An attest function is performed by a qualified auditor who provides an audit opinion on the truth and fairness of the financial statements of an organization.
An audit report is a formal opinion or disclaimer issued by an auditor as a result of an audit or evaluation of an entity’s financial statements. It represents the auditor's findings and communicates them to the stakeholders.
A Bank Confirmation is a request made by an auditor to a bank to confirm details related to an audit client's bank accounts, assets held by the bank, and associated financial information.
A Certified Financial Statement is a set of financial documents including the balance sheet, income statement, and possibly other related financial reports, that a Certified Public Accountant (CPA) has audited and attested to. These statements confirm that the financial records present fairly, in all material respects, the financial position and performance of a company in accordance with applicable accounting principles.
Comprehensive auditing is a thorough review process that encompasses evaluation of an organization's operations, compliance, and financial performance to ensure accuracy, efficiency, and adherence to laws and regulations.
An overview of the standards that provide the fundamental principles and essential procedures for auditing, issued by the International Auditing and Assurance Standards Board (IAASB).
Non-statistical sampling or judgmental sampling is a method used in auditing where the samples are selected based on the auditor's judgment rather than random selection methods. This technique can be employed when statistical methods are impractical or when a quick assessment is needed.
The reporting partner in an audit firm is responsible for forming an audit opinion on the financial statements of a client company. This role includes signing and dating the auditors' report after the board of directors formally approves the financial statements.
Testchecking is a procedure used in auditing to verify the accuracy of certain items in financial records, allowing the auditor to form an opinion about the entire account.
