An audit should be designed to obtain reasonable assurance of detecting material misstatements due to:______.

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07-09-2022
Social Studies

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An audit should be designed to obtain reasonable assurance of detecting material misstatements due to:______.

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Qwclear Qwclear · Answer 1 · 2022-09-20T13:21:21-04:00

An audit should be designed to obtain reasonable assurance of detecting material misstatements due to fraud or error.

Reasonable assurance is a high-level assurance strategy however, it does not guarantee that the audit which was conducted will accurately or precisely detect a misstatement in a given material/theory/task as and when it seems to exist.

The function of an auditor involves the following professional tools:

identifying the material and evaluating intense techniques to identify the irrelevant information in the material. It enhances the product output, working capacity, and responsive attitude towards risk reduction.

it ensures relevant data is designed to accommodate effective internal control in the entry provided by an individual.

The overall presentation structure and data of various financial statements can be reviewed beforehand in the auditing process by the auditor to reduce any chances of discrepancy.

Following these functions promptly regulates public data and other confidential matters which can otherwise be tempered.

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