It gives users limited assurance on the accuracy or correctness of financial statements is the engagement of presenting in the form of financial statements information that is the representation of management without undertaking to express any assurance on the statements.
An audit engagement is a type of engagement that provides a limited level of assurance that a company's financial statements comply with applicable accounting standards. It gives the user a limited warranty as to the correctness or correctness of the financial statements.
As part of its compilation, management is responsible for the preparation and presentation of the annual financial statements. Auditors who provide preparation services must have sufficient industry experience and client knowledge to prepare financial statements.
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