Professional auditing standards provide guidance on the auditor's consideration of an entity's business environment and associated business
Question:
(a) What is the auditor's objective for understanding an entity's business environment?
(b) Why does an auditor not have responsibility to identify or assess all business risks?
(c) Provide some examples of business risks associated with an entity that an auditor should consider when performing an audit.
(d) Provide some additional examples of business risks that might not lead to a risk of material misstatement in the financial statements.
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a The auditor must obtain an understanding of the entity and its environment to assess the risk of material misstatement and to design the nature timi...View the full answer
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Related Book For 
Auditing Cases An Interactive Learning Approach
ISBN: 978-0133852103
6th edition
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
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