What are the sources of risk in group financial statements

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Reference no: EM13899742

Questions are around the procedures, importance and difficulties involved in performing group audits. Please assist in answering all questions.

1) What are the definitions of audit, group audit, group audit opinion, consolidated statements, consolidation policy, component auditor and significant component?

2) What are the sources of risk in group financial statements?

3) Who are the financial statement users and discuss the importance of quality audits to them.

4) What is the group audit process including advantages and pitfalls.

Reference no: EM13899742

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