How many years are required by audit firms to retain audit documentation?
. 14 The auditor must retain audit documentation for seven years from the date the auditor grants permission to use the auditor's report in connection with the issuance of the company's financial statements ( report release date), unless a longer period of time is required by law..
What are specialized industries in auditing?
A specialized industry is a distinct market that has a unique way of accounting for transactions and reporting its financial results.
These differences are allowed under the applicable accounting framework, such as IFRS or GAAP.
Examples of specialized industries are airlines, banking, and insurance..
What is reasonable assurance as required in the audit of companies in a specialized industry?
“Reasonable assurance” is a term commonly used in the context of auditing and assurance services.
It refers to a high, but not absolute, level of assurance that an auditor provides when they state that the financial statements are free from material misstatement..
What is specialized audit?
A special audit, often referred to as a forensic audit, is an examination of a specific area or aspect of an organization's finances, operations, or systems, usually conducted in response to a particular concern or suspicion..
What is specialized industries in auditing?
A specialized industry is a distinct market that has a unique way of accounting for transactions and reporting its financial results.
These differences are allowed under the applicable accounting framework, such as IFRS or GAAP.
Examples of specialized industries are airlines, banking, and insurance..
When may audit procedures be performed?
18 Certain audit procedures can be performed only at or after period end, for example, agreeing the financial statements to the accounting records, or examining adjustments made during the course of preparing the financial statements..
Who is a special auditor?
SPECIAL AUDITOR means Auditors listed in the panel of Auditors having same powers as of the company's AUDITOR as envisaged in the Companies Act, 1956..
Examples of special audits are noted below:
Compensation audits.Compliance audits.Construction audit.Controls audits.Cost audits.Fraud audits.Information systems audit.Royalty audits.- Auditing Standard: AS 1210, Using the Work of an Auditor-Engaged Specialist; AS 1105, Audit Evidence; AS 1201, Supervision of the Audit Engagement.
- “Reasonable assurance” is a term commonly used in the context of auditing and assurance services.
It refers to a high, but not absolute, level of assurance that an auditor provides when they state that the financial statements are free from material misstatement.
