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Audit purpose, nature and scope

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Audit purpose, nature and scope

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.
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  • October 21, 2015 at 10:38 pm #278281
    Robert
    Member
    • Topics: 58
    • Replies: 175
    • ☆☆☆

    Hi mike,

    I’ve seen references in the bpp textbook regarding purpose, nature and scope of an audit.
    Would you know what the difference is between them?

    Regards

    Robert

    October 22, 2015 at 8:51 am #278356
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22706
    • ☆☆☆☆☆

    Purpose is to provide (limited) assurance on truth and fairness

    Nature is the independent examination of and expression of opinion on the financial statements of an entity

    Scope is the extend of the above independent examination – not normally possible to think about 100% check so limited to sampling. Scope also refers to the focus of the audit where matters like consultancy is peripheral to the audit

    OK?

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