Page 18 - PowerPoint Presentation
P. 18
Reasonable Assurance
• The nature of financial reporting
• The nature of audit procedures
• Audit evidence is usually persuasive rather than
conclusive.
• The use of testing.
• The inherent limitations of accounting and internal
controls systems.
• Timeliness of financial reporting and the balance
between benefit and costs.
• Other matters that affect the inherent limitations of
an audit.
18
