Examlex
ISA 230 'Audit documentation states:
'The objective of the auditor is to prepare documentation that provides:
(a) A sufficient and appropriate record of the basis for the auditor's report; and
(b) Evidence that the audit was planned and performed in accordance with ISAs (UK and Ireland) and applicable legal and regulatory requirements.'
Briefly indicate what should be included as part of audit documentation and outline the implications for the audit team as to what to include and what to exclude
Efficient Market
A market in which prices fully reflect available information, allowing for optimal allocation of resources.
Positive Statement
An objective statement that can be tested, amended, or rejected by referring to the available evidence.
Insurance Benefits
Insurance benefits are payments made by an insurance company to the insured or a designated beneficiary under the terms of an insurance policy.
Ceteris Paribus Assumption
A Latin term meaning "all other things being equal," used in economics to isolate the effect of one variable on another by holding all other relevant factors constant.
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