Understanding the clients business environment is important to the auditor because a. It helps distinguish interim audit
Question:
Understanding the client’s business environment is important to the auditor because
a. It helps distinguish interim audit work from year-end audit work.
b. Management’s draft financial statements contain assertions about the business environment.
c. It helps the auditor to assess the risks that the financial statements contain misstatements.
d. It eliminates the need for the auditor to understand the auditee’s internal controls.
Financial StatementsFinancial 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...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Auditing An International Approach
ISBN: 978-1259087462
7th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
Question Posted: