Majdi has a degree in accounting from BZU and works for a local accounting office. He was asked by a friend to prepare Financial statements for a small company in Ramallah. To help his friend Majdi prepared the financial statements and a report indicating that the financial statements were audited by him. What standards were violated and why? Is there a violation of the elements of audit quality control, briefly discuss? - so briefly, if you audit on your own business,is that acceptable? and if it doesn't, what is the standard from audit standards that you have been violated and why?

Answer rating: 100% (QA)

Here no external audit was done of the financial statements and hence this is in direct violation of ... View the full answer