Many diverse types of entities undergo audits. Provide three reasons for each of the following types of entities to undertake an annual audit, and indicate the types of benefits they would receive from an audit: EntitiesTypes of entitiesTypes of benefitsaFood for the Studentscharity1.2.3.bBHP Billiton Nickel West Pty Ltdpublic company1.2.3.cCanterbury League ClubClub1.2.3.dCity of Canterbury-Bankstown CouncilMunicipal government 1.2.3.

Answered: Many diverse types of entities undergo…

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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Many diverse types of entities undergo audits. Provide three reasons for each of the following types of entities to undertake an annual audit, and indicate the types of benefits they would receive from an audit:

	Entities	Types of entities	Types of benefits
a	Food for the Students	charity	1. 2. 3.
b	BHP Billiton Nickel West Pty Ltd	public company	1. 2. 3.
c	Canterbury League Club	Club	1. 2. 3.
d	City of Canterbury-Bankstown Council	Municipal government	1. 2. 3.

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