The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
#Generally accepted auditing standards sas ssars ssaes free#
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about ’s ability to continue as a going concern for one year after the date that the financial statements are available to be issued.Īuditor’s Responsibilities for the Audit of the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibilities of Management for the Financial Statements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. We are required to be independent of and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of as of Decemand 2019, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. We have audited the financial statements of, which comprise the balance sheets as of Decemand 2019, and the related statements of income, changes in stockholders’ equity, and cash flows for the years then ended, and the related notes to the financial statements. Example SAS 134 Unmodified OpinionĪ sample unmodified audit opinion follows: The unmodified opinion says the financial statements are presented fairly. If there are no material misstatements, then you will issue an unmodified opinion.
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