The audit report is essentially what the client is paying for. And the explanation in this lecture was thorough and well delivered. There are indeed, in the main, the following types of Audit Opinion - Unqualified, Qualified, Adverse/Modified, Abstention of Opinion and the last though not an opinion is equal to one, and that’s when the auditor resigns based on how messy things are. The definition of materiality is good, and the parameters given as % very useful guides. Based on materiality the audit team can modify their scope to allow for further testing of systems and transaction balances. In practise materiality helps the auditor achieve some form of objective framework to render an opinion, in what is otherwise a very subjective process. In my experience auditors that have learnt some intermediate level statistics are better at designing sample sizes and tests of control and this improves the quality of the inferences made from said samples. I hope this helps anyone that bothers to read comments after watching this lecture. That said the previous auditors management letter, to the client, is a great planning tool to understand/determine to what extent, the findings to the recommendations from the previous audit, have been implemented.
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The audit report is essentially what the client is paying for. And the explanation in this lecture was thorough and well delivered. There are indeed, in the main, the following types of Audit Opinion - Unqualified, Qualified, Adverse/Modified, Abstention of Opinion and the last though not an opinion is equal to one, and that’s when the auditor resigns based on how messy things are. The definition of materiality is good, and the parameters given as % very useful guides. Based on materiality the audit team can modify their scope to allow for further testing of systems and transaction balances. In practise materiality helps the auditor achieve some form of objective framework to render an opinion, in what is otherwise a very subjective process. In my experience auditors that have learnt some intermediate level statistics are better at designing sample sizes and tests of control and this improves the quality of the inferences made from said samples. I hope this helps anyone that bothers to read comments after watching this lecture. That said the previous auditors management letter, to the client, is a great planning tool to understand/determine to what extent, the findings to the recommendations from the previous audit, have been implemented.
This was so beautifully articulated 🥺🙌🏾🥂thank you 🙏🏾
This was SUPER helpful; all the summary I needed, brilliantly summed up. Thank you!
Are there any lecture on practicing on Exam Kit Question and explaining how to do it?
Simply and easily understood, thanks.
thanks