What is the purpose of an audit report ? | KNEC| KASNEB| KISM| Ebooks Kenya

The purpose of an audit report is to reflect a clear written expression of the auditor‘s opinion on the financial statements taken as a whole. This entails indicating explicitly whether the financial statements give a true and fair view of the state of affairs of the company.

The auditors have a statutory duty to make a report to the members on the accounts examined by them and on the financial statements, at the A.G.M, during the period they hold office.

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Define the term audit programme
Outline the basic elements of an unqualified audit report
Explain the nature and purpose of a post-audit review
What is the purpose of a letter of representation?
List five limitations of an audit
State the basic element of the scope paragraph of an audit report
How does audit planning assist in the conduct of an audit?
The auditing standard on subsequent events provide the basic principles and procedures as to the auditor‘s responsibilities and deal with: i. Dating the auditor‘s report ii. Audit procedures iii. Events after the date of the audit report. Required: Summarise the appropriate actions of the auditor regarding events after the date of the audit report
The auditing standard on subsequent events provide the basic principles and procedures as to the auditor‘s responsibilities and deal with: i. Dating the auditor‘s report ii. Audit procedures iii. Events after the date of the audit report. Required: Outline the audit procedures considered necessary between the balance sheet date and the date of the auditor‘s report
It has often been said that the auditors‘ report is the formal result of all his efforts. This being the case, it is very important that the reader well understands the meaning of the Audit Report, particularly where the auditor wishes to qualify his opinion on the financial statements; b) Explain how the international standards on auditing attempt to ensure that the report of the auditors is clearly understood
The auditing standard on subsequent events provide the basic principles and procedures as to the auditor‘s responsibilities and deal with: Dating the auditor‘s report, Audit procedures., Events after the date of the audit report..Required: In the context of subsequent events, what is the significance of the data of the auditor‘s report
Write briefly explanatory notes on the following types of audit: Statutory audit, Private audit, Balance sheet audit and Management audit;
Purpose of Import declaration form
Distinguish between a procedural audit and a balance sheet audit
It has often been said that the auditors‘ report is the formal result of all his efforts. This being the case, it is very important that the reader well understands the meaning of the Audit Report, particularly where the auditor wishes to qualify his opinion on the financial statements. Under statutory provision, what are the main contents of the auditors‘ report?
Define and explain the meaning of an audit programme
Write brief explanatory notes on the following audit terms: Vouching audit;
List and briefly explain four objectives of an audit of financial statements
List two advantages and two disadvantages of using standardised audit programmes during audit assignments
It has often been said that the auditors‘ report is the formal result of all his efforts. This being the case, it is very important that the reader well understands the meaning of the Audit Report, particularly where the auditor wishes to qualify his opinion on the financial statements. Describe clearly the circumstances in which an adverse opinion and a disclaimer of opinion would be appropriate and give two examples, one each, to illustrate your answer. (A full audit opinion is not required)
Identify six basic elements of the auditor‘s report containing an unqualified opinion on the financial statements
The purpose/importance of law
Explain the computer assisted audit techniques listed below: Embedded audit facilities and Integrated test facilities
Purpose and scope of incoterms
Identify four factors that should be taken into consideration by an audit firm when allocating staff to audit assignments
List four advantages and four disadvantages of using the risk-based audit approach when auditing the financial statements of limited companies
Clearly outline the statutory responsibilities of an external auditor in relation to the audit of a company‘s financial statements
List and briefly explain the general forms of qualifications available to the auditor in drafting his audit report, stating the circumstances in which each qualification is appropriate. Give an example of each circumstance
Briefly explain the types of audit opinion that would normally arise from a limitation in the scope of audit
Outline and explain four ways in which the objectives of an audit of financial statements have changed over the years
Explain the reliability of bank statements as audit evidence
Identify any four contents of an audit engagement letter
What specific actions can an individual auditor or audit firm take to minimize liability arising from audit risk?
Identify five audit benefits that could be derived from using Computer Assisted Audit Techniques (CAATs) when carrying out testing of computer records
Write brief explanatory notes on the following audit terms:Walk-through tests
Write brief explanatory notes on the following audit; Weakness tests terms
Write brief explanatory notes on the following audit terms:Control procedures;
Write brief explanatory notes on the following audit terms:Internal check;
State the basic elements of the scope paragraph of an audit report
Identify four common problems that may hinder the proper implementation of an audit plan

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