explain based on your understanding too Transcribed Image Text: A. Section 267 and 271 of the Companies Act 2016 respectively require for the private and

explain based on your understanding too Transcribed Image Text: A.
Section 267 and 271 of the Companies Act 2016 respectively require for the private
and public companies to appoint an auditor for each financial year. An auditor should
ensure that the financial statements of the company are prepared in accordance with
the relevant accounting standards. An auditor is guided by the auditing standards in
order to obtain reasonable assurance that the financial statements are free from
material misstatements.
Required:
i.
Explain two (2) benefits of a financial statements audit performed by an
approved company auditor.
i.
Explain the term ‘reasonable assurance.
ii.
Explain two (2) importance of auditing standards to an auditor in performing the
assigned duties.

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