Illustrating the audit trail of stock purchases

Reference no: EM132878796

Audit reports

You are provided with the following extract taken from the report of the independent auditors. Read through it and answer the questions that follow

8.1 Explain why it is important for the independent auditor to be a member of a professional body.

8.2 Explain the difference between a qualified, unqualified and negative audit report.

8.3 Refer to the underlined sentence in paragraph 1. Why do the auditors include this sentence their report? Briefly explain.

8.4 Refer to the mid, hued weird: in paragraph 2:

(a)Give an example of ‘evidence' that an auditor would use by, illustrating the audit trail of stock purchases.

(b)Give ONE example of ‘accounting principle' he/she would assess as part of the audit with regards to stock specifically.

Explain why the auditor would inspect this principle.

8.5 Refer to paragraph 3.Explain why you should be satisfied with the Audit option.

Attachment:- Audit reports.rar

Reference no: EM132878796

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