Your roommate, a history major, doesnt understand what auditors do or how they make their decisions. a.

Question:

Your roommate, a history major, doesn’t understand what auditors do or how they make their decisions.
a. Describe the audit process including a discussion of the role of evidence in this process.
b. Explain the audit standards of “sufficient appropriate evidence” and “professional skepticism.”
c. The history major thinks that auditors guarantee the and are responsible for all fraud. Is she correct?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...