Below Is a Sample of the Auditor's Responsibility Section of a Standard

question 83

Essay

Below is a sample of the auditor's responsibility section of a standard audit report for Gawronski's Hockey Manufacturing Company, a private company.There are two errors in this report.Describe the errors.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits.We conducted our audits in accordance with generally accepted accounting principles.Those standards require that we plan and perform the audit to obtain absolute assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.Accordingly, we express no such opinion.An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Understand the auditory system and the process of hearing.

Recognize the role of the visual cortex in recognizing and processing visual information.

Learn about the just noticeable difference (jnd) and its application in perception.

Comprehend the physiological and psychological mechanisms involved in the perception of light and colour.

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Definitions:

Orderly Arrangement

The organized and systematic placement or organization of items or ideas.

Stacked Column Chart

A variant of the column chart that segments each column into multiple categories, representing parts of the whole.

Cross-hatching

An artistic technique used to create tonal or shading effects by drawing closely spaced parallel lines that may intersect with another set of parallel lines.

Columns

Structural elements in architecture that serve as support, or in writing, divisions of text in a page layout.