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1 Discuss the differences between the auditing profession and the accounting profe 2 Describe the need for an audit on financial statements. 3 Elaborate on the different types of audit services available.

1 Discuss the differences between the auditing profession and the accounting profe 2 Describe the need for an audit on financial statements. 3 Elaborate on the different types of audit services available.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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REVIEW QUESTIONS 1 Discuss the differences between the auditing profession and the accounting profession. 2 Describe the need for an audit on financial statements. 3 Elaborate on the different types of audit services available. 4 Discuss the academic and professional qualifications necessary for an auditor. 5 May Chin is an audit intern at Paul Adam Chartered Accountants. She is confused about the responsibilities of the profession. It is difficult for her to undertstand the need for an internal audit when there is an external audit. Explain to her the two types of auditing and what are the differences.
Transcribed Image Text:REVIEW QUESTIONS 1 Discuss the differences between the auditing profession and the accounting profession. 2 Describe the need for an audit on financial statements. 3 Elaborate on the different types of audit services available. 4 Discuss the academic and professional qualifications necessary for an auditor. 5 May Chin is an audit intern at Paul Adam Chartered Accountants. She is confused about the responsibilities of the profession. It is difficult for her to undertstand the need for an internal audit when there is an external audit. Explain to her the two types of auditing and what are the differences.
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