Question: This problem requires you to access authoritative standards to compare the objective of an audit as defined by GAAS (www.aicpa.org) and International Standards on Auditing

This problem requires you to access authoritative standards to compare the objective of an audit as defined by GAAS (www.aicpa.org) and International Standards on Auditing (ISA 200) (www.iaasb.org) and the objective of an audit of internal control over financial reporting as defined by PCAOB auditing standards (www.pcaobus.org).

Required
a. Compare the objective of an audit under GAAS and International Standards on Auditing. Are there substantive differences in the objective of an audit as defined by these two standards?
b. What is the objective of an audit of internal control over financial reporting?
c. What defines whether are fairly stated, and what defines whether internal control is considered effective? Are they related?

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a Paragraph 01 of AU 110 states that The objective of the ordinary audit of financial statements by the independent auditor is the expression of an op... View full answer

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