[Verse 1] Canadian standards guide the audit quest Independence frames each testing phase Reasonable assurance, not absolute certainty Risk assessment opens every case Material misstatements hide in shadows Professional skepticism cuts through haze [Chorus] CAS two hundred sets the foundation Obtain sufficient evidence with care Express opinions backed by documentation Reasonable assurance everywhere Plan and perform with due attention Risk and materiality declare [Verse 2] Management assertions need examination Existence, completeness, accuracy too Valuation, rights, and presentation Each claim demands a thorough review Audit evidence comes in many flavors External confirmation, observation's view [Chorus] CAS two hundred sets the foundation Obtain sufficient evidence with care Express opinions backed by documentation Reasonable assurance everywhere Plan and perform with due attention Risk and materiality declare [Bridge] Professional judgment weaves through every choice Ethical requirements bind each move Quality controls amplify our voice Documentation helps the work improve Three parties dance in audit space Management, users, auditors in groove [Verse 3] Inherent risk and control risk combine Detection risk completes the audit model Analytical procedures help define Where substantive testing needs to throttle Communication flows to those who govern Transparency keeps relationships honest [Chorus] CAS two hundred sets the foundation Obtain sufficient evidence with care Express opinions backed by documentation Reasonable assurance everywhere Plan and perform with due attention Risk and materiality declare [Outro] From planning through to final opinion Standards guide each crucial step Professional excellence our companion Audit fundamentals we never forget
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