Assignment sample solution of ACCT45 - Financial Auditing and Assurance

The sample ACCT45 focuses on the principles and practices of financial auditing, including planning, evidence gathering, and reporting. Students learn how assurance services build confidence in financial statements and support transparency for stakeholders.

Q1. What is the main objective of a financial audit?
Ans. The objective is to provide an independent opinion on whether financial statements present a true and fair view in line with accounting standards.

Q2. How do auditors gather sufficient and appropriate audit evidence?
Ans. Auditors use techniques such as inspection, observation, inquiry, confirmation, and analytical procedures to verify accuracy and reliability of financial information.