A.
Introduction:Audit quality is maintained when audit is performed in accordance with the generally accepted auditing standards. It also provides a reasonable assurance that the financial statements and related disclosures are free from material misstatements and are presented in accordance with generally acceptable accounting principles.
To explain: The effect of positive firm culture and expert skills and qualities of engagement team on quality of audit.
B.
Introduction: Audit quality is maintained when audit is performed in accordance with generally accepted auditing standards. It also provides a reasonable assurance that the financial statements and related disclosures are free from material misstatements and are presented in accordance with generally acceptable accounting principles.
To explain: The factors which are outside the control of audit team to maintain quality for an audit.
C.
Introduction: Audit quality is maintained when audit is performed in accordance with generally accepted auditing standards. It also provides a reasonable assurance that the financial statements and related disclosures are free from material misstatements and are presented in accordance with generally acceptable accounting principles.
To explain:The importance of quality audit. Also, identify the parties which give extra importance on quality audit.
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