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Sir,
can I know what is meant by “an audit is persuasive”
whats the meaning of persuasive
and why we say an audit is rather persuasive and not conclusive
clear me on both points above gromitAudits give postive assurance, but this is also known as reasonable assurance, NOT absolute assurance.
The concept of reasonable assurance is embedded in the audit reports which says that the audit gives “…reasonable assurance that the FS are free from material misstatements”.
It would be impossible to provide conclusive (100%) assurance unless every transaction, asset and liability were separately verified. This is rarely done, and even then it’s a big statement to definitively conclude that the FS have no errors.
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