External Auditor: перевір свою англійську

Insert the appropriate word:

Framework     enhanced degree   material misstatement     fraud   inquiring         

variances in account balances    confidence     gathers    fairly          

sufficient  evidence    material    reasonable assurance   internal control system             

physical inventory count    accounts receivable    is engaged

The outside, independent auditor________ to give an opinion on whether a company’s financial statements are presented_______ in all _______ respects, in accordance with financial reporting ______ The audit provides users such as lenders and investors with an_______ of_______ in the financial statements. 

To form the opinion, the auditor _______ appropriate and _______ and observes, tests, compares and confirms until gaining _______ The auditor then forms an opinion of whether the financial statements are free of _______, whether due to_______ or error. 

Some of the more important auditing procedures include: 

✎ _______ of management and others to gain an understanding of the organization itself, its operations, financial reporting 

✎ Evaluating and understanding the _______ 

✎ Performing analytical procedures on expected or unexpected _______or classes of transactions 

✎ Observing the _______

✎ Confirming _______ and other accounts with a third party.

ANSWERS:

The outside, independent auditor is engaged to give an opinion on whether a company’s financial statements are presented fairly, in all material respects, in accordance with financial reporting framework. The audit provides users such as lenders and investors with an enhanced degree of confidence in the financial statements. 

To form the opinion, the auditor gathers appropriate and sufficient evidence and observes, tests, compares and confirms until gaining reasonable assurance. The auditor then forms an opinion of whether the financial statements are free of material misstatement, whether due to fraud or error. 

Some of the more important auditing procedures include: 

✎ Inquiring of management and others to gain an understanding of the organization itself, its operations, financial reporting 

✎ Evaluating and understanding the internal control system 

✎ Performing analytical procedures on expected or unexpected variances in account balances or classes of transactions 

✎ Observing the physical inventory count 

✎ Confirming accounts receivable and other accounts with a third party.

Этот и многие другие интересные материалы Вы можете найти в учебнике “Practical Financial English”

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