Acca aa s21 Notes

inconsistent
with other audit evidence or management 
refuses
to 
provide one or more representations and the matter remains unresolved, the auditor should reassess:
๏
Management’s competence, integrity, ethical values, etc
๏
The reliability of all representations (oral or written) as audit evidence.
The auditor should 
disclaim
an opinion on the financial statements if he concludes that the required 
written representations concerning management’s responsibilities are 
not reliable
or not provided 
by management.
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Chapter 29
THE AUDITOR’S REPORT - REVISITED
1. The purpose of the audit
Remember that the aim of an audit is to be able to report to the members on whether or not the 
financial statements present fairly the company's financial position and performance. All the planning, 
evaluation of internal control and substantive procedures were carried out for this purpose. The 
auditor’s report was discussed in Chapters 5 and 6 so that you got an early insight into where the 
audit process was heading. It is important to briefly remind you of the possible outcomes from the 
audit.
2. Outcome of the audit process
There are two sources of difficulty:
๏
Material misstatements
๏
Lack of sufficient appropriate audit evidence
Unmodified audit opinion
Neither of these difficulties has arisen