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  • What is an audit? PSA 200 definition

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    John Kenneth Escober Bentir
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    Auditing is defined as a systematic process to objectively obtain and evaluate evidence about financial statements to determine if they are prepared according to the financial reporting framework. The auditor then expresses an opinion on whether the financial statements are materially correct based on that framework. The goal is to communicate the audit results to interested users.

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    Auditing is defined as a systematic process to objectively obtain and evaluate evidence about financial statements to determine if they are prepared according to the financial reporting framework. The auditor then expresses an opinion on whether the financial statements are materially correct based on that framework. The goal is to communicate the audit results to interested users.

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    10 views1 page

    What is an audit? PSA 200 definition

    Uploaded by

    John Kenneth Escober Bentir
    Auditing is defined as a systematic process to objectively obtain and evaluate evidence about financial statements to determine if they are prepared according to the financial reporting framework. The auditor then expresses an opinion on whether the financial statements are materially correct based on that framework. The goal is to communicate the audit results to interested users.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    1.

    Define auditing

    Answer: PSA 200 defines auditing by stating the objective of a financial statement
    audit, that is, to enable the auditor to express an opinion whether the financial
    statements are prepared, in all material respects, in accordance with an identified
    financial reporting framework.

    An audit is a systematic process of objectively obtaining and evaluating evidence


    regarding assertions about economic actions and events to ascertain the degree of
    correspondence between these assertion and established criteria and communicating
    the results to interested users.

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