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Explain the main objectives of a financial statement audit

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Question a. Briefly explain the main objectives of a financial statement audit.

Question b. How would you set about achieving these audit objectives?

Question c. In terms of a financial statement audit explain the difference between a compliance test and a substantive test. Is there a link between these two types of tests and if so, what is this link?

Question d. Is it true that auditors normally examine 100% of the transactions that are contained in the financial statements? Why or why not?

Question e. What is the risk of not examining 100% of the population and what techniques does the auditor use to reduce these risks?

Reference no: EM132606840

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