Understanding the Financial Reporting Process

Topic 1

100

These activities constitute the financial reporting process

What is ....

200

The reasons we are required to obtain a sufficient understanding of the processes and flows of transactions for significant accounts and disclosures 

What is validate the points at which material misstatement could occur and identify the controls that address those potential misstatements.

300

Where does our understanding of the flows of transactions and processes for the significant accounts and disclosures begin and conclude?

disclosures begins at the initiation of a transaction and concludes with its presentation in the financial statements.