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THREE (3) benefits of a financial statement audit to a company

THREE (3) benefits of a financial statement audit to a company

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 3RQSC
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ISA 200: Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing states that the overall objective of the independent auditor is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to report on the financial statements in accordance with the auditor’s findings.”

REQUIRED:

  • Briefly discuss THREE (3) benefits of a financial statement audit to a company.
  • Discuss FOUR (4) circumstances that could impose threats to the auditor’s independence. State ONE (1) example for each of the circumstances.
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