Critical study compared to the International Auditing Standard No. 700 modified and its Egyptian counterpart

Document Type : Original Article

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Accounting Department Faculty of Commerce Alexandria University Alexandria Egypt

Abstract

It is agreed that management is responsible for preparing financial statements, as a means of communicating financial information to stakeholders, such as; current and potential investors, creditors, financial analysts, and others, and that the external auditor verifies management assertions [1] Management Assertions on the financial statements and expresses a neutral technical opinion on whether the financial statements A true and fair view of the company's financial position (Atvill & Mc, 2011).
      The External Auditor Report is the main tool for the external auditors to communicate with the users of the financial statements (Jonsson & Karin, 2014), whether internal or external users, it must be free of errors and have a clear indication of the auditing standards (Mareque et al, 2015). It is noted that communication is a "two-way road" and its effectiveness depends on the influence of the sender, and that the audience have a common meaning for the messages and concepts that are communicated. Hence, the format and content of the External Auditor's report is a substantive professional practice issue worth studying (Asare & Arnold, 2012).

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