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12 Cards in this Set
- Front
- Back
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What are the three fundamental principles?
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Responsibilities Principle
Performance Principle Reporting Principle |
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What fundamental principle applies?
Having appropriate competence and capabilities to perform the audit |
The responsibilities principle
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What fundamental principle applies?
Complying with relevant ethical requirements |
The responsibilities principle
(includes independence) |
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What fundamental principle applies?
professional skepticism |
The responsibilities principle
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What fundamental principle applies?
Maintaining professional skepticisim and exercising professional judgement throughout the planning and performance of the audit |
The responsibilities principle
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What fundamental principle applies?
To express an opinion, the auditor obtains reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error |
The performance principle
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What fundamental principle applies?
Plans the work and properly supervises any assistants |
The performance principle
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What fundamental principle applies?
Determines and applies appropriate materiality level or levels throughout the audit |
The performance principle
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What fundamental principle applies?
Identifies and assesses risks of material misstatement, whether due to fraud or error, based on an understanding of the entity and its environment, including the entity's internal control |
The performance principle
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What fundamental principle applies?
Obtains sufficient appropriate audit evidence about whether material misstatements exist, through designing and implementing appropriate responses to the assessed risks |
The performance principle
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What fundamental principle applies?
Based on evaluation of the evidence obtained, the auditor expresses an opinion in accordance with the auditor's findings, or states that an opinion cannot be expressed, in the form of a written report. The opinion states whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework |
The reporting principle
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What fundamental principle applies?
Disclaimer - an opinion cannot be expressed |
The reporting principle
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