Why is auditing described as a systematic process?
Answer to relevant QuestionsWho is responsible for the report on internal control over financial reporting? Who is responsible for the financial statements? The audit report? How might these documents change as a result of the audit?What is an assurance engagement?What is the set of standards for internal control most frequently used in the U.S.?Do auditors need to find immaterial financial statement misstatements?What entity creates the auditing standards that are followed in the audit of a nonpublic company?
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