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The management of a newly incorporated company is unsure as to the need for an audit. Your services have been requested to explain to management the concept of auditing.
Required:
(a) What is the general definition of an audit? Briefly discuss the key component parts of the definition.
(b) Briefly describe the following types of audit
(i) Statutory audit (ii) Management audit (iii) Internal audit
(c) Discuss the value of external audit to the following users:
(i) Shareholders who want information about a company's performance.
(ii) Management who want to reduce risk and improve performance.
(d) For auditors to give a reasonable assurance that financial statements are free from material misstatements, legislation establishes rights and duties. Briefly explain three statutory rights and three duties of auditors.
(e) Discuss five benefits and five limitations of statutory audit.
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Plz assist me with these questions The auditors for Weston University are conducting their audit for the fiscal year ended December 31, 2011. Specifically, the audit firm is now
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i have assignment
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a. Discover Fifty strengths and Fifty weaknesses after conducting an internal audit of a company. b. What procedures could then be used to determine the most important of these?
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