What is an “audit client”? How does it differ from an “auditee”?
Answer to relevant QuestionsWhy does the successor auditor need to obtain the auditee’s consent in order for the predecessor auditor to provide the successor with information about the auditee?How can computing the number of days of sales in inventory indicate potential misstatement in the inventory balance? Why is it particularly challenging to obtain audit evidence about the completeness assertion? If expertise in a field other than accounting or auditing is necessary to obtain sufficient appropriate audit evidence, an auditor may need to use the work of an auditor’s expert. The need for special expertise may include ...The auditors of Letron Inc. have set an overall materiality level of $900,000 and a performance materiality level of $800,000 for the current year audit, 20X2. They used the same materiality levels in their 20X1 audit. ...
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