You are responsible for presenting a portion of your accounting firm’s staff training program on the importance of understanding the business and industry. Explain how the following activities will help the auditor form an opinion on the fairness of presentation of the financial statements. Provide examples for each answer.

Answer rating: 100% (QA)

The auditor gets two things out of this information a better knowledge of the organization and the context in which it operates In the first place the auditor may set expectations for the quantities a... View the full answer