Professional due care means performing the job or assignment by using all your knowledge and following all standards or procedures required to do the job or assignment at the best level.
In auditing professional due care means performing the audit engagement by following all required audit standards and law and regulation. So the auditor is not only required to possess … Read the rest
Data analytics is the science and art of discovering and analysing patterns, derivations and inconsistencies, and extracting other useful information in the data of underlying or related subject matter of the audit through analysis, modelling , visualization for purpose of planning and performing the audit.… Read the rest
In other words the information in the financial statement is material if committing it or misstating it could influence decision
A general purpose financial statement is the statements that is intended to meet the needs of users who are not in position to demand information that are tailored to their needs. such information is useful to existing and potential investors.
In other words general financial statement are annual financial statement … Read the rest
Misstatements are difference between what accounting standards and framework want financial statements to be and what financial statements actually are.Therefore misstatement is mistakes which management make when preparing financial statement that may mislead the user of financial statement.
ISA 450 define misstatement as difference between the amounts, classification, … Read the rest
