Auditing Historical Financial Statements

Auditing Historical Financial Statements

Question:

"Auditor's Role and Responsibilities" Please respond to the following:

     1. Compare the primary auditor objectives in auditing historical financial statements to auditing internal controls over financial reporting. Identify at least two (2) objectives that are the most significant in reducing the risk of reporting errors or misstatements in financial statements. Provide a rationale for your response.
     2. Create a scenario where it would be acceptable for an external auditor to accept an audit engagement without having knowledge of a client's business environment. Ascertain the key legal ramifications and risk mitigation strategies associated with an auditor performing the audit. Support your position. 

Additional Requirements 

Min Pages: 1 
Level of Detail: Only answer needed 
Other Requirements: answers only need to be 100-200 words per question.

 

Answer Detail

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