MGMT627 Midterm Solved MCQs
Introductory paragraph.MGMT627 Midterm Solved MCQs
We have verified the attached financial statements of ABC which include the balance statement as at 31 December 20X1 and statement of profit and loss, statement of changes in equity and cash flows statement for the year ending and a summary of significant accounting rules and other explanations comment.
Management’s responsibility for the financial statements
Management is responsible for the compilation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, establishing and maintaining internal control relevant to the preparation and fair presentation of financial statements.
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statements that are free from material misstatement, whether due to fraud or error; selection and application
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with International Auditing Standards. These standards require us to adhere to them
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance that
the financial statements do not contain material misstatements.
An audit includes performing procedures to obtain evidentiary information about the amounts and facts presented in the financial statements. MGMT627 Midterm Solved MCQs
Financial statements. The procedures chosen depend on the auditor’s judgment, including assessment the risks of material misstatement of the financial statements, whether due to fraud or error. During production The auditor considers the assessment of these risks to be relevant to the preparation and integrity of the accounting entity
presentation of financial statements in order to propose audit procedures that are appropriate for the given accounting period circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal entity management. An audit also includes an assessment of the appropriateness of the accounting methods and accounting methods used the reasonableness of the accounting estimates made by management as well as the evaluation of the overall presentation.
We believe that the audit evidence we have obtained provides a sufficient and appropriate basis for our assertions