What knowledge does the auditor need about the client's business in an audit of historical financial statements?
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When auditing historical financial statements an auditor must have a thorough understanding of the client and its environment This knowledge should include the clients regulatory and operating environment business strategies and processes and measurement indicators This strategic understanding is also useful in other assurance or consulting engagements For example an auditor who is performing an assurance service on information technology would need to understand ...View the full answer
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Raunak Agarwal
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Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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