Question
SA 700 requires the use of specific headings which are intended to assist in making auditor’s reports, that refer to audits that have been conducted in accordance with SA, more recognizable. Which of the following is not a specific heading?
strong >Read the following passage and answer the next 4 question (Q23-Q26) The purpose of an audit is to enhance the degree of confidence of intended users of the financial statements. The aforesaid purpose is achieved by the expression of an independent reporting by the auditor as to whether the financial statements exhibit a true and fair view of the affairs of the entity. Thus, an audit report is an opinion drawn on the entity’s financial statements to make sure that the records are true and fair representation of the transactions they claim to represent. This involves considering whether the financial statements have been prepared in accordance with an acceptable financial reporting framework applicable to the entity under audit. It is also necessary to consider whether the financial statements comply with the relevant statutory requirements. The main users of audit report are shareholders, members and all other stakeholders of the company. SA 700 (Revised) - “Forming an Opinion and Reporting on Financial Statements”, deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report issued as a result of an audit of financial statements
More Banking System in India Questions
- How much is the authorised capital of NARCL (Bad Bank) ?
- Which of the following statement(s) is are correct regarding Payments Infrastructure Development Fund (PIDF) ? PIDF was operationalised in January 20...
- What is forfeiting in the context of international trade?
- Which private sector bank has launches 7th edition of knowledge summit 'Evolve' for MSMEs with sub-themes such as 'Digitalisation to Building Indian SMEs’ ...
- A Finance Bill is a Money Bill as defined in which of the following Article of the constitution of India?
- Which of the following is the major objective of SAUBHAGYA- Pradhan Mantri Sahaj Bijli Har Ghar Yojana?
- What is the FDI limit for payment banks?
- The RBI revised its instructions on Bulk Deposits for Urban Co-operative Banks (UCBs) in January 2024. Under this revision, what is the minimum amount cons...
- Under which act are hawala transactions prohibited in India?
- Consider the following statements regarding the Neobanks: 1) They are digital banks with multiple branches. 2) Jupiter is an example of Neo B...
Hey! Ask a query
Please enter email id
The email must be a valid email address.
Please enter Mobile Number
Please enter valid Mobile Number
Please enter your Doubt
Think You're Ready for RBI Grade B?
RBI Grade B 2026 Phase 1 Memory Based Paper
- 200 Questions with Detailed Solutions
- Section-wise Coverage (GA, English, Quant & Reasoning)