Audits of financial statements
Audit (13) Definition Independent review of entity’s financial statement Objectives To provide an opinion on fairness and reliability of the financial statements The auditor Examine …
FRA
Importance of other information: FS notes, supplementary,…
Financial statement notes (10) Footnotes Provide further details about information summarized in financial statement Accounting methods Uncertainty of the estimates Assumption Help users improve assessment …
Roles of statement in evaluating a company’s performance and financial position
Statement of financial position or balance sheet (2) Report firm’s financial position at a point of time Consist of 3 elements Assets (3) Resource controlled …
Roles of financial reporting and financial statement analysis
Financial reporting (1) is the way to Show financial performance to investor, creditor, interest parties Provide Financial information to investors, lenders and other creditors in …