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What do understand by the term reasonable assurance

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Reference no: EM132606843

As part of the Auditor's Report there is a section entitled "Auditor's Responsibilities for the Audit of the Financial Report" where the auditor states that they need to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement.

Question (i) What do you understand by the term "reasonable assurance"?

Question (ii). What does it mean by the phrase ..."whether the financial report as a whole is free from material misstatement"?

Reference no: EM132606843

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