An auditor works within economic limits. The audit opinion, to be economically useful, must be formed in a reasonable time and at reasonable cost. The auditor must decide, exercising professional judgment, whether evidence available within limits of time and cost is sufficient to justify an opinion.
Found on
http://www.ais-cpa.com/glosa.html
An internal control, no matter how well designed and operated, cannot guarantee that an entity`s objectives will be met because of inherent limitations in all internal control systems.
Found on
http://www.ais-cpa.com/glosa.html
Management's assessment of the effectiveness of internal control over financial reporting is expressed at the level of reasonable assurance. It includes the understanding that there is a remote likelihood that material misstatements will not be prevented or detected on a timely basis. It is a high level of assurance.
Found on
https://www.encyclo.co.uk/local/21071
No exact match found.
