Identify the primary parties involved in preparing and auditing financial statements, and briefly describe their roles. Use the illustration below to help you answer the question.
Identify the primary parties involved in preparing and auditing financial statements, and briefly describe their roles. Use the illustration below to help you answer the question.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Identify the primary parties involved in preparing and auditing financial statements, and briefly describe their roles. Use the illustration below to help you answer the question.
Transcribed Image Text:Exhibit 1.4
Parties Involved in Preparing and Auditing Financial Statements
ORGANIZATION
Management
Maintains Internal
Controls and Prepares
Reports
Financial Statements
and Related
External Auditor
Disclosures
Internal Audit Function
Provides Independent
Along
with the Auditor's
Provides Internal
Audit of Internal Controls
Assurance on Internal
Controls and Reports
and Financial Statements
Reports
Disseminated to Users
Audit Committee
Provides Oversight of the
Reporting Process and
Other Parties
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