Summarize 1101 Audit risk, 1105 Audit Evidence and 1110 Relationship of Auditing Standards to Quality Control Standards.
Summarize
1101 Audit risk,
1105 Audit Evidence and
1110 Relationship of Auditing Standards to Quality Control Standards.
Auditing is an important function that every organization pertains to after the preparation of its financial statements. It is necessary to ensure that the statements prepared by the business showcasing their financial performance in an accounting period is free from errors and omissions. When the financial statements are audited by an external auditor and they give a qualified report about the audit function undertaken, the stakeholders receive a reasonable assurance that the statement prepared are reliable and free from errors. In short, auditing verifies that the accounts of the organization has been prepared according to the principles of accounting and they do reflect a true and fair view of the financial performance of the business.
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