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ACC403 - Auditing 1 "Auditor's Role and Responsibilities" Please respond to the following (Two Paragraphs): · Compare the primary auditor objectives in auditing historical financial statements to...

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ACC403 - Auditing 1

"Auditor's Role and Responsibilities" Please respond to the following (Two Paragraphs):

· 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.

· 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.

Answered Same Day Dec 26, 2021

Solution

David answered on Dec 26 2021
140 Votes
"Auditor's Role and Responsibilities"
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
educing the risk of reporting e
ors or misstatements in financial statements. Provide a rationale for your
esponse.
· 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
isk mitigation strategies associated with an auditor performing the audit. Support your position.
The main objectives of primary auditor are:
i) To check the financial accuracy of the financial statements and guarantee
they are free from misstatement, fraud or e
or. Thus fairness of the
financial stattements are tested by the primary auditor.
ii) As per Generalised accepted audited standard report on the financial
statements, and communicate auditor’s findings.
The main objectives of internal controls auditing are:
i) To check the efficiency of the system in the organization and whether
any scope is there for cost reduction and profit maximization
ii) Reporting internally to the management with notes indicating the steps to
ensure the cost...
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