Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard working.
Answer to relevant QuestionsList the eight parts of a standard unqualified audit report for a non-public entity and explain the meaning of each part. How do the parts compare with those found in a qualified report?What are the six core ethical values described by the Josephson Institute? What are some other sources of ethical values?Explain the auditor’s responsibility to consider compliance with laws and regulations. How does this responsibility differ for laws and regulations that have a direct effect on the financial statements compared to other ...Provide two examples of when an auditor might set a lower level of performance materiality for a particular class of transactions, account balance, or disclosure.The following are internal controls that the auditor has identified for various cycles.1. Sales invoices are matched with shipping documents and customer orders before recording in the sales journal.2. Receiving reports are ...
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