what should auditors do when they ahve completed an audit and are subsequently asked to report on compliance with regards to certain contractual agreements

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04-11-2022
Business

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what should auditors do when they ahve completed an audit and are subsequently asked to report on compliance with regards to certain contractual agreements

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qwoffwhite qwoffwhite · Answer 1 · 2022-11-08T15:53:49-05:00

Auditors should accept the engagement but provide negative assurance of compliance when they have completed an audit and are subsequently asked to report on compliance with regard to certain contractual agreements.

The auditor is required to read all financial and non-financial information (other information) in the annual report and determine whether the other information materially contradicts the financial statements, the auditor's knowledge from the audit, or appears to be materially inconsistent in any other way. Auditors typically employ negative assurance when it is impossible to definitively certify the correctness of financial records.

Negative assurance's objective is to verify that no evidence of fraud or violations of any legal accounting principles has been discovered. The objective of a compliance audit is to ascertain if a business is conforming to the terms of a contract or certain laws and regulations.

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