AUDITING LL W/ CONNECT <C>
AUDITING LL W/ CONNECT <C>
11th Edition
ISBN: 9781307416268
Author: MESSIER
Publisher: MCGRAW-HILL HIGHER EDUCATION
Question
Book Icon
Chapter 2, Problem 2.1RQ
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.

To indicate:Types of auditors and their roles.

Expert Solution & Answer
Check Mark

Explanation of Solution

There are two types of auditors; internal and external. Internal auditor performs the audit as per the requirement of the management and provides opinion as well suggestions on the internal control and financialstatement of the entity. The external auditor (independent auditor) performs the statutory audit of the financial statement and provides opinion on the true and fair view of the financial statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
3 years ago, you invested $9,200. In 3 years, you expect to have $14,167. If you expect to earn the same annual return after 3 years from today as the annual return implied from the past and expected values given in the problem, then in how many years from today do you expect to have $28,798?
Please Don't use Ai solution
Ends Feb 2 Discuss and explain in detail the "Purpose of Financial Analysis" as well as the two main way we use Financial Ratios to do this.
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning