Go to the PCAOB Web site (www.pcaobus.org). Find Auditing Standard No. 5, “An Audit of Internal Control over Financial Reporting that is Integrated with an Audit of Financial Statements.” Go to Appendix B and read paragraphs B1–B9. Summarize the content of these paragraphs about integrating a financial statement and internal control audit.
Answer to relevant QuestionsGo to the PCAOB Web site (www.pcaobus.org). Explain the PCAOB mission and its Rule making processWhat is audit evidence?What benefits can management derive from a company having an integrated audit?What is the difference between an audit, a review, and other types of attest engagements?Statistics indicates concern for both alpha and beta errors. In audit terms this might be described as being concerned about the risk of concluding that the financial statements are misrepresented when they are actually ...
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