Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
Auditing & Assurance Services: A Systematic Approach (Irwin Accounting)
10th Edition
ISBN: 9780077732509
Author: William F Messier Jr, Steven M. Glover Associate Professor, Douglas F. Prawitt Associate Professor
Publisher: McGraw-Hill Education
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Chapter 1, Problem 1.19MCQ
To determine

Concept Introduction:Auditing is an independent examination of financial statements. The set of financial statements includes balance sheet, income statement, statement of owner’s equity, and statement of cash flows. The audit is performed by an independent auditor.

Understanding the client, its business and internal control: The auditor takes the understanding of the client business and internal control to plan its audit procedures.

To choose: The most important reason for an auditor to gain an understanding of an audit client’s system of internal control over financial reporting.

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