Chapter 12 _ Completing and reporting on the audit.docx

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Financial Accounting
Kevin Ha

Chapter 12Completing and reporting on the audit Learning Objectives 1 Explain the procedures performed as part of the engagement wrapup including gathering and evaluating audit evidence 2 Understand the considerations when assessing the going concern assumption used in the preparation of the financial statements 3 Understand the purpose of and the procedures performed in the review for contingent liabilities and commitments 4 Compare the two types of material subsequent events to determine what effect they have on the financial statements5 Analyze misstatements and explain the difference between quantitative and qualitative considerations when evaluating misstatements 6 Evaluate conclusions obtained during the performance of the audit and explain how these conclusions link to the overall opinion formed on the financial statements 7 Describe the components of an audit report 8 Identify the types of modifications to an audit report 9 Explain what reporting is required to management and those charged with gove
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