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Auditing : A Practical Approach, 2nd Canadian Edition Solution Manual

Improve your comprehension with Auditing : A Practical Approach, 2nd Canadian Edition Solution Manual, designed to make studying easier.

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Solutions Manualto accompanyAuditing:APracticalApproachSecond Canadian EditionChapter 1–Introduction and overview of audit and assuranceSOLUTIONS TO REVIEW QUESTIONSREVIEW QUESTION 1.1AccordingtotheCPACanadaHandbook,anassuranceengagementisanengagement where a practitioner issues a written report and concludes on a subjectmatter for which the accountable party is responsible. Therefore, a prerequisite for anassurance engagement is the existence of anaccountability relationship, where oneparty is answerable to another for the subject matter (s. 5025.0304).In the financial reporting context ‘assurance’ relates to the audit or review of an entity’sfinancial statements.An audit provides reasonable assurance about the fair presentation of the financialstatements,whilea review provides limited assurance. The audit contains a positiveexpression of opinion (e.g. ‘in our opinion the financial statementsarein accordancewith (the Act) , while the review contains a negative expression of opinion (e.g., ‘wehavenotbecome aware ofanymatterthatmakes usbelieve that…thefinancialstatements arenotin accordance with Canadian GAAP).Theassurancepractitionerisanauditorworkinginpublicpracticeprovidingassuranceonfinancialstatementsofpubliclylistedcompanies,orotherentities.Intendedusersare the people for whom the assurance provider prepares their report(e.g., the shareholders). Theresponsible partyis the person or organization (e.g., a

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Auditing
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Auditing: A Practical Approach by R...

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