2. As per the ISA 200, state the key requirements for the auditor to obtain reasonable...

2. As per the ISA 200, state the key requirements for the auditor to obtain reasonable assurance and to express an opinion on financial statements.

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Expert Solution

An auditors responsibility is to provide reasonable assurance on financial statements.

Key Requirements for the auditor to express an opinion on financial statements are -

1. Ethical Requirement - Auditor is bound by ethical codes. He should comply relavant ethical requirements,
2. Professional skepticism - Auditor need to maintain an attitude that circumstances may exist which causes the financial statement be misstated.
3. Sufficient appropriate audit evidence - To obtain reasonable assurance auditor should obtain sufficient appropriate audit evidence to reduce audit risk and draw a conclusion on which he express his opinion on financial statements.
4. Professional Judgement - The auditor should exercise his professional judgement based on his relavant trainning, knowledge and experince.
5. Conduct of an audit in accourdance with ISA - Auditor should comply all ISAs relavant to the audit. To achive the overall objective. He should use the objective stated in related ISA.

ekkarill92 answered 1 year ago

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