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Example Audit Tests Print E-mail

Auditing standards lay the foundation for performance of statutory company audits. In practice, audit firms produce standardised audit files containing  tailored tests to decrease audit risk.  Audit risk is the risk of not detecting material misstatement of financial and non financial information in company financial statements.

Auditors produce an audit report to formally state their opinion on whether the information presented in financial statements is true and fair, and complies with relevant accounting standards and Generally Accepted Accounting Practice in UK. Audit tests form the basis of this opinion.

To view a sample of audit tests performed by auditors, select the audit file from the menu.  There exists a wide variety of audit software with standard batteries of tests all working towards the same aim of identifying risks of misstatement of information on which economic decisions about the entity are based.  The opinion is generally aimed at providing a level of comfort to investors and owners of managed entities.

 

 

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