngClet 1. Performing Rik II, Obtaiig NV. Obtanng, _V. Completing the ‘Aceptanceand Assesment Evidence about Substatve _Audtand Ming Continuance InternalControl Evidence about Reporting Deesions Operating Accounts, Dons Hactveness—_Dilsures and AssertonsParties Involved in Preparing and Auditing Financial Statements Achieving Audit Quality + Auditor Independence Requirements + Review Programs + Engagement Letters * Client Acceptance/ Continuance Decisions + Audit Firm Limitations + Audit Documentation