Question
Assume that you are now a CPA and while attending a class reunion, you meet Gerald, a former classmate and now a budding entrepreneur. Andrew
Assume that you are now a CPA and while attending a class reunion, you meet Gerald, a former classmate and now a budding entrepreneur. Andrew makes the following statements about the public accounting profession. Provide a brief response to each statement, indicating your reason for agreeing or disagreeing with the statement. a. Auditing neither creates goods nor adds utility to existing goods and therefore does not add value to business. Auditing exists only because it has been legally mandated. b. The only reason I would hire an auditor is with the expectation that the auditor search for and find any fraud that might exist within my company. Searching for fraud should be the primary focus of an audit.
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