MGCR 211 Lecture Notes - Lecture 1: The New York Times
7 Sep 2016
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Content of financial reports: management letter, financial statements, footnotes, auditors report, corporate governance, management letter. If auditor believes it is fixable they must notice management: adverse opinion, several mistakes, materially misstated, pervasive effect on financial statements, affect shareholders, disclaimer of opinion, very bad, auditor is not independent, conflict of interest, limitation on scope is imposed by client, auditor is unable to obtain sufficient appropriate audit evidence, significant uncertainty in the business of client. Us= gaap, can= ifrs: state objectives, provide financial information useful to all internal and external users, make decisions about providing resources to a company i. ii. Relevance: predictive value (ability of reported earnings to predict a company"s future earnings, feedback value (ability to help other users in their decision making, timeliness a. timely= when available to users early enough to allow its use i the decision process.
