Agenda
Fundamental Concepts
Verifiability
The ability for anyone to confirm the numbers reported in the transaction
Fair Presentation
Fair presentation requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the Framework
Professional Judgment
Auditor is required to decide about many things while conducting assurance engagement. To decide appropriately audit is required to apply his professional judgment to the matter under consideration
Materiality
"Information is material if its omission or misstatement could influence the economic decision of users taken on the basis of the financial statements
Scope Paragraph
Definition Paragraph
Explanatory Paragraph
Firms Signature and Date