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Explain briefly why external financial statement audits are necessary, from the viewpoint of shareholders, employees, prospective investors, Governments, suppliers, the Stock Exchange and the Public.
- Explain briefly why external financial statement audits are necessary, from the viewpoint of shareholders, employees, prospective investors, Governments, suppliers, the Stock Exchange and the Public.
- Explain the key differences between auditing and accounting.
- Why cant audits provide absolute assurance as to the accuracy of the financial statements?
- Why do governments make the independent audit of the financial statements of limited liability companies a legal requirement?
- a) What are the main elements of the Audit Expectation Performance Gap?
b) Give examples of each of the main elements of the gap.
c) What could be done to eliminate or reduce the gap?
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