Lessons
- Introduction to Auditing
- Players in the Audit Industry
- Generally Accepted Auditing Standards (GAAS) - Overview
- Auditing Ethics and Rules of Professional Conduct
- Understanding the Independent Auditors' Report
- Auditor's Report with Reservations
- The Auditing Process
- Auditing: Management Assertions
- The Audit Evidence
- Audit Risk Models
- Auditing: Assessing Inherent Risk
- Auditing: The Concept of Materiality
- Auditing: Client Risk Profile
- How Auditors Document Their Work?
- Internal Controls in a Company
- COSO - Integrated Internal Control Framework
- Assessing Control Risk
- Testing Internal Controls
- Auditing Issues in Small Businesses
- Auditing Planning Approach
- Audit Programs
- Auditing the Sales Cycle
- Substantive Audit Procedures
Auditor's Report with Reservations
In this lecture, we will look at how the auditors express their dissatisfaction with the financial information prepared by management. there are two broad situations that we need to consider, which result in four different types of opinions, two for each situation. The two situations are as follows: First, when we have financial statements that are materially misstated. and second situation is when the auditor is unable to obtain sufficient appropriate audit evidence.
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