Explain why an entity might opt for an audit

Reference no: EM132741099

Question: You are reviewing submissions to a Parliamentary Committee that is reviewing legislation financial reporting and assurance requirements for unlisted companies. One submission proposed that entities of a certain size should be able to choose to have either an audit or a review of their annual financial statements.

Required: Explain why an entity might opt for an audit instead of a review even though a review costs less.

Reference no: EM132741099

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