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the first 3 photos is information on the question and blanks to fill out. the last two photos is the options to fill out the
the first 3 photos is information on the question and blanks to fill out. the last two photos is the options to fill out the blank. thank you.
In performing an audit in accordance with GAAS, we - Exercise [5] and maintain professional skepticism throughout the audit. - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of ABCD Company's internal control. Accordingly, no such opinion is expressed. - Evaluate [6] of accounting policies used and the reasonableness of significant [7] made by management, as well as evaluate the overall presentation of the financial statements. - Conclude whether, in our judgment, conditions or events, considered in the aggregate, raise substantial doubt about ABCD Company's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, [8], and certain internal control-related matters that we identified during qhe audit. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, [8], and certain internal control-related matters that we identified during the audit. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic disclosures of users made on the basis of the financial statements. accounting estimates auditing standards significant audit findings accounting principles professional judgment internal control Select an option below internal control the possible effects policies and procedures the accounts audit evidence the appropriateness Step by Step Solution
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