Indicate the benefits that are derived from planning audits.
Explanation of Solution
Auditing: The analytical process of evaluating and assessing the accounting information furnished by the company, and communicating the reliability and relevance of accounting information to the public is referred to as auditing.
Audit Planning: Audit planning is the first step in the
Indicate the benefits that are derived from planning audits:
There are three primary benefits from planning audits, they are:
- It helps the auditor to achieve sufficient suitable evidence for the circumstances,
- It helps to avoid misunderstandings with the client, and
- It helps to keep the audit costs at a reasonable price.
Want to see more full solutions like this?
Chapter 8 Solutions
Auditing And Assurance Services
- An analysis of systems serves what purpose? What kind of information should be included in the study's final report?arrow_forwardWho will benefit from an audit strategy memo? Is there anything specific that needs to be included?arrow_forwardWhat role does the audit trail play in terms of configaration?arrow_forward
- Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning