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Are auditors allowed to prepare financial statements?

According to international standard on auditing 200 the auditor need to maintain his independence to undertake audit assignment. To maintain his independence audit is prohibited from undertaking management decision of the client including preparing his financial statements since this can lead to self-review threat fundamental principal of accountants code of ethics.



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What is the difference between audit and compliance?

Audit is an independent examination of business financial statements so as to issue opinion on whether the financial statement are prepared in accordance with acceptable financial reporting framework and show true performance and position of the business. Audit is conducted according to the requirements of countries laws and regulations and international standard on auditing. The auditor when conducting audit aim … Read the rest

Why Do We Need Accounting?

why do we need accounting

What’s the point of accounting? If you ask an accountant that question, they may look at you like you’ve grown two heads. The real question should be, why wouldn’t we need accounting? It’s the backbone of our businesses and finances, the reason we were able to develop trade and commerce centuries ago. Without accounting, we wouldn’t have the […]

Why
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