What information should be provided in the scoping section of an audit program? What is the...

What information should be provided in the scoping section of an audit program? What is the importance of each?

Expert Solution

The scoping section gives the information to the stakeholders that the audit is conducted following the generaly accepted auditing procedures and whether the audit work provides a reasonable basis for the openion provided by the auditor on the truth and fairness of the financial statements. The information includes:

1. Auditor acted professionally as per the generally accepted audit procedures - It is importatnt such that the auditor is aware of the audit priciples and acted as per the guidelines and regulations in order to work in an ethical manner without any conflict of interest.

2. Audit evidence - Any openion provided on finacial statements should have sufficient backup evidence (documented workings) in order to prove such statement.

3. Audit is done to ascertain the reasonableness of the financial statement - The purpose of audit is to check if the financial statements give a true and fair view of the company's actual position and that the statements are free from any material misstatements.

4. Statement that auditor believes that the audit openion provided is based on the evidence accumulated which are sufficient to give such an openion.

ekkarill92 answered 2 years ago

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