Audit Bc2 Essay

2528 Words11 Pages
Introduction to Public Practice Audit Case [BC2] Purpose Public Practice Audit Case [BC2] is the second business case in the CGA program of professional studies. The purpose of BC2 is to provide you with hands-on experience in preparing audit working papers. Audit working papers are required to support the audit opinion reached by the auditor. This audit case provides a simulated situation in which you take on the role of an auditor to complete a year-end audit file for review by a partner. Once the audit case is complete you will submit the case to a reviewer who will then return it to you with queries for you to update and finalize the audit. This simulates a real life situation when an auditor submits a file to an audit senior/partner for review of their work performed. Introduction CAS 200, Audit of Financial Statements, states as follows: “The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. This is achieved by the expression of an opinion by the auditor on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework. In the case of most general purpose frameworks, that opinion is on whether the financial statements are presented fairly, in all material respects, or give a true and fair view in accordance with the framework. An audit conducted in accordance with CAS and relevant ethical requirements enables the auditor to form that opinion. The financial statements subject to audit are those of the entity, prepared by management of the entity with oversight from those charged with governance. CAS does not impose responsibilities on management or those charged with governance and do not override laws and regulations that govern
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