Comments on an Audit Report (Grade 12 NSC Matric Accounting): Flashcards
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Audit report purpose
Audit report purpose
Independent opinion on reliability of financial statements
Credibility gap definition
Credibility gap definition
Gap between management reports & what stakeholders can trust
Where auditors are appointed
Where auditors are appointed
At Annual General Meeting (AGM) by shareholders
Auditor employment status requirement
Auditor employment status requirement
Cannot be employees of the company
Two bodies auditors must register with
Two bodies auditors must register with
SAICA and IRBA
Three types of audit reports
Three types of audit reports
Unqualified (good), Qualified (bad), Withheld (very bad)
STARDIF stands for
STARDIF stands for
Social,Transparent,Accountable,Responsible,Discipline,Independent,Fair
Internal auditors employment status
Internal auditors employment status
Employees of the business organisation
GAAP stands for
GAAP stands for
Generally Accepted Accounting Principles
Unqualified report meaning
Unqualified report meaning
Minor irregularities if any; financial statements fairly present