The objectives of an independent audit. Identify at least 5 ways in which an independent audit may be beneficial to George.
George Freeman, from Hamilton is the sole owner of a professional video business. He was advised that the business should have financial statements reported on by an independent CA. An audit is not required by law for this organisation because it is not a listed company (not an issuer) and is very small. George has some Xero experience, and personally prepared the organizations F/S and does not understand why such statements should be examined by a CA. George discussed the matter with Vida Botes, a CA, and asked Vida to explain why an audit is considered important. What do you think Vida would have said about (The answer contains the following two points):
The objectives of an independent audit.
Identify at least 5 ways in which an independent audit may be beneficial to George.
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