Briefly explain the following terms. i) Analytical procedures ii) Audit opinion. iii) Audit working papers

      

Briefly explain the following terms.
i) Analytical procedures
ii) Audit opinion.
iii) Audit working papers

  

Answers


Kavungya
(i) Analytical procedures
Analytical review can be defined as the study of relationships between element of financial
information expected to conform to a predictable pattern based on the organization's experience
and between financial information and non-financial information.
Under analytical review information is compared with comparable information for prior records
with anticipated results and with inforriaation relating to similar organizations.

(ii) Audit opinion
It is an expression in which the auditor concludes that the financial statements give or does not
give a true and fair view in accordance with the relevant financial reporting framework.

(iii) Audit working papers
Materials prepared by or obtained and retained by the auditor in connection with the performance
of the audit. Working papers may be in the form of data stored on papers, film, electronic media
or other media.
Kavungya answered the question on May 14, 2019 at 13:46


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