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Chapter 1 - Audit Overview

An independent audit lends credibility to an entity's financial statements by objectively examining the statements and underlying financial records to determine if the statements are presented fairly based on the applicable financial reporting framework. The auditor expresses an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.

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Demafilasan, Khyro Paul G.
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56 views1 page

Chapter 1 - Audit Overview

An independent audit lends credibility to an entity's financial statements by objectively examining the statements and underlying financial records to determine if the statements are presented fairly based on the applicable financial reporting framework. The auditor expresses an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.

Uploaded by

Demafilasan, Khyro Paul G.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Chapter 1: Audit – an Overview

The primary function of an independent audit is to lend credibility to financial statements prepared by
an entity.

The Philippine Standards on Auditing defines the objective of financial statement audit; that is
to en

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