Page 19 - PowerPoint Presentation

Reasonable Assurance - Limitations

• 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 benefits and costs

• Other matters that affect the inherent limitations of

an audit

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