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Scipedia A Free Service of IGI Global Scientific Publishing House Below please find a list of definitions for the term that you selected from multiple scholarly research resources. What is Reasonable Assurance Chapter 12 Fostering Innovation and Competitiveness With FinTech, RegTech, and SupTech

Fostering Innovation and Competitiveness With FinTech, RegTech, and SupTech

A high level (but not absolute) of assurance that the financial statements are not materially misstated. Published in Chapter: The Future of Audit in Light of Technological Changes: Opportunities and Threats Sanja Sever Mališ (Faculty of Economics and Business, University of Zagreb, Croatia), Lajoš Žager (Faculty of Economics and Business, University of Zagreb, Croatia), and Mateja Brozović (Faculty of Economics and Business, University of Zagreb, Croatia)Source Title: Fostering Innovation and Competitiveness With FinTech, RegTech, and SupTechCopyright: © 2021 |Pages: 22 DOI: 10.4018/978-1-7998-4390-0.ch012 Abstract External audit of financial statements plays a key role in achieving transparent financial reporting, since its purpose is to provide reasonable assurance that the presented financial statements are free of material misstatements due to fraud or error. In the process of fulfilling this role, auditors must be adaptable, especially when it comes to technological advancements. This chapter explains the effect that new technologies have on audit of financial statements. In addition to summarizing the technological changes that impacted the audit profession in the past and therefore introduced new generations of audit, the authors have identified issues and challenges in the way the audit is currently performed. Some of the new technologies that are discussed in this chapter have the potential to mitigate these issues. However, new challenges and risks may be introduced with accepting these technologies in the process of financial reporting and auditing. Full Text Chapter Download: US $37.50 Add to Cart More Results Chapter 6 Cryptocurrencies and Blockchain: Impact on Accounting and Financial Auditing

Cryptocurrencies and Blockchain: Impact on Accounting and Financial Auditing

Refers to the degree of confidence that the auditor seeks to obtain when carrying out audit procedures on an entity's financial statements. When the auditor states that he or she provides “reasonable assurance,” it means that he or she conducted an audit in accordance with applicable auditing standards and principles in a careful and diligent manner. This assurance does not imply absolute certainty, as the audit is based on sampling and professional judgment. Rather, it means that the auditor has performed sufficient procedures to obtain acceptable assurance that the financial statements are free from material misstatement, whether due to error or fraud. The concept of “reasonable assurance” is fundamental to understanding that the audit cannot completely eliminate risk, but seeks to provide a solid basis for users' confidence in the financial information presented by the audited entity. Published in Chapter: Cryptocurrencies and Blockchain: Impact on Accounting and Financial Auditing; From: Artificial Intelligence Approaches to Sustainable Accounting Full Text Chapter Download: US $37.50 Add to Cart