Demonstrate an understanding of the reporting requirements and auditing standards.

Expert Solution

Auditing Standards are a set of systematic guidelines accepted by auditors when conducting audit on companies' financial records. These helps to ensure the accuracy, consistency, and verifiability of auditos's actions and reports.

Auditing Standards constitute the criteria or yardstick against which the quality of the audit results are evaluated.” Auditing Standards are particularly important in cases where there is a matter of material importance and its interpretation is of a technical nature.

When an auditor complies with all applicable Auditing Standards for a financial statement audit, those standards require the auditor to include a statement in the auditor's report that the audit was performed in accordance with Auditing Standards.

Auditors should include either in the same or in separate report(s) a description of the scope of the auditors' testing of internal control over financial reporting and of compliance with provisions of laws, regulations, contracts, and grant agreements.

Auditors should also state in the reports whether the tests they performed provided sufficient, appropriate evidence to support opinions on the effectiveness of internal control and on compliance with provisions of laws, regulations, contracts, and grant agreements.

ekkarill92 answered 2 years ago

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Demonstrate an understanding of the reporting requirements and auditing standards.

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